Pushed to the margins or the fall of naive crypto skepticism

“First they ignore you, then they laugh at you, then they fight you, then you win” - this cliched sentence, falsely ascribed to Mohondas Gandhi, seems very true when it comes to the phenomenon of cryptocurrencies and their critics.

Initially widely disregarded, after some time ridiculed by many, later combated and currently on the verge of a victory, at least in the mainstream media and the business world. One thing is for sure, no one, even the most persistent opponents, thoughtfully express the view that cryptocurrencies (and blockchain technology in this matter) are of no account in modern society.

Such opinions as “all those crypto coins are one big scam” or “they were invented to rip honest and hardworking off” can still be read and heard. They are usually stated by the same people who are convinced that the moon landing was faked, the government hides UFO existence, or an efficient cancer cure is kept secret by the mysterious “them”. On the other hand, even some (few) reputable investors or scholars speak their minds and question the usefulness of cryptocurrencies. However, these voices are commonly treated as the manifestation of an extravagant and egocentric nature and attitude of their authors (Mr. Charlie Munger and his infamous announcement from December 2021 is the perfect example here).

Let’s state the obvious. As of now, cryptocurrencies are an equal partner along with other investment assets and even fiat money. They have already been adapted to the modern economy, and they may very well be a powerful financial instrument in the near future. A number of big players, both institutional (governments, banks, funds, organizations, etc.) and individual (business angels, private venture capitalists, etc.), had introduced adequate solutions to process cryptocurrency payments a long time ago. At the same time, blockchain technology is heavily being used in tens of thousands of small and large projects, while the research scope in this field is enormous.

The years of 2019-2021 brought the final fall of naive crypto skepticism. It “suddenly” appeared that cryptocurrencies were fully operational and used, and the blockchain technology itself had great potential and was efficiently applied in countless undertakings. Those who actively opposed or expressed their hostility toward the crypto world started to be perceived as the present-day Luddites. The banal truth is that no escape from technology is possible. No matter who they are: journalists, investors, celebrities, factory workers, or peasants, no matter what they call themselves: opponents, skeptics, enemies, or adversaries, their efforts are futile.

What is also important here is that there is a big difference between being an ignorant critic and having legitimate doubts about cryptocurrencies and blockchain. Being a crypto enthusiast, I empathize with everyone who raises difficult questions and points out severe issues about this technology. Moreover, I share some of these concerns. The thing is that all valid questions should be welcome and answered (or at least tried to answer), but the typical nay-sayers rarely offer such reasoning, and that is why they are usually pushed to the margins of a rational debate.