Comment: Some good points, others are off base

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Some good points, others are off base

Firstly, it is a fiat currency. Fiat has a few definitions, and one of them is that the currency has no intrinsic value . Bitcoin doesn't so it is, indeed fiat. Ron Paul has said this, himself.

The small entity he's referring to are the founders of bitcoin; those who profit the most from it. You are right though, it does have positives like enhancing individual liberty.

You have a lot of great points, but something I would definitely not say about him, is that he is an idiot. Like you said he doesn't know a lot about it yet. These are just some of his early thoughts after reading a bit on it.

Regardless of how quick you are, there's no way that you're going to understand the intricacies of a system like this and the innumerable risks and possibilities for exploitation the way someone who codes for a living does, in a short time. I don't have time to invest into gaining that kind of insight.