What I think you may be missing is that he is saying that bitcoin is not, in pragmatic observable fact, a distributed consensus protocol. It is, instead, led a

What I think you may be missing is that he is saying that bitcoin is not, in pragmatic observable fact, a distributed consensus protocol. It is, instead, led and managed by an entity indistinguishable in form if not in intellect from every other governmental federal reserve. This entity responds, 100% correctly for the health of the currency, by issuing fiat mandates, just like the US government did when, e.g., real-world counterfeiters came up with supernotes and began flooding the world with fake $20 bills, mandating a switch to new notes. Although this behavior is correct, it does conclusively prove that the emperor has no clothes, and that bitcoin is a ponzi scheme run for the benefit of the early BTC holders.