In his latest article “Bitcoin Is A Bit Late — The ‘Scissors Economy’ Got There First” in Investor’s Business Daily, Todd Buchholz, a former White House director of economic policy and managing director of the legendary Tiger hedge fund, argues that Bitcoin and its cohort — while cleverly devised — have come along a little too late. Because the scissors economy has snipped costs, cryptocurrencies based on blockchain technology look less compelling. All this is not to deny the brilliance of blockchain technology for tracking inventory, streamlining supply chains, and even monitoring the provenance of artworks. But when it comes to finance, the cryptocurrency — like Cheetos-flavored lip balm — was a better idea before it was invented. During the 1970s, inflation was soaring, middlemen got rich, and pennies were not worth the copper they were minted with. Read his article at https://www.investors.com/politics/commentary/bitcoin-is-a-bit-late-the-scissors-economy-got-there-first/.
