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“Cryptocurrencies, despite them being conceptually appealing in thunderdome scenarios that may indeed materialize in a handful of failed or failing states that find themselves at the intersection of a pandemic and a terms of trade shock. Their limitation is they are funding vehicles, so don’t appreciate when other investments are unwound, and also lack the liquidity to make them alternatives to core defensive assets.”
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“Bitcoin began its sudden crash due to another giant sell-off from the PlusToken pyramid scheme, analysts are suggesting as BTC/USD lost $8,000 support. According to various online commentators citing Blockchain data, participants in the $2.9 billion scheme are again attempting to rid themselves of their BTC.”
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The dream of tokenizing all assets, enabling people to issue their own coins and have them accepted as money, founders on the problem of trust. Paradoxically, decentralizing physical assets destroys the whole point of asset-backed tokens.
Kiffmeister’s Fintech Daily Digest 03/09/2020
