Hyderabad, India, August 02, 2017 - Innominds in association with the 'Blockchain Enthusiasts Hyderabad' group organized a Fintech meet-up on Saturday, July 29, 2017. The topic discussed was ‘Why Cryptocurrencies will fail and how financial systems can benefit’. The meetup was attended by several software architects and Blockchain enthusiasts from top IT companies. Ravi Meduri, VP - Big Data & Analytics at Innominds, conducted the session presenting an overview of cryptocurrencies, the history of their growth and his prognosis on why they will eventually fail as currencies.
Cryptocurrencies are digital or virtual currencies which use Cryptography to secure the creation and exchange of currency.
These currencies do not exist in real or paper/coin form. Most wallets including Paytm or Airtel Money are digital or virtual currencies but not Cryptocurrencies and are vulnerable to an attack. As of now, there are more than 900 cryptocurrencies available over the internet and it
is ever-growing as new cryptocurrency can be created any time.
Ravi explained various topics like how cryptocurrencies work and what is driving their growth. He also elaborated on the technology and economic aspects of mining.
Speaking on his prognosis for the reasons for failure of cryptocurrencies, Ravi cited fixed supply, volatility, inability to control, complexity of transactions and the lack of interest of speculators in the event of a prolonged 'Bearish' phase. He said governments and central banks need control over monetary policy to deal with economy, and cryptocurrencies will not be able to provide that.
As a result, they will never back cryptocurrencies and may even try to regulate it.
"Fabulous session by Ravi, got much clarity on many topics like Bitcoins, Money, Cryptocurrency, Digital Wallet, and BlockChain" said Sridhar Yerram one of the participants.
On his thoughts on the meetup, Ravi said "The objective of the talk was to demystify the economics and technology aspects of Cryptocurrencies. The intent was to go beyond Cryptocurrencies to the Blockchain technology that is behind these currencies and learn how the cryptography based distributed ledger systems can disintermediate and cut costs in financial services, citizen or public services etc. Glad that the talk was well attended, interactive and found to be useful."
Topics covered in the session
1) Introduction to currency/money
2) The functions of money
3) Cryptocurrencies overview and how they work
4) A look into the historic growth of cryptocurrencies
5) Prognosis and why cryptocurrencies will fail
6) Learnings from blockchain
7) Disintermediation in the financial services world
The meeting was eventful with participants actively debating each aspect of the topic, sharing knowledge and opinions which led to an active and engaging discussion. They were keen on another session continuing from the excellent introduction.
