he does not understand the technology or potential benefits from this... I mean, that's not to say he's flat out wrong; it is a speculative thing right now and super early days still. Many of us who are in this space are in it because we recognize profound benefits to the entire earth in the long term... it really isn't a concern except if you only care about the current fiat valuation. This revolution in trust and the first time ability to allow people to have consensual choice of their economic activity OUTSIDE of the legal structure entirely... and if we can't maintain at least that baseline (the dystopian legal nightmare will continue in the "intranets"/closed off systems regardless for a while), we may as well pack up shop now.

it is extremely early days still... so no, it hasn't failed, as it scales and gets larger, and more "value" is in it, the volatility will reduce, we've already seen this.