I personally welcome all the criticism towards bitcoin and other cryptocurrencies.
The Guardian (UK) today reported:
Bitcoin is a fraud that will ultimately blow up, according to JP Morgan boss Jamie Dimon, who said the digital currency was only fit for use by drug dealers, murderers and people living in places such as North Korea.
Speaking at a conference in New York, the boss of America’s biggest bank said he would fire “in a second” anyone at the investment bank found to be trading in bitcoin. “For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.”
Now the reason I welcome this criticism is two-fold
Firstly, it highlights the ignorance of banks and governments of the potential of cryptocurrencies, bitcoin being only one example. They may of course be actively dissuading people from cryptocurrencies for their own gain, this does make sense, but you have to question the level of aggression at which they attack the subject of new economic models.
Secondly, people within the blockchain community are the first to recognise the weaknesses present in cryptocurrencies and their respective trading platforms. The strength of the community and innovators within the community are the efforts that people are willing to go to in order to constantly improve. Not only this, we strongly believe that the limitations of current cryptocurrencies still present far more opportunities than fiat currencies and traditional economic systems.
It is criticism such as this that motivates the innovators to prove the doubters wrong.
Please check out episode 2 of Crypto Nights this weekend; this week's episode will appear on 