Reply to post: Step in the right direction

Singapore promises 'brutal and unrelentingly hard' action on dodgy crypto players

Dreadedhill

Step in the right direction

Fully expected a step like this. Read the Bitcoin paper early on, then had to go read on the history of money. Short version: money is a function of government, and Bitcoin was not money. (This makes sense, if you do the reading.) Wrote on this, long ago.

https://www.quora.com/Is-Bitcoin-a-pyramid-scheme/answer/Preston-L-Bannister

https://www.quora.com/What-is-the-future-of-Bitcoin-Will-it-become-a-mainstream-currency-or-will-its-popularity-wane-and-why/answer/Preston-L-Bannister

The current crop of so-called "crypto-currencies" are really collectibles - like Beanie Babies - with no intrinsic value.

That a nation might create a currency backed by strong cryptography also makes perfect sense. This will be a new design, and needs careful thought.

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Biting the hand that feeds IT © 1998–2022