Analysis
18:48
Skeptics are wrong to think that these currencies are dead
After several flash points and a broader sell-off wiped out $1 trillion from the cryptocurrency’s overall market cap, skeptics are crowing at being proved right about the uselessness of the cryptocurrency and NFT ecosphere. They are wrong to gloat.
The total crash of the “stablecoin” [sic] Terra, meant to be pegged to the dollar at $1 but now trading at literally a penny on the dollar, was the most vivid indicator of a general loss of faith in the future of cryptocurrency and blockchain-backed assets more generally — everything listed under the rubric of Decentralised Finance (DeFi). But while most NFTs — virtual “objects” with a blockchain-based proof of ownership designed to verify authenticity and enforce scarcity — may be nothing more than white elephants, the underlying technology and philosophy behind DeFi has not gone into remission, and the crash ironically sets the stage for it to advance.
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