[cataphract]

What the author says is:

> [Bitcoin is] a naked speculative bubble based on a technology that doesn’t scale can’t and [won't] replace any existing financial service

So that Bitcoin is a Ponzi scheme, and provides no financial service of value. I don't think it's fully true, because Bitcoin facilitates underground transactions and is a practical asset in countries with high inflation and currency restrictions, but the fact that "some people made a lot of money" is no counterargument.

[solosoyokaze]

Well one way to look at it is Bitcoin is up against USD because USD is suffering massive inflation. Thus, BTC is doing its job.

[UncleMeat]

That's obviously false, given that the price of steak is not up ten million fold or whatever over the last decade.

[solosoyokaze]

Housing, health care and education are all massively inflated. The price of steak isn't a major expense in comparison.

[chillacy]

Inflation as measured by the fed tracks a basket of stuff more like steak than housing. I’ve seen people instead measure how USD tracks against BTC though, which then does become tautologically correct that USD suffers massive “inflation”

[UncleMeat]

Even if inflation literally only tracked those things, it is still many orders of magnitude off BTC's growth.

[solosoyokaze]

People can follow the trend and see where it's going.