Letter: A crypto challenge for the Binance boss

The doublethink of “CZ”, the cryptically-monikered founding father of Binance (“The good crypto crackdown”, Big Read, July 3) neatly highlights the uncomfortable cognitive dissonance at crypto’s coronary heart. He says “ . . . an entity . . . a headquarter, . . . a checking account. All of these issues don’t have to exist for blockchain corporations”, however individually he provides “we take our authorized obligations very critically and have labored exhausting to construct a strong compliance programme”.

Cryptocurrencies have little real-world utility or intrinsic price, and primarily “exist solely to exist”. The inconvenient fact is that cryptocurrencies, and bitcoin particularly, largely obtain their unstable funding and buying and selling “worth” solely from hypothesis. ICT professionals effectively know that it’s a harmful nonsense to depend on the “decentralised trustless consensus mechanism” of blockchain distributed ledger know-how to switch the safe sensible market economics of trusted third events working inside, and answerable to, the rule of regulation.

A CryptoSure Belief Mannequin has lately been put ahead and “CZ” ought to take into account placing his crypto wealth, and affect with cryptonauts, in assist of CryptoSure as a means maybe of “taking his authorized obligations very critically”.

Stephen Castell
Chairman, Castell Consulting
Witham, Essex, UK