[2018-06-20] Retail Adoption of Crypto Would “Bring the Internet to a Halt”

[PX-Z]

Retail Adoption of Crypto Would “Bring the Internet to a Halt” – BIS Report

The Bank of International Settlements (BIS) has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency. The report attacks virtual currencies from several main standpoints: claiming that cryptocurrencies do not effectively perform monetary functions due to price volatility, that the retail adoption of blockchain-based payment mechanisms would “bring the internet to a halt,” mass cryptocurrency adoption would reap a drastic environmental toll, and that the trust engendered by a decentralized network is too “fragile” to compete with that of centralized institutions.

BIS Annual Report Provides Critical Appraisal of Crypto

Retail Adoption of Crypto Would "Bring the Internet to a "Halt" - BIS ReportThe chapter addressing cryptocurrencies in BIS’ upcoming report opens by stating that “Less than 10 years after their inception, cryptocurrencies have emerged from obscurity to attract intense interest on the part of businesses and consumers, as well as central banks and other authorities. They garner attention because they promise to replace trust in long-standing institutions, such as commercial and central banks, with trust in a new, fully decentralized system founded on the blockchain and related distributed ledger technology (DLT).”

Despite acknowledging that “Cryptocurrencies such as bitcoin promise to deliver not only a convenient payment means based on digital technology, but also a novel mode of trust,” the BIS report seeks to highlight a number of “economic limitations” arising from “permissionless cryptocurrencies.”

MORE INFO HERE: https://news.bitcoin.com/retail-adoption-crypto-would-bring-internet-halt-bis-report/

[1714804703]

1714804703

[hv_]

I really wonder how populistic and unscientific this report is delivered. From such an top level Institution I d expect more, esp some quantitative treatments of entry propabilities for their different but too drastic scenarios.

Anybody can come up with FUD, so if BIS has no open bold mathematical treatment to provide, this is just the usual trolling level we all are used here in such open internet environment.

Ignore alert.

[Theb]

The headline of the news is totally unrelated to the news itself. Basically the news report is saying that the internet will somehow halt when BTC enters into the stage of mass adoption yet they target the main issues of Bitcoin is facing now which is volatility, scalability, and efficiency which has no direct relations on how the market will "halt". To tell you honestly mass adoption won't even happen if those three mentioned in the article are or will be problems in the first place.