Bank of International Settlement: Cryptocurrencies Are Like Tamagotchis

[kreslik.news]

The Bank of International Settlements published a report yesterday warning that cryptocurrencies can’t be scaled, and so the likelihood of one completely breaking down grows along with the number of people using it.

“Trust can evaporate at any time because of the fragility of the decentralised consensus through which transactions are recorded. Not only does this call into question the finality of individual payments, it also means that a cryptocurrency can simply stop functioning, resulting in a complete loss of value,” it reads.

[url=https://www.etoro.com/markets/btc?utm_medium=Media&utm_medium=Media&utm_source=50140&utm_source=50140&utm_content=0&utm_content=0&utm_serial=btvsbtc060618&utm_serial=&utm_campaign=btvsbtc060618&utm_campaign=&utm_term=&utm_term=]Time to buy the dip?[/url]

Hyun Song Shin, BIS head of research, said that people hold cryptocurrency ... (read more)