Blockchain is a clunky database (nothing hard to grasp here) on a distributed ledger. In its pure form – as its implemented in Bitcoin – its too heavy for quick and easy transaction. But that may change. Its not the technology thats a problem – its our perception of valuation of anything. Why is gold worth anything? Bitcoin is the beginning of something thats far bigger than blockchain.
An influential new recruit has joined the chorus of bitcoin sceptics. The chief investment officer of UBS Plc, the world’s biggest wealth manager, says it’s too risky to be added to the firm’s portfolios—and his assessment is relatively mild. Others have called it “the very definition of a bubble” and even “a fraud”.