His point is that Bitcoin/the blockchain doesn't enable any new applications that people care about[0], while it was obvious to everyone at the time that the in

His point is that Bitcoin/the blockchain doesn't enable any new applications that people care about[0], while it was obvious to everyone at the time that the internet enabled all sorts of new businesses. He's not claiming Bitcoin is a business anymore than he's claiming the internet is a business. And the ICO stuff is just supporting the his argument that the technology has no underlying value. [0]: Someone will probably comment, "but Bitcoin[1] enables decentralized blah-blah-blah". Okay, but why is the decentralized version any better? Centralization works fine for almost everything, and in fact is the trend in technology. [1]: Someone else will probably say, "Bitcoin is just an instance of a blockchain/a distributed consensus protocol/whatever you want to call it and that's what's revolutionary." Okay, fine, but what applications does it enable that aren't better served by existing technology?