From propping up climate solutions and delivering humanitarian aid to Ukraine to moving on from the stunning collapse of FTX, the second day of the World Economic Forum's 2023 annual conference saw discussions very much focused on the promise of the technology underlying cryptocurrencies, rather than the often speculative financial assets themselves.
Despite the crypto crash, “the underlying tech has performed perfectly,” Schulman said. “The promise of a distributed ledger is that it can be faster and cheaper, to settle transactions simultaneously with no middlemen. That’s an important thing.” “There is a way now that some of the technologies have been adopted and used to really make processes much more efficient,” Martin said.
“That's an amazing proposition…. If we were to get 500 million to deploy, we can actually do that today. So this is not a process that will take weeks and months,” Hutt said. For the traditional finance panel’s lone banker, the events of 2022 must make regulators stop obsessing about lenders bringing down the entire financial system, and more toward the risk of individual consumers getting ripped off by crypto scams.
That idea that regulators might swerve in their focus was picked up at a separate panel hosted by stablecoin company Circle – including in the U.K., which is currently considering how to regulate crypto under its Financial Services and Markets Bill.
iamsandali jackschickler Blockchain non-crypto is another word for centralisation
iamsandali jackschickler Despite the crypto crash, “the underlying tech has performed perfectly,” Schulman said. “The promise of a distributed ledger is that it can be faster and cheaper, to settle transactions simultaneously with no middlemen. That’s an important thing.” 👌🏻
iamsandali jackschickler I have never fully understood the separation btwn. blockchain/crypto. Sure, most crypto tokens are likely worthless. But something like Ethereum, a public ledger, needs people all over the world to keep copies of the ledger/update it. Bc it costs money (e.g., need a computer)
iamsandali jackschickler Fck Davos participants