time to exit all cryptocurrencies imo, page-305

Are you arguing that it's a good investment vehicle, or that crypto could be used as currency? I don't know about the former - I'm sure there are still plenty of people out there willing to speculate and drive up the price, although probably fewer than there previously were, but I don't really know. I'm just looking at it from an economic point of view.

As for being used as currency - I just don't see it happening. You need to be able to control the amount of money in economies to effect monetary policy specific to a particular economy, and relative to other economies through exchange rates. Look at all the problems associated with the Euro... countries like Greece are essentially stuck in recession due to a complete inability to lower their exchange rate and make them more competitive on the world stage. On the other hand you have Germany, amassing a huge trade surplus. One way out of it would be for Europe to have a common reserve bank to equally distribute money throughout the EU. Similarly for crypto, there would need to be a common reserve bank for the entire world, fairly distributing wealth across the globe in the best interests of advanced and developing economies... maybe this will happen in a couple of hundred years, but I mean come on.

Crypto is only worth what someone else is willing to pay for it.