Bitcoin in its decade worth of life has been able to convince and move many to believe that decentralization is the future. In its early stage, just like any new phenomenon, people were doubtful and critical of the concept. However, as time progressed, even the biggest critique came around and realized the potential that the technology and concept of a distributed ledger holds.
There is always room for naysayers and deniers, be it with the dot com revolution when people out-right denied the future for online retailers and internet-based ecosystem, however Amazon and Facebook definitely had the last laugh over their haters. The same holds true for the Bitcoin as well, even after being in existence for over a decade and proving people wrong along the way, there are few who just love to hate the financial revolution that Bitcoin has brought along with it.
This article would look into top 3 known Bitcoin haters and also try to understand their reasoning behind it.
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Top Bitcoin Haters & Why do They Love to Hate the Pioneer Cryptocurrency
David is on the top of the list for some valid reasons, as he outperforms all the Bitcoin haters by a long margin. David is known for some of his precious gem of writeups on the Bitcoin and why he thinks it’s not worth the hue and cry around it.
Some of his write-ups are titled,
- Attack of the 50 Foot Blockchain
- Forget Bitcoin, Try Your Mattress – Cryptocurrency is about as safe as keeping your money in a sock under someone else’s bed.
- The problem with Bitcoin.
These titles might easily give-away his feelings towards the digital asset which everyone talks with a frenzy and believe to be the tool against the established traditional financial systems. But, definitely not for David, he has thought it out and believes that Bitcoin can’t solve anything.
Being critical about technology is the norm, but out-right hate only suggests David’s inability to sit down and listen to the other side as well. To understand his thinking towards the cryptocurrencies and how far he is from understanding the concept that Bitcoin brings to the table, let us look at one of his quotes,
“There’ll be something called “Bitcoin”, descended from the present software and blockchain, for decades. It just takes two interested people, after all. How much it will interact with the rest of the world is an open question. Most new technologies don’t really go anywhere, after all”
Well, Bitcoin is already a very common form of transaction on the online market place and slowly it is paving its way towards a much wider acceptance. Governments and regulators around the globe are critical but they haven’t out-right denied its advantages. Instead, they have invested their resources to understand the shortcoming and how it can be improved to be used in day-to-day life
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Mr. Nouriel is another poster boy of the Bitcoin haters and strongly believes that Bitcoin can never replace the centrally regulated fiat. Mr. Roubini’s arguments about ICOs are acceptable and many Bitcoin believers resonate the same, however, you cannot deny the potential of a technology based on one short-coming which is not even the part of the technology but a side-business which people are benefiting off.
Many in the crypto space believe that the frustration of Roubini towards Bitcoin could be because he couldn’t cash in the Bitcoin riches and failed to buy the digital asset at an early stage. One of his tweets from 2013 read,
“In good company with Gold. @Convertbond: While everyone was focused on Gold and Silver, #BITCOIN dropped another 40%, traded below $58”
Now that Bitcoin is finally started to show less volatility and a stable price rally, many Bitcoin believes have stopped paying heed to Roubini’s cry.
Whatever happens to central bank digital currencies, they will never displace decentralized cryptocurrencies, just as Roubini will never displace the gnawing pain that tells him he should have bought bitcoin in 2013.
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Paul Krugman is another poster boy of the “I Hate Bitcoin” community and have written some of the masterpieces titled, “Bitcoin Is Evil.” Paul’s complete denial towards a technology which is already helping many developing nations to crawl out of their financial woes is based on a thought process that the digital asset is not backed by any real-world entity.
Yes, Paul, we know that the Bitcoin is not backed by an entity like gold or petroleum but being an economist we expect better reasoning from you. The acceptance and the technology are what Bitcoin is backed by.
Paul claims that since the prices of the digital currency are only based on hype and PR buzz, its a potential scam in making. However, with time even the biggest of critique have understood that healthy criticism and pointing at obvious faults are fine, but blindly denying on a concept which has been debunked only makes one ignorant of the highest level.
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