Jan 3, 2023 9:49 am ET
The underlying purpose of cryptocurrencies consists of paying for security and services (e.g. smart contract execution) provided by a decentralized network (“Crypto Is Money Without a Purpose” by Todd Baker, op-ed, December 20) . These services can only be remunerated in a digital-native currency that is beyond the control of individual actors such as central banks and governments. There is speculation, as there is in any emerging market, and there is room for intelligent regulation of centralized exchanges, but that doesn’t excuse Mr. Baker’s complete misunderstanding of innovation.
Peter Goettler writes that “Crypto as an application of freedom and innovation to create an alternative to government-controlled fit-money could not be clearer and more noble.” (Letters, December 27). For most people, nothing about crypto is at all clear or noble. It often appears to be used only for buying drugs on the dark web and paying for ransomware.
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Appeared in the print edition on January 4, 2023.
Source: Crypto News Deutsch