It's a bird, it's a plane, it's a bubble.
What is it really?!
Currently, as cryptocurrencies go mainstream there will be "experts" coming out of every nook and cranny saying it has no use, it is a bubble, it is this and it is that.
All the while having not actually taken the time (it takes weeks to months) to have any clue what is happening. You can have all the degrees you want, you can be a digital economy expert, a professor and a fellow, none of this implies an understanding of what is happening on the ground. The digital front line so to speak.
Sure, there are many that have taken that time, and in that space there are diverse opinions, some more reasonable than others. This is not only a welcome sight it is essential to the 'reasonable' growth of any industry.
For those of us that have investigated this topic, we can see within moments of picking up an article if the writer has or hasn't based their opinion on primary research over secondary speculation.
For example:
An expert reporting for the ABC...
[http://www.theage.com.au/…/keep-your-savings-out-of-bitcoin…]
believes the ability to use bitcoin is on the decline.
What he fails to realise is there are entire online markets clearly unknown to him. I can, right now for example, buy almost anything I want online. Right here in Oz, I can buy a house, a car, gifts for Christmas, a guitar, fashion, cosmetics etc etc etc etc etc.
There are Ebay like marketplaces (https://www.cryptopia.co.nz/MarketPlace), there are coffee shops there are shaver shops there are fashion shops... https://bitfinderplus.com.au/ the list is comprehensive and growing. People also currently lump all cryptographic based digital currencies and technologies under the banner of 'Bitcoin' and then proclaim expert opinion of the whole spectrum of this emerging technology without so much as defining the parts.
Seemingly, there are currently two emerging camps, those that believe, and those that don't believe. Both camps are equally naive in many regards. Reasonable folk do not belong to either camp...
From the article...
"My advice to individuals and institutions tempted by the headlines is to keep their savings away from Bitcoin and other cryptocurrencies and “initial coin offerings” (ICOs). I know serious blockchain developers won’t mind me saying this, because they see speculative bubbles and bursts as a distraction. For Bitcoin to truly function as a store of value, it first has to gain acceptance as a currency."
The 'serious blockchain developers" rely on ICOs to establish their business and develop their technologies. What this author is staying is not only entirely incorrect, it is laughable and destroys the credibility of this online "university" expert.
LISK are serious blockchain developers, https://blog.lisk.io/ how do they continue to develop blockchain tech?
How does, SIACOIN, CARDANO, ARK, POWER LEDGER, I could go on forever continue to develope their blockchain tech?
Could it have something to do with those investing in these companies, either as ICOs or established and functional businesses?
We will continue to see half truths and uninformed opinions coming form self proclaimed or state endorsed 'experts', this is always the case and probably always will be.
I suppose we should get used to it.
Comments and are most welcome.
Thank you for reading this.
MrSquiggles
Hey. Excellent first article here on steem man. Glad to see you posting here. I think you're going to do well on here if you keep at it. :) Cryptocurrency is a very popular subject on here from what I've seen.
I'm still rather new to this subject despite being on steem over a year now.. But.. I generally agree with your article except for one part.
I think there's a third camp at least of people like myself who are sort of in the middle ground, and you may even consider yourself in this area as well.. But.. Some of us are checking it out and experimenting without it and trying to form our beliefs, yet we're not either all in, nor the harsh critics.
I'm trying to listen to all sides, and I agree that this stuff is so new.. It's kind of hard to say a lot about the direction it's ultimately going to end up in. I personally think we're going to have serious government attempted regulation soon. Will the people capitulate? Time will tell I guess. Should be interesting to see.