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- Billionaire Diller is apprehensive of the scalability and volatility offered by cryptocurrencies
- Cryptocurrency has a lot of potential with features like masked payments, a decentralized setup of nodes, and ease of access
- Diller’s claims should be taken seriously for the technology to develop from all aspects
The founder of Fox Broadcasting Company and Chairman of the InterActiveCorp (IAC) has claimed cryptocurrency to be a laughing riot as speculative trading saw prices plunge as much as 35%. The billionaire spoke on the sidelines of an event where he also stated that the Warner Media-Discovery merger was a great escape. The several billion-dollar acquisitions do not have any personal benefits to take a chance at but is still concerned about the digital assets’ safety.
Cryptocurrency is bound to grow by leaps and bounds
The recent crypto sell-off sparked arguments that it is just a cooling-off period for most investors, and it has not undermined the bull case. It looks to be a healthy capitulation, and a lot needs to be learned from it. Its decentralized nature and efficient blockchain network has helped dominate the era of the internet. It has the potential to dismantle the way Big Tech companies work and function on a day-to-day basis.
Keeping aside the malicious activities, cryptocurrency’s discretionary transactions work wonders for those who want to hide their identity. Moreover, user autonomy prevails along with a focus on peer-to-peer digital payments. Extravagant banking fees are a thing of the past as accessibility has improved multifold across all verticals.
Barry Diller’s claims are based on certain facts not to be overlooked
The billionaire must have been scared, given the fluctuations in price and the absence of buyer protection. Acknowledging his age, it is true that the risk metrics weigh in heavier and also that it is yet to be accepted on a large scale. Cases of wallets being lost have been reported and an investor’s valuation does not have a central guarantee or a force acting behind it.
The complex AI nature of the network and the myth that it is a large knit of computers worldwide are matters that need to be addressed as soon as possible. Blockchain creates trust without a central authority but, if compromised, leads to serious repercussions.
Blockchain network is considered an accounting technology as, at its core, it is just a ledger that keeps track of all transactions. It is practical and scalable for all types of investors across the globe. The technology can be put to many uses as per requirements and does not dent the scope of the financial sector.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
