I’ve written many times about bitcoin, and why it is doomed to never be a currency. Here’s a list of the major articles.

Numbers 1, 9 and 10 might be the first places to look.

0. https://smilingdavesblog.wordpress.com/2013/10/18/why-greshams-law-means-the-death-of-bitcoin/

Using a simple economic principle accepted by all schools of economics, we show that bitcoin will never be used to buy things. People will either hoard it, or not touch it with a ten foot pole. In either case, it will die.

1. https://smilingdavesblog.wordpress.com/2011/06/22/bitcoin-takes-a-beating/

Explains Mises’ Regression Theorem, and why bitcoins violate it.

2. https://smilingdavesblog.wordpress.com/2011/06/bitcoin-and-bitclothing.html

Explains that just as clothing made out of bitcoins is absurd, so is money made out of bitcoins.

3. https://smilingdavesblog.wordpress.com/2011/07/bitcoin-yet-again-in-simple-language.html

Gets to the very essence, in a few short words, of why bitcoin will never be a currency. The comments here are especially enlightening.

4. https://smilingdavesblog.wordpress.com/2011/09/bitcoin-we-hardly-knew-yeh.html

Graphs bitcoins decline from $30 to $5 in a few short months. Recently it has climbed back to about $10. Time will tell.

5.  https://smilingdavesblog.wordpress.com/2011/12/bitcoin-and-mises-regression-theorem.html

Summarizes someones claim that bitcoin is compatible with Mises’ Regression Theorem, because it had an exchange rate from the get go, and shows him wrong.

6. https://smilingdavesblog.wordpress.com/2011/12/was-mises-regression-theorem-a-mere.html

Summarizes a claim that bitcoin is compatible with the regression theorem because the regression theorem is just summarizing history, and proves that claim wrong.

7. https://smilingdavesblog.wordpress.com/2011/12/one-more-detail-about-bitcoin.html

Summarizes the claim that although Mises’ theorem apparently shows bitcoin is not a currency, yet in reality bitcoin already is a currency as we speak. And so Mises’ theorem is proven incorrect by the real world. Refutes this claim.

8. https://smilingdavesblog.wordpress.com/2012/07/bitcoin-and-intrinsic-value.html

and https://smilingdavesblog.wordpress.com/2013/04/16/four-valuable-lessons-from-actually-reading-the-regression-theorem/

Explains the concept of intrinsic value, its two meanings depending on the context in which it used, why bitcoin has no intrinsic value, and gives a vivid image of how to determine with ease whether something has intrinsic value.

The second link has great stuff, including an answer to the claim that bitcoin is no different from fiat money, right? See also links 16 and 18 below for more about fiat money and bitcoin.

9. https://smilingdavesblog.wordpress.com/2012/10/07/bitcoin-and-the-numbers-game/

In which the regression theorem is explained yet again, taking into account some lame arguments of the unwashed, such as that the theorem only applies in a barter economy, and that the whole theorem is vague because it does not nail down any numbers.

10. https://smilingdavesblog.wordpress.com/2012/10/07/bitcoin-and-the-numbers-game-part-2-in-which-we-shew-that-bitcoin-has-never-not-even-once-been-used-as-a-medium-of-exchange/

In which we talk about the history of currencies similar to bitcoin, which were all flops eventually, but in some cases lasted almost 20 years before dying. We also explain why bitcoin has never been used as a medium of exchange, not even once, despite the existence of mtgox and all the other bitcoin hangouts.

11.  https://smilingdavesblog.wordpress.com/2013/04/06/four-facts-that-destroy-bitcoin/

Discusses an article on fool.com that reveals four facts that totally destroy all the bitcoin myths.

12. https://smilingdavesblog.wordpress.com/2013/04/16/do-the-bitcoin-markets-like-mtgox-set-a-value-for-bitcoin/

Explains with a homely story why the mtgox prices for bitcoin are phony, and do not contradict the regression theorem.

13. https://smilingdavesblog.wordpress.com/2013/10/13/bitcoin-is-right-now-a-medium-of-exchange-no-doubt-about-it-seriously/

Replies to Bob Murphy’s article that supposedly proves bitcoin is a medium of exchange as we speak. Mentions an important idea of Frank Shostak’s to refute said Bob Murphy. Mocks the practice of using opinion polls of professional economists to decide economic truth.

14. https://smilingdavesblog.wordpress.com/2013/10/14/bitcoin-the-untracable-anonymous-freedom-fighter-well-no-just-the-opposite/

This basically links to youtube and quotes a mises daily article, where proof positive is given that using bitcoin exposes you, rather than hides you.

As bitcoin developer Jeff Garzik himself put it, anyone who thinks bitcoin gives you anonymity is “a dumb kid who didn’t think this through.”

15. https://smilingdavesblog.wordpress.com/2013/10/15/about-a-medium-of-exchange-having-to-be-in-wide-use/

Proves with explicit quotes from Mises, that Mises certainly meant by “medium of exchange” something in wide use and in great demand.

16. https://smilingdavesblog.wordpress.com/2013/10/16/the-kickstart-fallacy/

Discusses the idea that all bitcoin needs is a kick start, and then all will be well.

17. https://smilingdavesblog.wordpress.com/2013/10/24/proof-positive-that-bitcoin-is-a-bubble/

and https://smilingdavesblog.wordpress.com/2014/10/03/smilling-dave-was-wrong-about-bitcoin/

The first explains that because of its unique features the price of bitcoin is not determined by the laws of supply and demand, but exclusively by the needs of bitcoin hoarders for cash. In other words, a classic bubble, as explained in detail in the article.

The second explains why the first article was wrong in predicting bitcoins constant rise until a deadly crash, namely, because it assumed people besides the Silk Roaders were actually buying things with bitcoin, when this is not the case.

18. https://smilingdavesblog.wordpress.com/2014/03/15/deep-stuff-about-fiat-money/

Explains deep stuff about fiat money, with some repercussions for bitcoin.

19. https://smilingdavesblog.wordpress.com/2014/03/29/why-bitcoin-is-not-even-an-economic-good-much-less-money-or-a-medium-of-exchange/

An advanced article, proving that bitcoin is not even an economic good, and thus cannot possibly be money or a medium of exchange.

20. https://smilingdavesblog.wordpress.com/2014/02/17/bitcoin-as-postage-stamp/

Where we refute the argument that bitcoin satisfies the Regression Theorem because it is intrinsically valuable as a means to transport money.