Blockchain has been trumped as an amazing innovation with applications everywhere to deal with the ‘trust issue’. Bitcoins, which use blockchain, have become worth 10’s of thousands of dollars each, but also been incredibly volatile. They also turned heads in the Dragons Den with a seemingly fail safe get rich quick scheme. Meanwhile Nobel prize winning Economist Joe Stiglitz said it should be banned as a tool for criminals and tax evaders. So what is the truth? How does blockchain work? Why as a digital currency does Bitcoin take vast amounts of energy to ‘mine’? Why is it the darling of extreme libertarians? Is it really proper money at all or does it come out of the past lack of understanding of money by economists?
Frances Coppola, financial commentator, discusses crypto currencies and blockchain with Steven Garner, Director of Grandeo, a blockchain technology company.
Published by Promoting Economic Pluralism
