Comment: It still is much to easy to bring bitcoin down

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It still is much to easy to bring bitcoin down

All a government has to do is close down some exchanges and bye bye bitcoin. The few exchanges available is the weakest point.
If a merchant can not directly exchange it for Euros or dollars he would be unable to fulfill his orders and can not even buy items anymore.
It would just take a day or so to do that.

It was nice that Wordpress accepts bitcoin, but do you really believe they keep those bitcoins? They are immediately exchanged for US$.
Bitcoin will start to work when merchants are able to pay their employees and buy the goods they sell in bitcoins. I think in the most positive scenario it would take at least another 10 years before that happens.

Another is the 51% 'attack'. Enough computer power and money (both very easy to get and costs are only a few million) and the whole chain can be broken.

Another is that a few 'hedge funds' can corner the whole bitcoin market in a few days. They did it to the Thai baht, worked very well for them and they took down a bunch of countries in south east asia.

When bitcoin will become bigger and start to get relevant, that is the moment for the kill. And it will be so swift that people who have money in their bitcoin wallet will find out that they only have a file on their system that is worth as much money as one of their text files. Exactly zero!

It is like (like! not is!) a ponzi, the first that get in make the most. The rest .... end with nothing and no counterparty to sue and try to get your money back on top of that.