- This topic has 4 replies, 2 voices, and was last updated 1 year, 1 month ago by RecklessWiener.
- Friday, February 18th, 2022 at 22:26 #1179461SandDollarParticipant
\-Authors name, blogger Stephen Diehl, Business Insider
**This guy provides an elitist view on why they look down on and resist crypto adoption. Among his main points-**
“*The technology does not solve a real problem.*
*So called “cryptocurrencies” aren’t actually currencies, and cannot fulfill the function of money.*
*The history of private money is one of repeated disasters that destroy public trust.*
*Crypto assets are all unregistered securities.”*
**He wraps up his argument by saying-**
“For cryptocurrency to have any real utility, the volatility needs to cool off. If that were to happen, there would be little reason for the public to speculate on cryptocurrency prices, given that there would no longer be the potential for massive returns. The smart money exits, the liquidity disappears and the bubble collapses. This is the inevitable fate of all cryptocurrencies, and we see this reflected in the simple fact that the median return on all these thousands of flash-in-the-pan coins is zero. Every crypto coin is just on a random walk to zero by a different path.”
**So this is what crypto adoption is up against. Slowly, whether they like it or not, the people want crypto to succeed.**
**-Edit- we can all agree that regulation is coming, and can provide some oversight on projects that are likely future rug pulls or have no utility. This authors tone is clearly against crypto on a whole as a store of value, from anything not produced from a central bank. It’s ironic that the markets clearly affect the crypto market, not vice versa, as he suggested.**Friday, February 18th, 2022 at 22:26 #117947AlphaDag13
Yeah, a destructive force against the established financial system.Friday, February 18th, 2022 at 22:26 #117948mave_wreck
It is good to have the case against crypto discussions here. Nothing is perfect and crypto does have its weaknesses.Friday, February 18th, 2022 at 22:26 #117949MirthMan732
Might be time to give him a call and waste some more of his time.Friday, February 18th, 2022 at 22:26 #117950RecklessWiener
So you have no real rebuttal? Just essentially stating “ape strong together”?
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