10 Reasons Why Bitcoin WILL Go to Zero: A Pessimist’s View

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Summary

Two worthwhile reads that pour cold water on the cryptocurrency excitement.

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10 Reasons Why Bitcoin WILL Go to Zero: A Pessimist’s View

The Davos Conference threw up a wide variety of Bitcoin price predictions this week, ranging from the hopeful to the apocalyptic. A recent article on CCN suggested 10 Reasons Why Bitcoin Will Never Go to Zero, and while I don’t necessarily disagree with the points made, I thought I’d take upon the role of devil’s advocate and offer a pessimistic counterbalance.

I am operating on the assumption that Bitcoin (and blockchain in general) doesn’t need to hit a dollar value of zero to be deemed a failure – it only has to fail at gaining mass adoption. That may be a high standard to set, but frankly, it’s the only standard I’m interested in.

1. People Don’t Want Decentralization

We all talk about decentralization and freedom as though it were obvious that these things are what people desire. Throughout all of human history people have organised themselves into hierarchies, with a centralized governing figure at the very top; be it God, the King or the latest President.

A lot of the Bitcoin and cryptocurrency movement is about personal freedom, personal responsibility, emancipation from centralized power – but I ask: just what makes you think that’s what people want?

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