I enjoyed this article. I think it's a good thing for the reasons that you mentioned: weak/fake currencies should be flushed out, investors are protected against pyramid schemes. I also think that it leads to a legitimacy to cryptocurrencies - there do need to be structures in place to ensure that people are protected. What does it help investing in a company in return for a new crypotcurrency if it is a scam? I read somewhere that China has fewer regulations than the US, and thus its population is not very well protected. So, to repeat, there was a knee jerk reaction, but I think that this is a good thing long term.