What are your thoughts?
I'm always skeptical when a business news source is making opinions about Bitcoin or related technology.
1. Bitcoin / Blockchain has an environmental cost
This is a non-event. It's drama made up by the press to sell "clicks". Fiat currency printing operations require electricity, although no one calls that out as a reason to abandon fiat currency. The people who drive the Investment Markets use planes, cars and electricity to conduct their deals and trades, yet no one uses that as a reason to proclaim "we shouldn't use this market!"
2. Lack of regulation creates a risky environment
Sure. But is it more risking than centralizing decision making among a few powerful men and women that can make said decisions using emotion or the influence of personal gain? History provides many great examples of how regulation or laws have spurred human action that has left the financial system in peril. The co-mingling of retail and investment banks, regulation, was one of the drivers of the mortgage-driven financial crisis of 2008.
3. Its complexity means end users find it hard to appreciate the benefits
How many people who use the Dollar or the Euro understand fractional lending that drives our current bank-to-bank financial system? Very few.
Do people need to understand how the internet works to leverage the benefits of an online news site or the use of email? No.
If "complexity" is a reason to not pursue progress we'd still be riding horses, fetch water by the pale, and spending most of our day hunting and gathering for food.
4. Bitcoin / Blockchains can be slow and cumbersome
Yes, absolutely. And this drives innovation, which takes time. That innovation will either occur with Bitcoin (i.e,. the Lightning Network), or view new crypto currencies.
Let's not forget that blockchain technology may take hours to pass a transaction, where the current banking system takes DAYS (and it better not be one a weekend!) to settle a transaction.
5. The “Establishment” has a vested interest in Bitcoin/ blockchain failing
Yes, "The Establishment", like the owners at Forbes has a vested interest in all crypto currencies failing, which is why the produce articles like this that purport so many problems. Their goals to keep people from getting involved and they're using scare tactics (FUD) to do so.
"Yes, "The Establishment", like the owners at Forbes has a vested interest in all crypto currencies failing, which is why the produce articles like this that purport so many problems. Their goals to keep people from getting involved and they're using scare tactics (FUD) to do so." This has been exactly my reaction to this article. As soon as Bitcoin popularity in the society hugely depends on news of all kinds and having in mind that crypto topic is very hot and has a great potential to attract clicks and likes, such business magazines are kin to use any means to manipulate a public opinion and gain more of their own popularity from it.
