News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Fintech

The blockchain is a pipe dream

Blockchain is a slow, energy-inefficient dinosaur that will never be able to process transactions as quickly or inexpensively as an Excel spreadsheet

Most of the cryptocurrencies are little different from railway stocks in the 1840s, which went bust when that bubble  like most bubbles  burst
Most of the cryptocurrencies are little different from railway stocks in the 1840s, which went bust when that bubble like most bubbles burst Photo: Sergio Lacueva / iStockphoto

Predictions that bitcoin and other cryptocurrencies will fail typically elicit a broader defense of the underlying blockchain technology.

Yes, the argument goes, over half of all “initial coin offerings” to date have already failed, and most of the 1,500-plus cryptocurrencies also will fail, but “blockchain” will nonetheless revolutionise finance and human interactions generally.

WSJ Logo