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Making Sense of Cryptocurrencies: Part #2

June 18, 2021

In the first edition of the series, we looked briefly at the latest developments, considered mining and uncovered the environmental concerns. In this second edition, we talk about practicalities; what’s the likely impact of the authorities and regulation, and which cryptocurrency should you choose.

Recent falls appear to relate to a tightening attitude of the authorities, especially in China and the US, but also the actions and comments of “whales”. Whales are individuals that a perceived to own or control a sufficient proportion of a market for their actions to have an immediate effect on the price. In a regulated market, the actions of individuals and authorities alike are strictly controlled to provide fairness and equality of information. Not so for cryptocurrencies, where they are a notable feature of markets whose very nature make verification of information difficult or impossible. Elon Musk springs to mind, but there are of course others.