In particular, any financial risks arising from investing in cryptocurrencies and related products might end up falling especially heavily on naïve retail investors. And true to form, prices have already jumped from 0.00081708 to 13 since it first crossed my radar. But because of existing inequalities in digital access and financial literacy, they could end up worsening inequality. Based on the coin’s burn rate, GRV’s price would theoretically rise to 1,337,000 by next year. Coinbase’s response to the SEC’s Wells notice highlights the need for regulatory clarity in the cryptocurrency industry. You could, in a more dystopian world, have the government deciding what sort of goods and services its money can be used for.ĪN: How could cryptocurrencies widen economic inequality?ĮP: Cryptocurrencies and their underlying technology hold out the promise of democratizing finance by making digital payments and other financial products and services easily accessible to the masses. A lawsuit from the SEC could force Coinbase to jettison its entire customer-facing business and overhaul its public company governance structure. And if every payment you make, including for a cup of coffee or for a sandwich, can be seen by a government agency, that's an uncomfortable proposition. But every central bank will want to make sure that its money is not used for illicit purposes, so transactions will be auditable and traceable. How so?ĮP: I think central bank digital currencies are the way of the future. It's stoking a fire under central banks to start issuing their own digital currencies.ĪN: You write that digital money could give the government an additional instrument of control over citizens. But whatever happens to bitcoin's value, I think it's going to leave a very important legacy. Now, amid the incongruous grandeur of a Scottish stately home, he is attempting to rebuild his life and quieten the tormenting thought that he. And it's worth remembering that while bitcoin has been around since 2009, the real jump in its value took place only in the last three to four years. His cryptocurrency portfolio is worth about 300. That seems like a long bubble.ĮP: History gives us many, many examples of speculative manias that have lasted for a long time. ( Editor's note: Facebook did not respond to a request for comment.)ĪN: A lot of people talk about bitcoin as a bubble, but it's been around since 2009. Then we get into all sorts of worrying terrains because now Facebook would have, you know, visibility not just into our social lives, but all aspects of our financial lives. I can just start issuing it." And then you could have privately issued currencies in direct competition with the U.S. Maybe Facebook will just say, "Well, I don't need to have my currency backed up by U.S. What are some of the concerns about private companies issuing their own money?ĮP: There are many. Personal Loans for 670 Credit Score or LowerĪN: You write about how Facebook is soon coming out with its own cryptocurrency, Diem, and then there's already Amazon Coins. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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