Flawed argument because he doesn't understand the tech. > The only exception that I can think off is that if it becomes a necessary component of smart contract

Flawed argument because he doesn't understand the tech. > The only exception that I can think off is that if it becomes a necessary component of smart contracts, it could take on the role of a commodity; that may be ethereum's saving grace, since it has been marketed less as a currency and more as a smart contracting lubricant. This applies to bitcoin too, but he doesn't seem to be aware of it. So when he later claims > You cannot value Bitcoin, you can only price it: This follows from the acceptance that Bitcoin is a currency, not an asset or a commodity. Any one who claims to value Bitcoin either has a very different definition of value than I do or is just making up stuff as he or she goes along. It's just not true. There is obviously some actual inherent value to being able to do escrow via multisig rather than via mutual complete trust in some third party. You can argue that the value is very low, but obviously there's some inherent value to the system.