“The Guardian view on cryptocurrencies: a greater fool’s gold” – The Guardians | $17,163.38

Last updated on January 11th, 2018 at 02:31 am

Like all other cryptocurrencies that have appeared in the wake of bitcoin, and like bitcoin itself, Ethereum is useless as a medium of exchange because the price fluctuates violently and unpredictably.

But of course Ethereum is not a real currency, and neither is bitcoin; nor are Ripple, Monero, Litecoin, Dogecoin, or any of the other thousands of cryptocurrencies that are the focus of intense speculation today.

They are the latest manifestation of the eternal dream that we could, by magic, become really rich really quickly.

The central paradox of all these currencies is that we’re told they have eliminated the need for trust between humans and replaced it by mathematical guarantees; but all their tradeable value depends on blind faith and ignorance of computer code.

Eulogy made by The Guardian Editorial


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