SAN FRANCISCO, Aug 17 ― The bitcoin boom spawned new billionaires and videos of beach parties and Lamborghinis. The crypto crash brought devastation for small investors and bankruptcy for many companies.
Fellow crypto billionaire Vitalik Buterin replied that there were “significant challenges” but he thought it was “directionally 100 per cent correct”. Those qualities have led countless enthusiasts to propose that the technology could in effect replace paper contracts for things like house buying. The opening line reads: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” Bitcoin was the first cryptocurrency. There are now more than 10,000 others sitting on many different blockchains.Diehl pointed out that cryptoassets are speculative instruments not suitable for payments. “When was the last time you paid for your coffee with Apple stocks,” he asked.