It's a shame that LRC couldn't manage to wrap their heads around Bitcoin before posting this.
It's astounding how many people state that Bitcoin is worthless because they did not value its initial state. I valued it because it was cool (and should have paid more attention with BTC I bought/earned). Now I value it because it will revolutionise the world.
Trading shiny lumps of metal is no more fundamental than transaction announcements. They're both pretty good. I look forward to when we can trade gold based predominantly on its industrial value.
Considering myself a gold bug, this was exactly the reason I fell in love with bitcoin at first sight
The ignorance exhibited by the author is truely amazing:
"There already was a REAL digital currency, e-gold, that was backed by a real commodity until the Federalistas shut it down. Eventually, Bitcoin will be shut down too because of its anonymity capabilities"
-- Does he know the difference between a centralized e-gold site and decentralized Bitcoin network?
"Some responders have even mistakenly used Austrian economics to rationalize their views. I would suggest that before you write to me about the Austrian economics view of a medium of exchange, you should read the two books ...."
-- He probably forgot to add the Bible and Koran to the list.