As much as I don't buy into the full craze of crypto myself, you have to read this article with a grain of salt.
8 out of the 10 articles he's published recently are about crypto and most in a very negative way.
And this article is misdirected.
> Hackers draining funds from online exchanges. Ponzi schemes. Government regulators unable to keep up with the rise of so-called cryptocurrencies. Signs of trouble have appeared at nearly every level of the industry, from the biggest exchanges to the news sites and chat rooms where the investment frenzy has been discussed.
If you've been following the recent developments, most of the downfall can be attributed to Chinese money exiting the market as their government is flat out banning owning cryptocurrencies and trading them, in and out of China (...for now... give it a few years and they might flipflop).
The prices shrugged off the bitconnect joke that it was, the other bad ICOs since they don't apply, and the Japanese NEM wallet hack (which was mostly due to the exchange being reckless).
So yes, cryptocurrencies are a dodgy world, full of scam, odd things and you can paint it red all day every day. But you'd be silly to not look at it, the blockchain approach can have very good applications and there is a lot of interesting work and partnership forming, sometimes in unexpected ways.