(Natural News) In case you missed part one of our Kevin Lawton interview on Bitcoin and cryptocurrencies, you may want to go back and watch it.

Today, we publish part two of the interview, covering all the following topics:

– How Ethereum works, using "Ether" fuel to pay for the running of small programs across the Ethereum network.

– The shocking truth: Nearly all programs (Smart Contracts) running on Ethereum are nothing more than code to create MORE cryptocurrency coins. There are virtually no real-world applications being deployed that might accomplish real tasks.

– "They are nothing more than a spreadsheet." Despite all the hype about blockchain tech, so far the applications are little more than spreadsheets in the cloud.

– Why Bancor's entire business model can't work, even though it raised $150 million in an ICO. "There's a failure built right into the mechanism." Lawton says, "I don't know a way this could actually be valid. It looks to me like this is essentially a planned failure."

– There's no upgrade path for smart contracts, so the code is highly vulnerable if code flaws are discovered.

– Why mining is obsolete, and cryptocurrencies that rely on mining cannot scale up and represent a wildly inefficient use of resources.

– Why Ethereum is plagued by bad coding practices and faulty "smart contracts."

– For cryptocurrencies to grow, the underlying infrastructure (mining, blockchain, etc.) must become far more efficient and "nearly free."

– How blockchain trading will eliminate financial services "middle men."