Reply to post: Step in the right direction

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


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.

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.

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