1. They don’t exist. OK, granted, most of what we consider ‘money’ doesn’t exist in the real world. It resides on computers. But I can, if I wish, hold a $100 bill in my hand. Ever held a bitcoin? It sounds like you should be able to, but you can’t.
2. Only 21,000,000 of them will ever exist. We promise. Cross our hearts. And how will this be controlled when no laws govern Bitcoins?
3. No backing. No ‘full faith and credit’ of anything. Bitcoins are created by whose authority?
4. Skyrocketing value. Looks like a bubble to me.
5. Anonymous money – untraceable – perfect for drugs & arms runners, money laundering, and avoiding taxes. Governments are going to allow this for how long?
6. Bitcoins are billed as an alternative to traditional banks. Traditional banks may not like there being an alternative.
Whatever the heck a Bitcoin is, I’m pretty sure I don’t want one.
