Crypto

Abstract

About five years ago I was surprised to learn there was growing enthusiasm around crypto, mainly because for the roughly 20 years before that, Crypto was widely understood in the water industry to refer to Cryptosporidium, a waterborne parasite that causes severe diarrheal disease. But now, crypto has a place in the world of finance. In English, crypto is an adjective meaning hidden, secret, or concealed, and in anatomy it refers to a pit or recess cavity. Sporidia are small spores or protozoa, and Cryptosporidium are tiny protozoan parasites (as oocysts), protected or hidden by an outer shell. It's their tough exterior that allows Crypto to survive in the environment and even tolerate low levels of chlorine. More broadly, the term crypto today refers to digital money that is untethered from normal financial practices and uses complex computer codes to encrypt, transmit, and decrypt exchanges. These codes are reportedly impossible to hack or duplicate, and users rely on the code complexity, inherent designs, and online security measures to protect their virtual currencies. Governments are designed to work with traditional, “visible” money, and cryptocurrency will now require new policies regarding taxation, dispute mediation, and international transmission. There are now many kinds of cryptocurrency, each with its own unique angle and branding. But in watching the popularity of cryptocurrencies rise, I am still left speculating why people would use them to make purchases or treat them as an investment. Cryptocurrencies have no inherent value and nothing backing them except the trust of coders and the security of the internet—maybe not the ideal situation for vital, large-scale investments. And for comparison with Cryptosporidium, I suspect that over time, cryptocurrencies will likewise result in many upset stomachs. Cryptocurrency seems built on the need for secrecy. But when it comes to finances, I prefer transparency and clear transactions, even if I must pay the frictional costs of security and oversight. I recommend that water professionals keep Cryptosporidium in mind and avoid cryptocurrency until its benefits to the water industry become clear, although it wouldn't surprise me if a water utility already accepts crypto as payment for killing Crypto. All that said, I never saw the appeal of Facebook, and Bitcoin is trading today at an all-time high, so what do I know? This month's Journal AWWA is chock-full of real lessons water professionals can use, with topics such as water system consolidation, data management, source water monitoring, and water loss control. If you're interested in submitting an article for consideration, contact me at [email protected].