https://blog.chain.com/a-letter-to-jamie-dimon-de89d417cb80 The most thoughtful article I have read…
A Letter to Jamie Dimon – Chain

The most thoughtful article I have read about crypto-currencies. Period. Hardly a cheerleader, Adam Ludwin's article is a wonderful exploration on the true value of crypto-currencies. This is a must read

Here is the summary. It is brilliant and exposes many of the flaws that speculators fail to appreciate.

So, Jamie, what’s the bottom line?
Allow me to summarize.
Cryptocurrencies (which I prefer to call crypto assets) are a new asset class that enable decentralized applications.
Decentralized applications enable services we already have today, like payments, storage, or computing, but without a central operator of those services
This software model is useful to people who need censorship resistance which tend to be people that are either off the grid or who want to be off the grid
Most everyone else is better off using normal applications because they are 10x better on every other dimension, at least for now
Society’s embrace or rejection of new technology is hard to predict (think about encrypted messaging)
In the long-run, the value of a crypto asset will rise and fall in proportion to the use of the decentralized application it enables
In the short-run, there will be extreme volatility as FOMO competes with FUD, confusion competes with understanding, and greed competes with fear (on both the buyer side and the issuer side)
Most people buying into crypto assets have checked their judgement at the door
Many sellers of new crypto assets aren’t actually building decentralized applications but are instead shoe-horning an ICO into their service because of the market mania; that doesn’t mean decentralized applications are bad, it just means people are capitalizing on the confusion and are probably themselves confused
Don’t bet against crypto assets in the long-run: as we approach the 10 year anniversary of the Bitcoin paper it is clear that they aren’t going anywhere and that decentralized applications may very well find an important place alongside all the other forms of organization we have come to take for granted.

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