My Response to: "Why It’s Time To Shut Down Cryptocurrencies"

in cryptocurrency •  last year

The article below is very biased and dismissive. Nobody can claim complete impartiality (I am biased here as well), but "The Crypto Has No Clothes" meaning what? It's all bad, really, all of it??? We can argue about merits of Bitcoin or Ether, or any other specific cryptocurrency, but this type of blanket statement by definition is not constructive, just like now famous or infamous statement from Mr. Dimon. Yes, prices are irrational, yes, we need regulation, yes the ICO phenomenon is one major disaster away from being completely shut down, but this doesn't mean we should or could dismiss the cryptocurrency innovation. The first big use case for the Internet was online porn (still is a big business), it doesn't mean the Internet is bad and we should shot it down. I don't think the biggest use case for Bitcoin so far is illicit drug trade. I think its a store of capital, however volatile and imperfect it is. Vancouver real-estate prices have been irrational for years because Chinese investors were eager to park their capital (almost at any cost) outside of the reach of their own government. Now Chinese or Russian investors have a better, more liquid and portable alternative. The Internet 1.0 liberated and democratized the information, all internet companies are built on that foundation, now cryptocurrencies are liberalizing and democratizing capital.

Here's the link to the original article:

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