: Why I revised my scepticism about crypto #IndiaNEWS The latest crypto winter has set in and looks to be a harsh one. Prices of speculative assets, boosted by massive government stimuli during the pandemic,

Why I revised my scepticism about crypto #IndiaNEWS
The latest crypto winter has set in and looks to be a harsh one. Prices of speculative assets, boosted by massive government stimuli during the pandemic, are crashing in the era of elevated inflation, rising interest rates and quantitative tightening. No assets soared as high as crypto currencies when the going was good and none have plunged so precipitously in the past few months.If such a shift had taken place at the end of 2020, I would have been on the side of sceptics such as economist Paul Krugman, billionaires Bill Gates and Warren Buffet, statistician and risk analyst Nassim Taleb, economist Nouriel Roubini and professor-lawyer Robert Reich who believe that cryptocurrencies are, at best, a solution looking for a problem, a technological innovation with no real world value and therefore akin to ponzi schemes even when promoters are not actual scamsters.There is no doubt that a high proportion of crypto projects are indeed ponzis, and retail investors therefore need to be protected by wise regulations. I remain unconvinced by the primary claims of Bitcoin maximalists for reasons I lay out in the next section of this article. However, my attitude to crypto, like my opinion of Dubai, the subject of a previous column, has altered recently.Advances in what is being accomplished on blockchains suggest they offer an alternative...Read more

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