Despite featuring its fair share of salacious material – including the run-up to the sentencing in the Ross Ulbricht trial, this week’s news cycle was perhaps more mature in its assessment of bitcoin as a financial technology.
Spurred by the inclusion of former US Department of Treasury Secretary Lawrence Summers to Xapo’s board of directors, more enterprising journalists sought to venture into topics that aimed to illuminate debates on bitcoin as a monetary system.
Arguments centered largely on whether bitcoin represents a truly unique breakthrough in the history of money, one that can only be compared to disruptive technologies like the Internet, or whether it is a passing fad, one that, despite promise, is doomed to repeat past mistakes.
Summers meets magnifying glass
FT Alphaville‘s Izabella Kaminska, one of the more outspoken and well-spoken bitcoin critics, produced a retrospective piece which questioned Summers’ motives for joining the board of bitcoin firm Xapo.
Kaminska made her opinion of the company known, chiding Xapo for its business model. A specialist in deep cold storage, Xapo uses a process by which