Comment Re:WTH? (Score 1) 47
caveat emptor
Yes and no.
Govt backed fiat money as we know it has been around for a long while and a large set of rules have grown up that attempt to stop people doing $bad_things with other peoples money whilst keeping the cost of transactions low.
The ultimate value of any one currency is the Govts ability to extract taxes from its plus what people believe.
Crypto has been around for a shorter while and a minimal set of rules have grown up that attempt to keeping the cost of transactions low. There is little to stop people doing $bad_things with other peoples money. Destroying the currency through these exploits will mean that over time Crypto that _does_ have rules will survive and grow.
The ultimate value of any one Crypto is the Crypto's ability to extract 'money' from its holders, plus what people believe.
So I expect
- the rules of fiat and crypto to converge
- some cryptocurrencies will persist