With reference to your report “ UK to study possible ban on sale of cryptocurrency derivatives” (FT.com, October 29): currencies are ideas that we collectively agree stand for something of real value — like an apple, a loaf of bread, or a journey from London to Paris.
Cryptocurrencies are pretend currencies — they exist only in our imaginations. Derivatives are imagined future abilities to buy or sell an instrument. Cryptocurrency derivatives are thus three times removed from reality.
It’s no wonder the world is going to pot. We are collectively insane — detached from reality.
Blewbury, Oxon, UK
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