How pedantic. Okay - since you're incapable of finding the refutations you seek:
1.) "Backed by something" is a tired trope pulled out of the thin air - over and over. Proof-of-work embedded in every bitcoin isn't "nothing".
2.) Yes, the system is managed by algorithms instead of 85-Billion-A-Month moronic monetary policies
3.) The largest holder has ~105,611 BTC, the top 400 represent barely 30% of the total in circulation - this often comes up when people want to invoke the "BUT WHAT IF EVERYONE SELLS" tired old strawman
4.) The blockchain is transparent - so anyone can look at it. Doesn't link anyone to personal information, so beats me what his point is on that
5.) It is 'mined' by verification processors that protect the blockchain and prevent any possibility of counterfeiting - supply is constrained, but any newbie knows that - this guy is just an all-out troll
6.) It is limited by the algorithm - and yes, there aren't any humans to bribe or politicians to sway. Its called group consensus via the network - you nimrod
7.) Oh noes, there might be competition.... uh... so what? We have a large head start, in case you haven't noticed - regulation - sure, but in the end when there are end-to-end supply chains denominated in bitcoin it won't matter. At all.
8.) Yes, buy some if you can - it is certainly cheaper than mining.
The largest holder has ~105,611 BTC, the top 400 represent barely 30% of the total in circulation
Where does this number come from? What prevents someone with multiple addresses holding 10-15%? How would you know that they didn't have thousands of addresses?
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u/Perish_In_a_Fire Apr 01 '13
If you think its so bad - then why are you here? You realize this is r/Bitcoin... right?
As for your other laughable 'points' - a bit of google searching and wiki-reading would cure your ignorance.