Risks of Cryptocurrencies
Title | Risks of Cryptocurrencies |
Publication Type | Journal Article |
Year of Publication | 2018 |
Authors | Weaver, N. |
Published in | Communications of the ACM |
Volume | 61 |
Issue | 6 |
Page(s) | 20-24 |
Date Published | 06/2018 |
Abstract | Cryptocurrencies, although a seemingly interesting idea, are simply not fit for purpose. They do not work as currencies, they are grossly inefficient, and they are not meaningfully distributed in terms of trust. Risks involving cryptocurrencies occur in four major areas: technical risks to participants, economic risks to participants, systemic risks to the cryptocurrency ecosystem, and societal risks. Fortunately, for all but the last case, there is little risk to anyone not directly participating |
Acknowledgment | Nicholas Weaver wishes to thank Steve Bellovin for his constructive shepherding of this column. |
URL | https://cacm.acm.org/magazines/2018/6/228046-risks-of-cryptocurrencies/fulltext |
ICSI Research Group | Networking and Security |