The Unbearable Uselessness of Crypto
Jan 31, 2023
1 min read
Following the collapse of FTX, in his latest opinion piece for Project Syndicate, Professor Andrés Velasco, Dean of the School of Public Policy at the London School of Economics and Political Science, looks at the reality of the crypto industry.
He writes: "What is truly unforgivable is that in the 14 years since Bitcoin appeared, the crypto industry has failed to produce anything of value. What factories have been built with crypto? Which new goods and services are available? What government has raised money through crypto? Certainly not El Salvador, which adopted Bitcoin as legal tender and is now on the verge of debt default."
Read the full article here.
Article was originally published on Project Syndicate.
The article raises an important question about the practical value of cryptocurrency beyond speculation and financial markets. The examples around Bitcoin adoption, government use, and the lack of clearly demonstrated real world benefits make the criticism worth considering, even as the broader crypto ecosystem continues to develop. Looking at this debate alongside broader crypto analytics can provide more context on where cryptocurrency has actually found meaningful use and where its claims remain unproven. This is also the kind of wider crypto discussion that fits naturally with Vision Makers.
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The article raises some thought-provoking points about the broader debate around cryptocurrency and its real-world utility, particularly in light of events like the collapse of major exchanges that have shaped public perception of the industry. Discussions like this are valuable because they encourage readers to look beyond hype and examine both the promises and challenges associated with digital assets.
At the same time, the crypto ecosystem continues to evolve, with ongoing conversations about regulation, technology, and long-term use cases. For many people entering the space, questions about the best crypto to invest in often go hand in hand with a deeper effort to understand the technology, market dynamics, and the broader financial landscape surrounding blockchain innovations.
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This is a thought-provoking post, and I appreciate you tackling such a controversial topic head-on. It's important to have balanced critiques that look past the hype and truly assess the utility of new technologies. While I agree that many crypto projects lack real-world application, the underlying blockchain technology itself has practical uses in different industries.
Speaking of practical applications and making decisions about where to invest resources, I’ve found that focusing on tangibles is often the best route. Protecting valuable physical assets, like those on a worksite, is an immediate and necessary investment that provides clear, undeniable value. It's a far more certain way to secure your financial future than speculating on volatile digital assets.
For those looking for a tangible…