[reckoner2]

People seem to believe that cryptocurrencies are either a scam/waste/bubble or that they are an amazing technology that the future of financial tech will be built upon. And there is this battle between the sides.

I think that both are equally true! Prices are obviously driven by speculation, there is tonnes of fraud, and no regulation. It is a wild wild west goldrush situation right now. Maybe this is unfortunate but I'm also not surprised by it. Isn't this how all markets get started? I don't have great sources but I think the situation was similar for the securities markets for many years.

I also think the blockchain is an incredibly remarkable piece of technology that it will be put to use in increasingly important and useful roles and that cryptocurrencies are here to stay. Both can be true.

[grey-area]

Sure there's lots of fraud, excitement, and ignorance right now in cryotocurrencies, but there are also fundamental problems with the current attempts. Distributed consensus means eventual consistency and/or slow unreliable transactions, I'm not convinced that's a good idea for a payments network.

The article makes the point that many people putting money into these schemes know nothing about the tech involved or the possible applications/drawbacks, they're gambling based on hearsay.

As with most bubbles, what comes after probably won't resemble what got everyone excited, and early investors will lose their money. So it's understandable many are sceptical.

[hello_marmalade]

There are designs for much better implementations that are completed or in the works.

Cryptocurrency is here to stay, whether or not it will be Bitcoin specifically is another question.

[dlwdlw]

I wonder if a sacrifice is always necessary for certain types of improvement. (e.g. the titantic had to crash for safer boats, WWII had to happen for less war, etc...)