At the recent RSA Conference, Adi Shamir criticized cryptocurrencies for their centralization and association with criminality. He believes their emergence has led to increased malware and financial exploitation. In contrast, Ed Felten acknowledged the difficulties in realizing decentralized currencies, but remained optimistic about their potential and the involvement of major financial institutions. He likened the current state of cryptocurrency to the early days of the internet, highlighting both the risks and transformative potential of the technology as societal institutions negotiate the future rules.
Everything is highly centralized in a small number of very large exchanges. No one is using it in order to make payments; people are using it once in order to speculate.
It'd be foolish to sit here and try to defend every cryptocurrency in the world or everybody who's in that space. But in a lot of ways, it reminds me of the early internet.
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