By: Patrick O’Meara, Chairman and CEO, Inveniam

The last few days there have been a collection of fevered articles that announce, or at least prophecy, the death of Crypto. The Wall Street Journal weighed in with this opinion piece (https://lnkd.in/gsMWFxJp) that has the high mark of referring to Elon Musk as the ‘Chief Twit”(Come on WSJ, you can do better, I know you don’t like him, but at least acknowledge the fact that Paypal, SpaceX, Tesla, etc, give him some cred in your pages, you appear juvenile, stop it – https://lnkd.in/g9bcgy6C). Then the Economist had this article (https://lnkd.in/gREtqxNU), and this article, (https://lnkd.in/gDGyATYr), with this great line…”The lure of innovation means nothing if investors and users fear their money will disappear into thin air. For crypto to rise again, it must find a valid use that leaves the dodginess behind.” I agree totally with this sentiment, but there was literally no focus on why people use Crypto, the value, the abuse of currencies by central banks that drive the rise of Crypto. Then the Economist had this article (https://lnkd.in/gaRAqtVY), which stated what would it take for Crypto to survive, and the answer was, “Finding a real use for it would help.”

I understand that not everyone is for Crypto, but if you are going to attack it, really attack Crypto, not some shallow, straw man. At $820 Billion of value, you can at least say it has some market traction and in fact, validly argue against Crypto, not some metonymy which is a punch line, ala ‘Chief Twit.’

Cryptography is a mechanism to ensure that transactions are not manipulated, and in fact are public. I would like to suggest that Crypto implies something is hidden. I think that Phanero (https://lnkd.in/gCpiSE9n) is the better word. It makes visible or manifest.

The first broad market adoption of Blockchain (or ‘DLT’) will be in private markets. It will make the data around the assets traceable, auditable, Phanero, manifest. Crypto does this around transactions on chain. It is all visible. We need to use Crypto as it should with you owning your own keys, or if you are depositing it with someone else, pick someone who is regulated, on shore, and has audited financials. The fact that Sequoia and Temasek invested in a company with no audited financials, and did a cursory look at a few months bank statements is shocking. Inveniam has $67 billion of assets on our platform, using DLT to make the data used for a mark of a private asset auditable, observable, Phanero.

https://lnkd.in/g_KX-5Sw

Read the full article on LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.