Those who do not see the value in cryptos such as Paul Krugman or Jamie Dimon should study the technology and business model further.
It is true that the 1st generation coins with PoW or PoS consensus algorithm do not have the transaction speed to be used as payment nor function well as the store holder of value due to volatile price. Moreover, these coins require mining such that the mining fee is too expensive for transferring small amount infeasible.
But then, there are more advanced technologies are being developed in order to fill the gap. One of them is LondonCoin which empowers the intrinsic value to the coin with business model that it generates profits. This is done so by establishing entities that generates revenue, and the 90% of the profits are sent to the LondonCoin Foundation to purchase gold and accumulate eternally by design with escrow. And the ownership of the accumulated gold belongs to the holders of LondonCoin grants the intrinsic value to cryptos.
For anyone proclaiming fiat is better than cryptos in intrinsic value, the chart below shows the the fiat currencies in the world vs gold such that no fiat currencies held value against gold.
For the transaction speed forecasted at 250,000 TPS, LondonCoin is far faster than those of VISA’s with 56,000 TPS at peak time. This will enable many applications in payment industry ecosystem.
Fiat currencies can not be improved upon technologies nor the business model, but cryptos can until perfection.
Now, for those who are doubtful about the cryptos, ask the question again. Why cryptos?
