he clearly doesn't understand cryptography
This is always your argument, but it doesn't address the FACT that the bitcoin has no value except for perceived value. WHO GIVES A UNICORN FART ABOUT CRYPTOGRAPHY, THAT'S NOT THE frickING POINT.
You cannot pay taxes with it, you cannot pay your mortgage or utilities with it, you cannot use it at a grocery store and buy food with it. The dollar may be devaluing, but it is backed by the US Government and is accepted worldwide, bitcoin is not.
Bitcoins don't produce energy, in fact they cost incredible amounts of energy to produce and exchange.
The average person cannot mine them, so they will be tempted to buy them because of speculation that the value will go up. More people trying to "cash in" and buy bitcoins because of all the hype surrounding this cryptocurrency, then it crashes, and the suckers are left holding the bag.
I don't need to understand cryptography to recognize a scam when I see it. It's created out of thin air, it's propped up by relentless marketing, the insiders cash in on the suckers, the suckers cannot even sue Suckonmi Ballsy or whatever his name is because he probably doesn't exist, and then we all laugh at you Image: http://gifsforum.com/images/gif/lol/grand/857421.gif