Understanding cryptocurrency

The key concept: decentralized applications. Brilliant work of explication here. The talk of decentralized applications makes me think of a loosely confederated yet cohesively regulated group of independent soccer clubs. Wonder if this could also break the corrosive grip of the transfer market.

Let me start by stating that I believe:

  • The market for cryptocurrencies is overheated and irrationally exuberant
  • There are a lot of poseurs creating them, and some scammers, too
  • There are a lot of conflicts of interest, self-serving hype, and obfuscation
  • Very few people in the media understand what’s going on
  • Very few people in finance understand what’s going on
  • Very few people in technology understand what’s going on
  • Very few people in academia or government understand what’s going on
  • Very few people buying cryptocurrencies understand what’s going on
  • It’s very possible I don’t understand what’s going on

 

Source: A Letter to Jamie Dimon – Chain

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