WHAT
In the following paragraphs I will dissect an outspoken Bitcoin critic's argument, explain why I feel that BTC has great potential, and basically rip into this guy on a more personal level (kind of harsh, I know, but after reading this guy's article I think most of my fellow Steemiters will understand me resorting to some low-blows lol). Knowing all-too-well the type of people who write content like this, I would typically be wary of a defamation suit. However, this self-righteous prick probably doesn't even have the proximity to the crypto community necessary to catch wind of my rant. He just has the nerve to dismiss the start of a currency revolution.
I give you the face of mediocracy... the one and only Sean Williams!
WHO IS HE?
Haven't heard of him? No worries, you're not missing much. Sean is an author for the Motley Fool & is also apparently a BTC expert (usually I am a fan of the Motley Fool...they seriously dropped the ball with this douche). Sean received his B.A. in Economics, and while not all econ students lack vision or practical know-how, this basically qualifies him as a master of THEORY.
The title of Sean's article that I happened to come across, and that annoyed the crap out of me, is as follows: "4 Reasons I'll Never Invest in Bitcoin (and You Shouldn't Either)". Okay, so A) Just because high volatility markets intimidate the timid investor, does not mean they can't provide excellent opportunity & B) What kind of egotistical butt-pirate speaks on behalf of the entire investment community???
Not that his face isn't absolutely reassuring or anything (on a more serious note, I don't know if I would be comfortable with this guy being a lone with children) but I think that the individual can make up his or her mind about what investments have potential...a revolutionary thought I know.
HIS ARGUMENT
Here is Sean's 1st reason why BTC is bad: Its anonymity is it's own worst enemy. He goes on to reference occurrences such as the WannaCry ransom ware attack & terrorist funding. There is no doubt some logic to this talking point, but events like these are occurring @ a steadily, decreasing rate...all this butthead is doing by attacking BTC is hurting it's reputation which hurts the pace of acceptance and legitimization, which in return will reduce the abuse of the BTC network. Additionally, this is similar to the type of logic that is used by anti-private gun ownership groups: We don't really understanding something & every once in a while this thing causes bad things to happen, therefore I am going to label the entire thing as bad and try to prevent others from having access to it!
Sean's 2nd reason why BTC is bad: The odds of BTC network becoming centralized are high because of decreasing margins for miners. Again, I see Sean's argument here, but he is doing nothing but speculating about the future (ironically, the speculative nature of BTC is why he is so fearful of it). Less decentralization is definitely a negative, but I have faith in the system's potential to adapt; if BTC does indeed one day lose this feature, then a superior digital currency may take the lead...which is totally fine, especially for those who are diversifying a bit within the crypto market. Lastly, this trend may not cause serious disruption for years to come...why lose out on a potential return in the meantime?? Those who are investing will simply have to do their due diligence and try to exit before this issue becomes serious.
Sean's 3rd reason: There are no safe/ reasonable ways to invest in BTC. He goes on to reference the illiquid nature of many of the small-cap exchanges and the premium at which GBTC (Grayscale BTC Trust) trades at. God dammit Sean you're just really NOT getting this lol! This is a young technology, the fucking exchanges will catch up for christ's sake; as far as security, buy the damn thing and put it in cold-storage or another avenue of safe-keeping. You only have to purchase BTC through a broker that may have vulnerabilities, you DON'T HAVE TO KEEP IT THERE.
Sean's 4th reason (NOPE he's not getting any better): Most people don't understand it. What kind of dumb shit is this? Probably 60% of all investors don't understand the technical side of their investments, it's really irrelevant. Irresponsible & uneducated decision making & investing is the beauty of free market capitalism. These actions are what create opportunities in markets in the first place (those who DO understand the game get to reap the rewards and rightfully so).
IN CONCLUSION
I know that I said I will provide my own, distinct argument for being pro-BTC but fuck that; everybody who is on here already has observed the opportunity at hand. Just make sure that uneducated, opinionated people like Sean Williams don't make you question your convictions or optimism regarding growth markets. We are all in pursuit of something greater, an opportunity to be a part of a new industry that could change the fucking world. Don't forget that. We are all big boys & girls and we know the risks. The nature of crypto investing includes a certain level of danger that some are averse to, this doesn’t mean that we are wrong or stupid to make a play.
