A Crypto Skeptic Takes on Web3: ‘There’s No Real-World-Use Case’ for Cryptocurrencies
variety.comcryptocurrency markets and a big year for Web3 thievery in general, from NFT kidnappings to hacks taking aim at the crypto exchanges and the “bridge” entities that facilitate sales and trades.
Duke University lecturing fellow Lee Reiners has emerged as a vocal doubter of the viability of cryptocurrencies as a meaningful factor for nations and commerce, particularly for the kind of rights-laden contracts struck in the entertainment industry.
Reiners, who also hosts “The FinReg Pod” podcast on money and regulatory issues, was blunt in assessing the crypto moment as little more than a tulip-like investment fad in a conversation with Variety Co-Editor-in-Chief Cynthia Littleton. What makes you so wary of cryptocurrencies? Crypto, in my opinion, still does not provide any genuine economic utility.
There’s no real-world-use case. Not many people are actually using it for money, which is why it was invented. But it’s too volatile to use as a medium of exchange.
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