The dangerous thing about writing anything critical about Bitcoin or other cryptocurrencies is that it’s like poking a wasps’ nest. It provokes passionate crypto fanatics to respond in rabid legion to defend their favourites.

In the main it seems, they’re just keen to protect their investments. And that’s totally understandable. If you’ve banked your future on something, you’re going to do what you can to save it from people who may seem to want to destroy it.

Personally I don’t believe anyone wants to destroy Bitcoin. But there are plenty of warnings echoing around about it at the moment. Last week the Advertising Standards Authority banned a Bitcoin ad it said was “irrresponsible”.

It was a campaign by cryptocurrency exchange Luno which plastered a poster all over London’s public transport system reading: “If you’re seeing Bitcoin on the underground, it’s…

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