From IP&E:
"A somewhat dubious bond salesman once said to me: 'You can fool all of
the people some of the time, and some of the people all of the time and
that’s the market I am going for!'”....
That's from Joseph Mariathasan's January 2 Investment & Pensions Europe article "
Why crypto-currencies won't stay the course" which continues:
Blockchain technology may well be a super way of undertaking many
types of transaction processing in a more efficient manner than current
software technology allows. The question, justifiably perhaps for most
people should be, so what? It may well significantly reduce transaction
costs for share dealing and other activity, but is this going to
represent a game changer in any sense?
It is difficult to see why
this should be the case. For long term institutional investors, as
against high frequency traders, transaction costs are important, but not
necessarily the critical issue when it comes to investment....MORE
