The background of the author
Michael J.Casey is chairman of the CoinDesk Advisory Committee, Massachusetts Institute of Technology digital currency (Digital Currency Initiative) initiative senior adviser block chain research.
This paper from the chain to the columnist: madman coin note compilation
[my friend is a bitcoin fanatic]
I have a friend made a lot of money from bitcoin. He is to help those many bitcoin can be more used, and one of the keen to promote encryption currency enthusiasts.
He started in the encryption community by doing everything is good. However, he offended me in this matter: he love to boast, especially in the last year. He told everyone said their bitcoin beliefs, because in the past few years, he were given out a lot of bitcoin, bitcoins that according to the current price calculation, the value should be many times higher. He said that he very love to call the recipient that thanks to him feeling.
Why am I so dismissive of this generosity? Because it is a continuation of the calculation of speculative gains with legal tender, so as to determine the bitcoin core value “to the world that such claims.
When my friend from the beginning of publicity bitcoin, his intention is not as speculative products to treat bitcoin as no government, to the center of the model, the potential lies in the realization of transaction point of financial institutions under the condition of no intervention.
We are not only now have the digital cash, anyone can not have a central bank and other authorities approved the implementation across time value transfer means.
I want to express is not the first bitcoin digital assets, it is a value that can circulate on the Internet, but not copied or forged risk. Not because we have a surface can not be tampered with, distributed consensus based on the books now, but because it is the first in the history of the system cannot be changed in. But, my friend walked off.
The reason is I don’t love him this story he is respected in a point of view, as long as you stick to your faith, you can also get rich like me.
[currency] encryption dilemma
Of course, my friend was not the first to have this idea of people. Last year, in a crazy bubble in the market, other assets bitcoin encryption and countless crazy outbreak caused investors around the world mania, “to the moon” and “when Lambo?” This mentality through everything. It even influence the general investing public bitcoin views.
But in my side there is the fact that one of my relatives in the encrypted currency risk under the condition of absolutely ignorant of what to buy coins she asked me. In the warning she should not do after, I began to explain to her what I think of the virtual currency. She replied: “I don’t understand, tell me what to buy.”
The frenzy was made out of the crypto currency enthusiasts, they blindly believe in their own industry. As Long Island Iced Tea executives as long as the company name with the “block chain” of the word, they can create a magical rose.
For a love that you can trust the encrypted currency community, because of the different currency, crypto currency is not supported by the wishful thinking of people, but supported by the mathematics of as solid as rocks, this magical thinking is quite encouraging hypocrisy. Now the bubble has been completely broken, it is time to abandon the sorcery psychology.
Some people think that money is only a tool for encryption of the rich, is one of the means of the privileged few countries away from prying. If the end that they are right, it is all the crypto currency, I will be away from crypto currency.
But for now, I still think this technology is the tools of the people, so that only large-scale use of success. I don’t care how it is implemented, whether through extensive retail use, or through the background using the public building block chain to foster a new, to the center of the economy, the goal must be able to positively affect daily life around the world.
Sadly, I think we have completely abandoned this goal, we have to accept and trust the public to destroy, but it is not repaired, fair, when the mainstream encryption currency is equal to bubble, deception and loss, we will encounter a lot of problems.
To be sure, this price adjustment is likely to go by the end of 2013 bubble Road, after two years of intermittent, followed by the 2016 rebound in 2017 reached the peak of hitherto unknown. But the risk is that the 2018 economic downturn on public confidence in the damage caused by the more lasting than in 2014. This is a retail lost underwear, rather than the miners.
The investors’ confidence is so big that I now regret last year, because the mainstream interest in encryption currency surge is constructive. I think, although many people will lose a lot of money, but buy a surge in the broader population aroused curiosity, as a result, these newcomers will create more play tricks. I think that some of these people will establish a decentralized economic future.
How to rebuild confidence 
Bitcoin prices are down 75% from the highest point, the etheric Fang fell about 90%, the total market value of encryption currency market dropped 80%, this cruel collapse will cause great damage to the industry’s confidence.
What are the consequences of losing confidence?
This means that, like Noriel Roubini’s critics is now rational spokesman in people’s minds, no matter how he to the point of view of technology.
This means that government regulators will take a more cautious attitude, is likely to continue his hard line as in the past. For the encryption currency start-ups, which will further put them out of the market, so that they become more difficult to open an account in the bank, and bring greater compliance burden to them.
The good news is that public opinion will eventually dissipate light, with the spotlight gradually weakened, the real developers will find themselves in a more healthy environment, in this environment, they need to do the technical work of potential chain blocks. In the 2014-2016 period saw a similar scene.
However, no matter what the birth of new things, it is unacceptable. Whether we love or not, the market gives us the information that is.
Sadly, crypto currency winter. If we want to sort out and you need to make more commitment to technology development. As a community leader, among us in social media and other places have the right to speak highly of people, also have the duty to change this situation.
The development of technology will face such problems, we must solve the disadvantages and advantages of open technology, and its scale, efficiency and safety, a huge obstacle.
Let us give up the price to be obsessed with. After all, it is important to verify the encryption community base not bitcoin or other encryption currency, but the dollar. The concept of community development is meaningless.