I&#x27;m not sure which bitcoin advocates you&#x27;re talking to, but they seem pretty far out there.<p>As for monetary policy, I would look to the history of currency devaluations in the wake of wars and emphasize that bitcoin cannot be devalued in the same way. Not that a nation would use bitcoin as its currency, but it begins to look more like the gold that used to back fiat currencies.<p>Even Rome debased its currency to continue paying soldiers, while throwing the citizens under the bus.<p>Re environmental costs: a future protocol change could update the proof of work function if this gets out of control.<p>&gt; deflationary economics of the system itself<p>Strictly speaking, bitcoin&#x27;s monetary base is monotonically increasing and never actually shrinks, which would be monetary deflation. I would also challenge the conventional wisdom that says &quot;Deflation bad! Inflation good!&quot; Again, not that a nation&#x27;s currency will be bitcoin. It exists alongside other systems, behaving more like gold.<p>Ponzi scheme is almost not worth mentioning as the allegation is obviously ridiculous.