By Aaron BrownJPMorgan Chase Chief Executive Officer Jamie Dimon retreated last week from his contention that bitcoin is a fraud. Will governments smash cryptocurrencies, or will cryptocurrencies smash government monopolies on money? Thinking about intermediate outcomes helps choose which cryptocurrencies to back today.The last major money innovation was paper money. Paper is cheaper to produce, transport and store than precious metals, and can incorporate security features and contractual terms. The essential innovation of cryptocurrencies is not the specifics of the protocol, but making the exchange network the foundation of value.

Source: Economic Times January 16, 2018 08:03 UTC