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bamboozled entire industries into producing too much of the wrong thing.
In fact due to the price rise in bitcoin, are people producing too much of these other coins? The problem is that it is not just bitcoin, it's the whole crypto industry. You could argue central bank policies are allowing others to create more altcoins and guess what, the fear of central banking probably is. Furthermore, the altcoins are retaining their value!
Also the Bubble effect is not important if it is something like Enron. Some people argue that bitcoin is Enron, and it will fail due to the flaws...
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Once upon a time the growth of the money supply happened at a predictable rate not set by a central planner.
That's gold, why not gold then??? We need something like e-gold that is hedged to gold, but is also electronic and can't be taken away by the government. When that happens, pop, due to technological change. Remember, the change from walkmans to mp3 players? You can already transact with vaulted gold. "Gold certificates". I'm surprised we aren't using something similar already...
Come on entrepreneurs! Then again e-gold wasn't really that popular in that it didn't go mainstream at all. So, I don't know about whether the arguments the article puts forward are even valid... Are we really interested in the:
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wonderful traits money used to have into the 21st century
If anything, something trusted like you local mint might provide a gold transaction platform in the future. Something like mintchip but with gold. Would you abandon bitcoin then? Most people probably would. Gold is backed by physical vaulted gold. Bitcoin won't be...
Don't discount the prospect of technological change.
Either way, you can't buy drugs with mintchip, not without someone knowing. So, bitcoin still has something going for it.
