Still a lot of discussions about the future of bitcoin and cryptocurrencies surrounding in scientific community. Aren't experts yet convainced that bitcoin is a reality?
In an interview for CNBC,
Robert Shiller the professor at Yale University expressed his rather negative sentiment towards Bitcoin and other cryptocurrencies, saying:
To me its another example of faddish human behavior.
Link to the interview:
https://www.cnbc.com/2018/05/21/bitcoin-could-be-another-failed-currency-robert-shiller-says.htmlShiller consolidated his opinions on Bitcoin and other cryptocurrencies in a long post from where i prefered to take this note:
Practically no one, outside of computer science departments, can explain how cryptocurrencies work, and that mystery creates an aura of exclusivity, gives the new money glamour, and fills devotees with revolutionary zeal, [
] None of this is new, and, as with past monetary innovations, a seemingly compelling story may not be enough.
Link to full article:
https://www.project-syndicate.org/commentary/cryptocurrencies-scientific-narrative-by-robert-j--shiller-2018-05The very same thing was said about the Internet when it was gaining popularity, people thought that the Internet will disappear because they did not saw the potential in it, from time to time I like to read those articles just to remind me how shortsighted some people can be, just two decades after the Internet became popular, people freak out if they are not connected every single minute of every day, people do not have to understand exactly how the Internet works they just need to know what they can do with it.
And the same is going to happen with bitcoin, I believe that the path that we're going to have to go through is going to be even harder because bitcoin affects the economic interests of many powerful parties but still it seems to me that massive adoption is unavoidable.