Huge News: In a London speech IMF's Christine Lagarde stated ignoring cryptocurrencies 'May Not Be Wise'.

Legrande personifying the IMF: shinning happy people holding hands ;-)

Her reasoning is sound. Having travelled to many countries around the world, the US dollar is still the de facto stable currency of note. Even in many developed nations. The Euro, Yuan and others have battle for that position, and with some of the insanity that's taken hold in US leadership of late, might just pop to the top. But why would the population of a foreign nation continue to embrace foreign fiat when as Legrande puts it "dollarization 2.0" takes hold.

Most importantly, (not saying the IMF is in any way a benevolent entity, but...) her statements don't strike me as selfinterested in the way than Diamond's have. This is not a play to crash the markets to get more stake.

Her one cautionary note is interesting, because it seems to me Steem doesn't suffer from a lot of these pitfalls as it's proof of stake so energy isn't as huge of an issue and already has proved to be highly scalable... Lagarde noted early in her speech that a mass adoption outcome is still a distant prospect, saying cryptocurrencies are "too volatile, too risky, too energy intensive, and because the underlying technologies are not yet scalable."

In terms of volitility... well a huge rise is likely inevitable, so call that pump volititiy if you like, but I'll just say: Steem On!

Thanks to @ericvancewalton for sending me the coindesk article to wake up to!

Yours in the Chain,
Doug

image source

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I am a Brooklyn based writer, film & commercial director, and crypto-enthusiast, my projects include @HardFork-series an upcoming narrative crypto-noir and my novel Dwelling will soon be premiering exclusively on Steemit, and you can check out more of my work at dougkarr.com, piefacepictures.com, and www.imdb.com/name/nm1512347

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