Great post. Also perfectly explains why the idea that bitcoin will rule the world is nonsense; there's infinite competition from other fad currencies.
Whatever benefit you think bitcoin has or will have - WHATEVER benefit - someone will make another currency that does it better and cooler, and then no one will have any reason to have bitcoins, and then your life savings evaporate.
Social networks, teen pop music bands, internet currencies - all follow a nice, predictable rise and fall arc. We can't exactly predict how high the rise will be, or exactly when the fall will come, but we know it's coming.
Whatever benefit you think bitcoin has or will have - WHATEVER benefit - someone will make another currency that does it better and cooler, and then no one will have any reason to have bitcoins, and then your life savings evaporate.
Social networks, teen pop music bands, internet currencies - all follow a nice, predictable rise and fall arc. We can't exactly predict how high the rise will be, or exactly when the fall will come, but we know it's coming.