dependency on centralised financial institutions --- For me is still not very clear where the value from the digital currencies come from. I understand that there is the scarcity, supply/demand and work value factors involved in the blockchain algorithms and data mining developed by the participants, but still there is not a fiat institution or agreement that establishes that a bitcoin, for example, is equivalent to 3 days of data mining or blockchain programming. So far, people buy bitcoins with real money in shops or agencies dedicated to that for the purpose of buying real things or investment in the future course of the currencies. Does that mean that it is only a game of speculation or mere exchange value involved? Does that not increase the risk of recurrent crises? Is also cybersecurity vulnerabilities a factor to determine the value of cryptocurrencies?

Source author: Eduardo Ruiz Mazon eruizm@sre.gob.mx