Currently, the collective worth of these cryptocurrencies is between $150 to $200 billion (it fluctuates wildly) so there is big money involved – but many are convinced this is just the start. As the technology and infrastructure around coins matures, cryptocurrencies which provide a genuinely useful solution to a problem could find themselves rapidly increasing in value, just as Bitcoin has done. This makes them very attractive to investors.
There’s a problem though, and it’s a big one. A huge proportion of those 2,000-plus currencies and tokens have no practical use, or no chance of gaining mainstream adoption. This is probably (part of) the reason why the latest trend involving using crypto currencies to raise money – initial coin offerings (ICOs) have just been declared illegal in China. Other governments, particularly in the west, have been less eager to regulate with a heavy hand.
This has led to a “wild west” situation – law and order has not kept pace with the sprawl of society into uncharted territories. And while there’s certainly a gold rush going on, there’s plenty of bandits and rattlesnakes too.
Full story at http://bit.ly/2wwz5jM
Source: Forbes
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