Home Cryptocurrencies/Blockchain: From tax to democracy, the real ongoing revolution

GEAB 130

The monthly bulletin of LEAP (European Laboratory of Political Anticipation) - 15 Dec 2018

Cryptocurrencies/Blockchain: From tax to democracy, the real ongoing revolution

Largely criticised by some, glorified by others, cryptocurrencies keep raising questions and represent as many threats as opportunities depending where we stand; whether on the side of citizens, institutions, businesses or governments. After a spectacular rise in valuations, we are currently witnessing a collapse in the capitalisation of most crypto-assets. The euphoria is well behind us and we can now actually speak of a crash. The devaluation of bitcoin for example has exceeded 80% in a year, going from a high of €16,323 in December 2017 to a price hovering around €3,000 in recent days.

What does this major correction represent, affecting as it does the entire “crypto” ecosystem? Is this the death knell of a promising technology, the demise of an enthusiastic community? Can this crash be explained? Or is it actually the contrary, an opportunity to reset the metrics, to allow only the most robust and serious projects to survive? The challenges faced by cryptocurrencies and by the entire ecosystem are important to discuss:

– Too many fundraising actions – ICOs (Initial Coin Offerings) – have been conducted for projects that were not technically and / or economically robust.

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