Dear Joseph,

Thank you for posting your response and thank you for taking the time to reason your arguments against cryptocurrencies.

Cryptocurrencies, in particular Bitcoin were a response to the inadequacies of the current system whether perceived or actual. That they have not devalued themselves to zero suggests that at its core, there is a demand for this alternative system for the transfer and store of value, warts and all.

Opacity is a feature as opposed to the prime directive of Bitcoin. And as the experience of the last two months in the United States have demonstrated, government and governance is ineffectual at best.

Whilst it is laudable to pursue reform within the constructs of the current power structures, there is a cogent and reasonable argument to be made for the pursuit of a parallel and/or alternative system given the disillusionment with the current state of affairs.

There are no silver bullets, but what we should at least consider, beyond a thought experiment is to cross the Rubicon and challenge ourselves as human beings to do better.

I thank you for taking the time to share your views and appreciate the effort taken to articulate them.

Yours,

Patrick Tan