Well where do i start lol.. Of all articles i probably disagree with this one the most. Alot of key points here i think miss alot.

"Bitcoin has no industrial use or intrinsic value"

Whereas i'm not a gold bug and don't hold any gold or feel it necessary. I prefer to hold land or real estate i use to grow food and hold water and produce energy. Bitcoin doesn't have any real value outside the concept of being a store of value and speculation device. Bitcoin is no more useful at a penny to $21,000. Of course meaning you can't do anything more with bitcoin at any price.

As far as it preserving your wealth pretty good thus far. Well yes it has done a good job but it's also duplicable. It's not really rare right? Like you can go and fork and create more versions of bitcoin. So really the only driving force behind bitcoin is people thinking they going to get rich. It's a speculation game. That can be proven because if you really look at use of bitcoin nobody really uses it lol. They just hoping they can unload on someone else one day and get rich.

"Bitcoin's value comes in the form if it can store your wealth, it cannot be confiscated, and you can move it around the world as well as its growing acceptance around the world.

I can go to any country an exchange Bitcoin without issues, try taking your local currency to another country and see if you can exchange it at a market rate."

Bitcoin maybe can't be confiscated but it can be made illegal. Most people don't want to be branded an outlaw and put in jail. They got families they probably just don't wanna go through that. So things can be done to stop the growth of bitcoin absolutely if the powers that be wanted to. The real question is why aren't they concerned yet aml and kyc laws are some of the most severe areas they go after to stop the funding of terrorist states etc., So i find it interesting they have been stand offish about cryptocurrency.

You also mention you can go to another country and exchange bitcoin. Exchange bitcoin for what? The rate of volatility bitcoin moves per day would make it impractical in any form of an exchange lol. So i'd feel a bit uneasy about exchanging bitcoin at a rate where i get far less value. Or exhanging bitcoin at a rate where i've given away so much value now had i just waited a day or a few hours i could have saved myself thousands of dollars lol.

You talk about bitcoin being valuable based on miners energy cost and not being wiling to sell at a loss. That also can show the ineffiency in producing bitcoin. When mining rigs get more efficient as they do. Energy cost come down dramatically as they do. Then that means then bitcoin value to produce it will come down. Not to mention bitcoin model many believe is wasteful see it as a problem for the future and its likely someone will just create some new algo we don't know about that doesn't have that problem.. making bitcoin even more obsolete in that sense.

"Due to this ease of money, creating it means fiat money has no value only belief, debt slavery and government laws ane enforcement."

I don't think this is true. I gotta pay taxes for being on land as everyone else to the government. So that means i owe a debt. Now the country is the collector of the debt thats their revenue. That's their business lol. Their promissory notes and fiat currencies say a promise to pay back. However the ability to pay back is based on citizens having to pay taxes. You're never going to be able to outright own land and be completely tax free i doubt. So then that means the government is solvent to a degree to make good on that debt. It's not just like i believe it and that's all there is to it lol. No. i gotta give up something of value for being on the land.

I'd also say when you mention the example of the Google ads algorithim or any commerce in general as to say bitcoin is the internet of money or something. Well i dont think it works good in any business solution to be honest. I think the allure of bitcoin is going to remain a tool for banks and instituttions and wallstreet. It's similar to the options markets. Bitcoin is a fun game to speculate to high heaven and lose alot of money. The practical utility is not much. Blockchain technolgoy can usher in a future of many possibilites but haven't seen what that will be yet per se.

As a business solution would be horrible i can take your example a bit further. Say i wanted to replace visa or mastercard with cryptocurrency. As many merchants complain that visa and mastercard cost way too much annually. So you could put something like btc in its place. However the problem is so many limits with cryptocurrency for vendor solutions and commerce would hinder it so bad people would prefer to go back to visa and mastercard.. Why?

Well one thing is you can't do chargebacks lol. People wont like the idea they can't get their money back if there is a problem. So bitcoin is better as a store of value unfortunately its likely it cant be the best future model for it.

So it's not a question of bitcoin having no value at all. It's a question of does it have significant value. My belief is that bitcoin has value as a high risk speculative device that is an interesting tool to help banks and companies who wish to fight inflation with what is probably more useful as a gimmick or way to pull in new interests and products for banking. I don't think its going to be any of the things that many of us think.

Now that doesn't mean bitcoin wont continue to go super high. It can go all the way to $50k no problem probably. The problem is its not possible for bitcoin to be a future useful model. It just isn't and more than likelyl wont be. So i'd predict some speculation as we can't really gauge the value of this thing because its mostly based on speculation and you can't really analyze the value. So i'll say this and conclude.

As many problems as hive and steem like products have and they have many. They still value wise make more sense than bitcoin. For example: it's possible for me to come to hive and look at the user base and probably pretty accurately calculate the value of each account. I could probably get pretty darn close on the actual value of what hive would be. You can't do that with bitcoin because bitcoin doesn't have really any use its just driven by these narratives that don't pan out in application just in the idea this thing can go to any price.

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