2018-06-19

Bitcoin & Cryptocurrencies - Looking Beyond The Hype (BIS video)

Cryptocurrencies: looking beyond the hype


The Bank for International Settlements (BIS) (domain: BIS.org) video above published Jun 17, 2018: Hyun Song Shin speaks about Chapter V of the Annual Economic Report 2018 (full embed below). Cryptocurrencies' decentralized model of generating trust limits their potential to replace conventional money, the chapter argues.

Abstract: "Cryptocurrencies promise to replace trusted institutions with distributed ledger technology. Yet, looking beyond the hype, it is hard to identify a specific economic problem which they currently solve. Transactions are slow and costly, prone to congestion, and cannot scale with demand. The decentralized consensus behind the technology is also fragile and consumes vast amounts of energy. Still, distributed ledger technology could have promise in other applications. Policy responses need to prevent abuses while allowing further experimentation."

Cryptocurrencies: looking beyond the hype: BIS Annual Economic Report  |  17 June 2018, PDF full text (452kb)  |  24 pages embed below:

The Bank for International Settlements, founded May 17, 1930, is an international financial institution owned by 60 of the world's central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." The BIS provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

See also: The bigger Cryptocurrencies get, the worse they perform: BIS | Reuters.com.

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