You're missing the forest through the trees. Bitcoin doesn't have value beyond what can be converted into real currency. Real currency is used to buy things. BT

You're missing the forest through the trees. Bitcoin doesn't have value beyond what can be converted into real currency. Real currency is used to buy things. BTC isn't. The currency-BTC market IS the entire value of Bitcoin. None of the other stuff matters, because BTC is solely denominated in actual currencies. BTC is non-inflationary? Doesn't matter. You only use it to buy USD or actual currencies. If there's less demand for BTC, BTC value goes down. And guess what? Demand is fickle. The cyrptographic property protection is ok in theory. But try and point out somebody it's helped? And by that I mean a non-criminal/extortionist/money launderer.