Well, to start off he accuses anyone who disagrees with him of being an idiot. Not a very good start. Much of it reads like "Having a dictatorship is good! Wha

Well, to start off he accuses anyone who disagrees with him of being an idiot. Not a very good start. Much of it reads like "Having a dictatorship is good! What are you stupid? Democracy is nothing but a crazy popularity contest" 1. It's not fractional-reserve based Yes, so what? Isn't that kinda the point? He actually says it as "it's just like the gold standard" Well, much better than having a powerful group of people print money on their own whims. Though unlike gold and other metals, bitcoins are generated at a controlled rate. Though I admit I don't know how to respond to his theory about why the "great depression" happened. Suffice it to say, overall I can't take anything he says in his rant too seriously. 2. Governments will squash it. True. We'll have to see how that goes. Though, this doesn't make it a bad idea. In fact all it does is prove how important it is. 3. Cryptography stuff. He admits upfront that he doesn't know what he's talking about. I myself don't know about this stuff either, so I'll just shut up. 4. Doesn't work offline. OK, this could be a serious flaw. But, all it means is it will never completely replace other currencies; but that's ok. If it can be used in online trading, and then used to buy "real life" things, like food and housing, then that's all that matters. I could imagine "credit card" like objects: portable devices that know your private keys and can be used to buy things at a store in a secure and convenient way. For instance: an iPhone, or an Android phone. This requires the internet to be everywhere, but the same is already true for electricity: it has to be everywhere, otherwise many things will stop functioning properly: street lights, traffic signals, offices, factories, banks, grocery stores, and just about everything else.