The big Blockchain lie
Friday, November 09, 2018
![Blockchain's once bright future is being questioned PIC: DLT.COM](https://cdn4.premiumread.com/?url=https://www.mmegi.bw/uploads/imported_images/2018/november/09/phpkq9Xko.jpg&w=400&q=72&f=jpg&t=1)
Blockchain's once bright future is being questioned PIC: DLT.COM
NEW YORK: With the value of Bitcoin having fallen by around 70% since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value of leading coins such as Ether, EOS, Litecoin, and XRP have all fallen by over 80%, thousands of other digital currencies have plummeted by 90-99%, and the rest have been exposed as outright frauds. No one should be surprised by this: four out of five initial coin offerings (ICOs) were scams to begin with.
Faced with the public spectacle of a market bloodbath, boosters have fled to the last refuge of the crypto scoundrel: a defence of “blockchain,” the distributed-ledger software underpinning all cryptocurrencies. Blockchain has been heralded as a potential panacea for everything from poverty and famine to cancer. In fact, it is the most overhyped – and least useful – technology in human history.
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