Thing is Bitcoin fails miserably as a currency TODAY(2013). It currently cannot be used as a currency because of its volatility, unlike other fiat currencies, it cannot be controlled, potentially destroying any economy based on it.
( Think of it, some random panic on the dollar supply would send the value of the dollar spiraling to 100 time its value over the course of 1 year, with absolutely no way the US could do anything about it )
Bitcoin is successful as a proof of concept of how you can create a modern currency that retains most the benefit of electronic and physical money. For the supply, I have just the opposite reaction. I used to think that the limited supply of bitcoin was a great idea, now I'm thinking all the clever people that wanted to get us out of the gold standard may have had a point after all.
It is also not a ponzi scheme, just a risky investment.
Bitcoin is successful as a proof of concept of how you can create a modern currency that retains most the benefit of electronic and physical money. For the supply, I have just the opposite reaction. I used to think that the limited supply of bitcoin was a great idea, now I'm thinking all the clever people that wanted to get us out of the gold standard may have had a point after all.
It is also not a ponzi scheme, just a risky investment.