This is our third post about bitcoin. [First and second]. We keep trying to distill the essential idea of why bitcoin will never be money into simpler and simpler language. I think I have it down now.
The key is, the average person thinks, “I worked hard, now I want something in return that will make me happy. Bitcoin doesn’t make me happy at all. I cannot eat it or drink it. It will only make me happy if there is a sucker willing to trade for it, even though he gets nothing out of it. He, too, cannot eat it or drink it. I have no reason to think there will be such a sucker. So forget about bitcoins.”
How are you going to convince such a person to accept a bitcoin? Answer: You won’t. That’s why bitcoin is doomed to be used only by a very small population, until it dies off when they, too, finally think like the above person.