Iota cryptocurrency shuts down entire network after wallet hack
Trust is a big part of a credible cryptocurrency. Can you really trust a currency that the vast majority of people don&#x27;t understand?<p>I don&#x27;t think cryptos will ever take off without widespread institutional and gubernatorial support. Governments will probably issue cryptos themselves eventually. They are an opportunity for the government to create a centralized Federal Retail Bank that reduces the amount of rents and subsidies captured by commercial banks. Every citizen would have a free digital checking account, fully backed by the issuing government. When someone wants a loan, commercial banks and fintech companies would get temporary access to user data to compete on providing that loan. The data would only be used for that loan in particular, and it would be illegal to use it for any other purposes, or to retain it after the loan is done.<p>The government cryptos would  have to be as impermeable to hackers as your current digital bank account with (insert Big Bank here). Obviously, while such a system has tangible consumer benefits, it wouldn&#x27;t be nearly as libertarian as Bitcoin.