re: My faith in Bitcoin just went out the window

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The difference is insurance. Although it will cost some time and effort, there is little risk from a monetary standpoint to the consumer if his bank account is hacked. Bitcoins offer no inherent insurance. if it's stolen there is little you can do. That risk is huge. So I'll probably never use bitcoins for anything other than a medium of exchange whenever that comes about. People today using it primarily for an investment are taking a huge risk.

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Insurance + Gov't Regulation = Potential for a massive blow up

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So it seemed like C was acknowledging that bitcoin has value as a medium of exchange. Do you agree or disagree with that? If it does have value as a medium of exchange, and conversion to government fiat was cheap and automatic, would you say bitcoin has potential for success?

Because as I've mentioned in many threads in the past, bitcoin is actually two things: 1) a currency, and 2) a transaction network. Both can be valuable in their own right, and some people may see value in one aspect of it while dismissing any value in the other aspect of it.