29 Jan '15, 11am

Citi’s Digital Chief Says Bitcoin’s Economics Are Flawed

Bitcoin’s economics are inherently flawed and it isn’t mature enough for mass adoption, according to Greg Baxter, Citi’s head of digital strategy. “If you take all bitcoin transactions last year, we did [that much value] in three hours of trading. So I think the maturity of it — I don’t think it’s quite there yet,” Baxter said, speaking at a London event on digital money sponsored by Citi on Tuesday (Jan. 27), CoinDesk reported . Baxter also pointed to bitcoin miners dropping out of the network as evidence that the cryptocurrency’s economics failed to “stack up.” “The real game is using digital to transform the core of our industry,” he said. Existing platforms “are low cost, they’re regulated, they’re trusted. Why wouldn’t you want to innovate on top of this platform?” But efficiency isn’t everything, said Bitcoin Foundation founding director Jon Matonis, who was also on ...

Full article: http://cbnco.biz/citis-digital-chief-says-bitcoins-econom...

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