Bitcoin, the first and biggest cryptocurrency, was introduced in 2009. It uses an encryption key, similar to those used in hard-to-break codes — hence the “crypto” — to establish chains of ownership in tokens that entitle their current holders to … well, ownership of those tokens. And nowadays we use Bitcoin to buy houses and cars, pay our bills, make business investments, and more.
Oh, wait. We don’t do any of those things. Twelve years on, cryptocurrencies play almost no role in normal economic activity.
Yep. What's not to like. A dash of Libertarian ideological "derp," utility for all sorts of dark purchases on the dark web (and for Russian skullduggery), and a helping of Ponzi scheme for the shrewd/unscrupulous to prey upon the clueless.
Oh, and we DO need to worry a bit if western banking and finance institutions begin to take positions. Too big to fail and all that ...
Posts: 12533 | Location: Williamsburg, VA | Registered: 19 July 2005
