Fiat is Effective: fiat for the crypto crowd [pdf]
These arguments against bitcoin have been the same since 2010.  They seem to ignore the point of bitcoin (it is impossible to counterfeit, unlike fiat which is counterfeited as a matter of course by the central bank to pay the federal government so it can buy bombs).... and all the features of bitcoin which are increased privacy, better control over your funds, better security, etc.<p>At any rate, the past 7 years has shown the market accepting bitcoin and the price being driven up.<p>People don&#x27;t want to accept this fact so they call it a bubble.  It bubbles a bit, sure, and there will be a bitcoin bubble-- but we&#x27;re not there yet.<p>Bitcoin is the internet of money.  This isn&#x27;t just a slogan.  Bitcoin is a platform that provides many improvements to the existing system.<p>But as a technology platform it is going thru the technology adoption life cycle, so was more and more people hold some, the price goes up.   It will be &quot;volatile&quot; until it&#x27;s fully distributed.<p>So &quot;speculating&quot; is not bad-- it&#x27;s how bitcoin gets its wide distribution.  Over time as applications are built on top of the platform, the utility will come more into play.<p>This is ok.  This is the early years. Bitcoin isn&#x27;t meant to replace the entire system right out of the gate.