ven if you don’t live and breathe cryptocurrency, you’ve probably noticed some turmoil in the sector.
It took until mid-May for the crash to stop, but while the market has regained some stability, it shows no sign of returning to anywhere near its highs of last month. We may be, in the words of one chief executive, heading into a “crypto winter”. And that’s the optimistic view from within the sector: the pessimists fear that this is the beginning of the end.Probably.
The biggest winners in all of this seem to be the corporate backers: venture-capital funds and successful startups But there are distinctions. Those who held blue-chip cryptocurrencies such as bitcoin and ethereum have only lost about half their value from the peak, while those who bought “shitcoins” – low-effort projects where almost everyone involved acknowledges that the goal is simply to buy low, sell high, and leave someone else picking up the pieces – have lost a lot more.
But these technologies remain incredibly powerful in some scenarios. Any situation where a government might try to stop economic activity, for instance, becomes much harder to enforce when there’s no centralised body to enforce the rules. That could include activists trying to receive funding to promote democracy in countries with strong capital controls – but also ransomware vendors extorting payments from schools and hospitals from nations without extradition agreements.
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