"Bitcoin isn't backed by anything"
- Then duplicate it.
"Bitcoin has no value"
- Then send me one.
"Bitcoin has no intrinsic value"
- Neither does USD, and only 11% of gold is used for utility, the rest is just a socially accepted form of scarcity.
"Bitcoin is only used for crime"
- Not remotely close to as much as cash is, and since BTC is a public ledger, many criminals are caught because of it.
"Bitcoin is a ponzi"
- By design, a Ponzi doesn't hold the cumulative value to pay everyone what they rightfully own, Bitcoin is built on incorruptible fairness and you'll get out exactly what you put in according to the free market.
The list goes on and on...
These concepts are elementary. Its quite sad there are still people out there that say things like the above about Bitcoin
submitted by /u/JerryLeeDog