Community reaction to Oleg Tinkov’s post about the point in the era of cryptocurrencies

Oleg Tinkov at Hong Kong FinTech Week 2018 [Русские субтитры]

Community reaction to Oleg Tinkov's post about the point in the era of cryptocurrencies


Founder «Tinkoff Bank» Oleg Tinkov posted on Facebook fast «The era of cryptocurrencies is over», in which he harshly criticized the very idea of ​​cryptocurrencies, simultaneously affecting Bitcoin, TON, Libra and Tether.

The banker claims that the emission center will never be given to private hands, so Libra and TON have already failed. Cryptocurrencies do not solve any problems, and the speed and reliability of banking transactions are satisfactory. Tinkov noted that anarchy and self-government lead to manipulation of the bitcoin price, and the stablecoin Tether, pegged to the dollar, becomes the main instrument of manipulation. The negative impact of the anonymity of cryptocurrencies, the blind faith of people in a fairy tale and other phenomena due to which the cryptocurrency boom took place was not ignored.. 

Community reaction to Tinkov’s statement turned out to be ambiguous.

Most of the community does not support the banker’s opinion about the failure of cryptocurrencies, users were outraged by the banker’s phrase “if you are a LEGAL and HONEST citizen, then you have nothing to hide and be anonymous and make financial transactions without state control”.  

The businessman’s statement was called superficial and reminded of Tinkov Coin. At the expense of the speed of banking transactions, one of the commentators noticed that even Mastercard hires cryptocurrency developers to accelerate the throughput of transactions per second, because it is no longer enough and frequent system failures indicate problems.

Despite Tinkov’s criticism, no one questions his statements about the weak protection of crypto exchanges and wallets. Recently it was revealed that the fake Tor browser has been stealing bitcoins for years.

text: Dmitry Tokarev, photo: