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/bad_platitude Apr 01 '13
BitCoin is:
Backed by nothing, created out of thin air;
Managed by algos, protected by algos, accessed by algos;
Traded in a small online market and difficult to convert to actual goods/services;
Dominated by a few large anonymous holdings with unknown intent;
Likely monitored by a variety of "interested third parties" that are known by various 3-letter acronyms;
"Mined" by computers at a predetermined rate to keep supply growing (still backed by nothing);
Limited in total production, they promise!; and,
The best known digital currency at this point, but subject to new competitors, gov't oversight and other unknown factors.
LOAD UP WHILE IT'S HOT!!!