> Summary > > 1. Like the gold standard, a successful bitcoin would send our economy back into the dark ages. Well, this is not actually an argument why bitcoi

> Summary > > 1. Like the gold standard, a successful bitcoin would send our economy back into the dark ages. Well, this is not actually an argument why bitcoin will fail, just a prediction what will happen if it succeeds :D > 2. Even if it became popular, governments would squash it because of #1 and because they like being in power. It is not proven that goverments are able to destroy bitcoin even if they will. > 3. A single mathematical or other error in the cryptosystem would cause instant, unresolvable, worldwide hyperinflation. After hundreds of years of analysis, there are no known flaws in the current financial system that could lead to that. (Other than the known causes of hyperinflation of course, ie. total gross mismanagement of the entire country.) Currently the bitcoin system is working and no errors have emerged. Of course no one in the world can be 100% sure that the bitcoin system will be functioning always, but currently it's working pretty well. I'm willing to take the risk of mathematical/programmatical error, and I bet that so are many others. > 4. It's not even useful except as an online-only addition to normal currency, and my normal currency already works fine online. OK, it is the writers personal preference to favour traditional fiat currency for some personal reasons. Many people don't agree. Summary: the article is bullshit, don't bother reading. Maybe for entertainment reasons :)