The scariest thing is that all of these criticisms are true. However, I would argue that none of these criticisms doom the currency or detract significantly from its usefulness.
In the meantime, we ought to harness the unique features of bitcoin to serve us more completely than traditional currencies have done in the past.
In January, I had the extraordinary privilege of attending the 2017 North American Bitcoin Conference in Miami. Among the many engaging speakers at the event was John McAfee, who was a 2016 Libertarian presidential contender and was the original founder of the well-known McAfee antivirus software. (Mr. McAfee is now the CEO of MGT Capital Investments). Mr. McAfee provided a conflicting message at the conference: bitcoin is user-unfriendly, confusing, and to a certain degree, vulnerable to cyberattacks such as keystroke or screen-logging spyware that can be easily hidden on smartphones. But in order for bitcoin to be successful and become a mainstream currency of exchange, your mother has to be able to use it. Read more