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Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Directions: Read the following passage and answer the question.Cryptocurrencies are a terrible thing. They are the essence of a Ponzi scheme whose value is based entirely on a greater fool prepared to buy it. The promise of alchemy-turning lead into gold has bewitched humanity throughout the ages and cryptocurrencies are just the latest alchemy. Do not get me wrong, if rich people want to lose their money, in this or any other way, they should be allowed to do so. The rich should be the vanguards of new things in case something unforeseen and good falls out of them. But we need to protect those vulnerable consumers whose lives are such that almost any get-rich-quick schemes will be seductive, and seven out of 10 times, they will lose their life savings. Cryptocurrencies are todays South Sea Bubble – one of the earliest recorded financial bubbles that took place in the 1720s Britain. Meme-based currencies like Dogecoin, Dogelon Mars and Doge Dash remind me of the infamous plan of one company during the South Sea Bubble to raise money for carrying on an undertaking of great advantage but nobody to know what it is.The cryptocurrency bubble is worse than tulip mania. Through the veil of technology, cryptocurrency enthusiasts are leaning on policy-makers to permit them to be exempt from regulation, privatize money, and make money so disconnected from the economy that it would reap financial disaster. There are many reasons to avoid financial disasters, but one of them is that they ratchet up poverty and inequality. The current money-credit system is not perfect, but like democracy, it is the worst system barring all the others. It has evolved from the ashes of the system cryptocurrency enthusiasts are trying to resurrect.The current system is vulnerable to attack because money is little understood. Cryptocurrency enthusiasts have attracted a following based on the fiction that the central bank or government creates money and are busy debasing it in their self-interest. This is not the case, but then again, there is some overlap between cryptocurrency advocates, conspiracy theorists, and anti-vaxxers. The time has come for someone to stand up for the current fiat money system and explain that while it could be better still, it has been associated with far more growth, much more distributed, and has responded better to economic crisis than what came before.In todays money-credit system, banks create money when they issue a loan and place the loans proceeds into the account of their customers, creating a deposit. Money is, in fact, a tradable debt. The banks deposit can be used as cash because the bank is a regulated issuer of loans and deposit-taker, which gives the deposit credibility and convertibility. The central bank only influences the creation of money indirectly by its regulatory requirement that a proportion of the loans need to be funded by shareholders profits. They need to have skin in the game. Money creation then is based on thousands of separate decisions by loan officers and is more distributed than a centralized algorithm like Bitcoin. And its supply is determined by the private demand for loans, which means it is closely aligned to the economy.Q.Which of the following does best describe the passage?a)Argumentative and explanatoryb)Descriptive and argumentativec)Narrative and explanatoryd)Expository and argumentativeCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CLAT tests.