Crypto not worth Scalable to be Money? Says Bank of International Settlements

Crypto not scalable? Many have talked about this a lot. It seems like the Bank of International Settlements is joining the FUD brigade and saying that cryptocurrency is not scalable*.

You would be correct, cryptocurrency in it's current form is not scalable especially if you look at from a coin by coin view, most cryptocurrencies aren't scalable but that's okay, but it seems that people are actually already solving the problem, it's called Yen.io, check it out, and some people believe it's going to be the world's first crypto exchange that's going to make scale possible.

Reveal spoiler

Crypto Not Scalable Enough to Be Money, Says Bank of International Settlements

Credits: Cointelegraph

If you look at it from a coin by coin basis, scalability is obviously concerned. Most of these coins can't scale out of their basement but some expert believe that stability in value is coming as more people come into the market, as more people join the cryptocurrency revolution, we're going to find more emergent opportunities to create stable coins that actually have value.

Trust in the finality of payments, that's what the blockchain is for.

This article says that The “communication volumes” and storage demands associated with mass crypto adoption, the bank argues, could “bring the Internet to a halt.” But this really look like an overly try hard FUD. Really? Cryptocurrency is gonna bring down the internet?

This is the bank guys, they have an incentive to not like cryptocurrency, so the entire report probably is deeply biased towards the traditional financial system.

These banks spend so much money on consulting companies and business analysts to create reports that means absolutely nothing, because if you think about it, if you are a corporate slave hired as a business consultant or analyst to survey the value of another market in which they have no contextual relevancy nor participate in which means they have no personal experience actually using cryptocurrencies, of course the report is going to be biased and pretty much just worthelss.

Let me know in the comments section below what you think about this, are these problems to be solved in terms of scale, price stability and the whole decentralization issue?

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