In her Sept. 19 op-ed, “Crypto has hope — and a long way to go,” Megan McArdle shed an ambiguous gentle on the way forward for cryptocurrency, highlighting potentialities and breakthroughs, akin to ethereum’s new energy-efficient mining methodology, whereas acknowledging the challenges that it faces. Although I agree with Ms. McArdle’s opinion that cryptocurrencies have a lot bigger issues than the environmental issues, Ms. McArdle didn’t stress the most important impediment of cryptocurrency: adoption by nationwide governments for the sooner, simpler and safer transactions it guarantees.
Governments may see “unregulated” cryptocurrency as competitors to their nationwide currencies as a result of crypto bypasses conventional financial insurance policies. Subsequently most, if not all, of the hundreds of current cryptocurrencies will doubtless part out.
Ms. McArdle identified that cryptocurrency has survived for 14 years, which is “far longer than your typical Ponzi scheme.” Nonetheless, she failed to acknowledge that for these 14 years, cryptocurrency has failed to unravel any of the issues it proclaimed to unravel. Cryptocurrency continues to be, because it was years in the past, a fruitless hope.
Sungjoon Kim, Falls Church