Cryptocurrencies such as bitcoin result in the concentration of wealth, not greater equality
With the value of bitcoin having fallen by about 70% since its peak late last year, the has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value of leading coins such as Ether, EOS, Litecoin and XRP have all fallen by over 80%, by 90%-99%, and the rest have been exposed as outright frauds. No one should be surprised by this: four out of five initial coin offerings (ICOs) were to begin with.
Faced with the public spectacle of a market bloodbath, boosters have fled to the last refuge of the crypto scoundrel: a defence of “blockchain,” the distributed-ledger software underpinning all cryptocurrencies. Blockchain has been heralded as a potential panacea for everything from poverty and famine to . In fact, it is the most overhyped – and least useful – technology in human history.
Related:
