Hi Quantt,
This is a succinct and well written article that highlights the main issues surrounding Blockchain in general and Bitcoin in particular. Does it amount to the most dangerous global scam in 20 Years? Does it heck!
Most industries have fairly major problems - some that are seemingly insurmountable - but they carry on all the same. Give me examples I hear you cry! Certainly: take the motor industry. There have been (and remain) serious concerns about car safety. Even though just about everyone that gets in a car has either been in - or witnessed - a RTA, and thousands die in cars every year, that doesn't stop most of us from buying them and driving them. For their part, the manufacturers respond with things like seat belts, ABS breaking and air bags etc. And if the car itself doesn't kill us, then the pollution from their fossil fuel burning engines surely will. Again, the manufacturers respond by making electric cars etc. The cigarette and alcohol manufacturers are similar examples of industries beset with major issues, yet we puff away and drink ourselves into a stupor while they get to make shed loads of wonga their respective 'scams'.
Returning to the article, the problems the writer pinpoints are nothing more than teething problems that will be sorted out over time. Mere challenges for the tech developers to overcome and/or opportunities for someone else to step in and create something better. This has happened already. For example, the issues surrounding Blockchain are addressed to a large degree by switching from the 'Proof of Work' model to 'Proof of Stake'. And then there's Hashgraph which, arguably, circumvents all the problems associated with Blockchain altogether. Viz a viz Bitcoin, everyone is pretty much agreed that as it stands it's not much use as a currency - but as a store of value it works pretty well; gold 2.0 if you will. Again, the developers may try and address the coin's limitations as a currency but, even if they don't, it matters not as there are plenty of others that fill this space, e.g. Iota.
So, where does all that leave us? IMO, it may be the case that crypto prices are inflated and, certainly, there are some very dodgy coins as you've highlighted on this thread. A great many will crash and burn and the whole space will, almost certainly, look very different in a few years time. But to write off the whole industry is akin to sticking doggedly to the belief that the earth is flat at the time science proved it to be round. Or me laughing my cotton socks off 20+ years ago when the tech correspondent on the news announced that in a few short years we'd all be sending SMS texts to one another on our phones. "That'll never happen - waste of money" I said! And, just as Apple, Amazon and eBay emerged from the carnage of the dot com bubble, technologies like Blockchain or Hashgraph and crypto currencies like Bitcoin, Ethereum or Iota will dominate the space and change our lives in a way that knocks mere text messaging into a cocked hat.
Tim.
