As reported in the Evening Standard, the Bank of International Settlements published an annual report with four criteria to continue economic growth. However, it was rather overshadowed by a statement in the appendix (reported here, here, here, here, here and elsewhere) where cryptographic currency was described as a "combination of a bubble, a Ponzi scheme and an environmental disaster".
I agree and so does a Canadian electricity company.
(Score: 2) by JoeMerchant on Wednesday June 27 2018, @12:14PM
Proof of work based blockchains. If your blockchain establishes a level of credit, you can hand someone a cryptographic "promise to pay" - same as a paper check, but with a prima facie credit history included. If that credit history is "worth" $10,000 or more, the receiver of a $10 payment for lunch might accept it without a recent network check of credit, because who's going to blow $10K worth of credit just to scam on a $10 payment?
This only works if the creditor (merchant) has some prior acquaintance with the creditee (customer), either directly or through some co-signing agency like Visa, MasterCard, etc.
🌻🌻 [google.com]