The author makes a lot of statements but doesn't really back them up with solid facts or analysis. Consider the second reason of "Bitcoin will not end the need for trusted central parties" and claims that intermediaries do more than just payment processing. As an example, he talks about YouTube and revenue splitting.
I don't understand the connection between YouTube revenue splitting and Bitcoin replacing traditional currencies. I guess this is supposed to be an example of intermediaries providing value added, but can we at least provide an example in the payment processing space? What does a credit card company provide that is not provided by Bitcoin?
Overall, I am on the fence on Bitcoin. I get the feeling cryptocurrencies will drastically change the world economy in the future, but I don't think anyone really knows how and to what extent.
I don't understand the connection between YouTube revenue splitting and Bitcoin replacing traditional currencies. I guess this is supposed to be an example of intermediaries providing value added, but can we at least provide an example in the payment processing space? What does a credit card company provide that is not provided by Bitcoin?
Overall, I am on the fence on Bitcoin. I get the feeling cryptocurrencies will drastically change the world economy in the future, but I don't think anyone really knows how and to what extent.