RE: Critical thinking about Cryptocurrency found a gem of a post making a case why it all can stop quite suddenly...
Thanks for that post it's a well argued post and somewhat alarming. I had not seen the the source article you posted before but I came to a similar conclusion myself which prompted me to post this blog earlier this week.
https://steemit.com/bitcoin/@cryptojaxx/bitcoin-is-unstoppable-is-it-really
The question is not really if the powers will interfere but when. Things are starting to look decided riskier now. The recent news from China and news today about by JP Morgan CEO is yet another attack from the establishment and is another sign that storm clouds are gathering.
But storms can do damage and blow over so I'm still hopeful that cryptos can pull through this challenge like they have pulled through previous setbacks and come back even stronger.
About pulling through, I have no doubt that the serious ones will remain albeit much lower valuations. But which ones are "serious"? 5 out of 100? 1 out of 100? As a potential user, I still need to think way too much about where to keep any crypto... see the John McAfee video... with all his tech prowess HE lost money doing simple transfers...
Exchanges don't seem that solid and stable even disregarding the legal threats...
No way I'll ever put it on a phone wallet after listening to McAfee's talk...
Trezor etc seems a bit of overkill if you start with a few hundred bucks but of course should that grow, it can be too late for solid security measures...
Yeah the tech is currently way too immature for widespread market adoption. Non-techies are not going to be able to deal with safe handling all the different passwords and private keys for each wallet.
There will have to be a whole lot of dumbing down of the UX without losing security and utility before cryptos can really be mainstream.
Then there's also the deflationary problem as I've blogged about recently.
https://steemit.com/cryptocurrency/@cryptojaxx/why-you-re-always-gonna-have-a-hard-time-spending-your-cryptos