Critics: "Crypto-currency is a solution searching for a problem" - what kind of "insult" is that? by blockrush

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bitcoin · @blockrush · Sep 21 '17 (edited)

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Critics: "Crypto-currency is a solution searching for a problem" - what kind of "insult" is that?

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<p><img src="https://steemitimages.com/DQmabPaGauJS5Lx8UuDX3RiKExEC6iiwr5ze8UAbu5k8oR3/bits.jpg"/></p>
<p><br></p>
<p>This is an excerpt of a <a href="https://www.coindesk.com/searching-problems-james-altucher-bitcoin-critics-youre-dead-wrong/">report by Coin Desk</a>;</p>
<blockquote>Only invest in things that solve problems.</blockquote>
<blockquote>At least that's a strategy James Altucher, the former hedge fund manager, <a href="http://www.jamesaltucher.com/">business blogger</a> and best-selling author, places at the center of his investment strategy. With that outlook, it might seem strange that he so bullishly invests in bitcoin and other cryptocurrencies – emerging technologies typically accused of being "solutions searching for a problem."&nbsp;</blockquote>
<p>The article goes on to explain why the controversial economist; James Altucher does invest into cryptocurrencies because he believes that they solve the problems caused by the current financial system.</p>
<p>Without citing source, the Coin Desk report cited that critics of crypto-currency see it as;</p>
<blockquote>solutions searching for a problem.</blockquote>
<p>How rude is that!? Despite all the awareness surrounding Blockchain and crypto-currency, there are still some who think it is of no use at all?</p>
<p>Is it not OBVIOUS that crypto-currency has unleashed an era of;</p>
<ul>
  <li>encrypted digital money - crypto-currency</li>
  <li>encrypted physical money - paper wallets</li>
  <li>programmable money - smart tokens</li>
  <li>censorship proof money - autonomy</li>
  <li>open source money - open source code</li>
  <li>decentralized and distributed monetary systems</li>
  <li>instant financial transactions with no fees</li>
  <li>anonymous but transparent financial systems?</li>
  <li>literally free money for early adopters</li>
  <li>token equity for digital and physical assets - ICOs</li>
</ul>
<p><br></p>
<p>Despite pioneering all these innovations, is crypto-currency a solution searching for problems?</p>
<p><br></p>
<p><em>What do you think?</em></p>
<h1>Upvote, resteem and follow @BlockRush</h1>
<p><br></p>
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👍 neoxian, eturnerx, armen, markkujantunen, food-for-thought, blockrush, steemitnetwork, sim31, abontikazaman, tbit, garudi, adokhai

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@abontikazaman · Sep 21 '17

i have little idea about this ,i think crypto currency may be help you.........

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@markkujantunen · Sep 21 '17 (edited)

I agree with you and disagree with the criticism you quoted. Cryptocurrencies are what has been missing from the Internet ever since it became a mainstream phenomenon: an efficient peer-to-peer value transfer mechanism. Sure, there's PayPal and there are credit cards but they are all cumbersome and expensive compared to what cryptocurrencies have the potential to be. A breakthrough to the mainstream takes better wallets that hide as much of the underlying complexity as possible from the end-user. That complexity will involve decentralized exchanges, increased scalability through off-chain payment channels, and specialized tokens serving nich markets. The current financial system is a huge problem itself. Every twenty years or so, it requires tax payers to resque it from collapse costing vast sums of money. It is run by irresponsible and amoral, criminal elements.

👍 blockrush

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