Risks of Cryptocurrencies

TitleRisks of Cryptocurrencies
Publication TypeJournal Article
Year of Publication2018
AuthorsWeaver, N.
Published inCommunications of the ACM
Volume61
Issue6
Page(s)20-24
Date Published06/2018
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.

URLhttps://cacm.acm.org/magazines/2018/6/228046-risks-of-cryptocurrencies/fulltext
ICSI Research Group

Networking and Security