How ownership is assessed – through identity or through knowledge? How money is represented – through accounts or tokens? What is the governance model – centralised, distributed, or decentralised? How the ledger is accessed – through intermediaries or directly, without any intermediation at all?
And some investors will continue to gamble by taking speculative positions on crypto-assets. Today I will argue that the fundamental flaws of crypto-assets mean that they can quickly collapse when irrational exuberance subsides. We should therefore focus on protecting inexperienced investors and preserving the stability of the financial system.