It's not as if Bitcoin does something inefficiently that is accomplished in some other, more efficient way. "Commodity" money which has no counterparty is going

It's not as if Bitcoin does something inefficiently that is accomplished in some other, more efficient way. "Commodity" money which has no counterparty is going to be valued at the marginal cost of production, period. It's not Visa, it's not FedWire, it's hard money. The critique is actually spot on, because when you peel back the non sequiturs about efficiency the underlying criticism is that Bitcoin itself is pointless. Maybe so, maybe not. But that's a different argument.