What are the problems with bitcoin??
Some problems:
* Centralization of mining seems inevitable.
As mining matures it is becoming decentralized. organofcorti stats shows this clearly.
* There is no mechanism to stabilize the value.
Yes there is: more widespread adoption, the plateau of market penetration at the top of the S-curve. It's value will be very stable then, more so than the DXY which has screamed from 80 to 100 in a short time and that measures multi-trillion$ of value.
* Limited supply leads to expectations of high value which leads to hoarding instead of use.
Hearding is good, investing is good, saving is good. Only inflationistas dream otherwise.
* Block reward leads to a hyperdeveloped mining industry supported by investors rather than by users.
As before, investors are good. How many people mine their own raw materials for products they use?
* For most people, irreversibility is a serious defect, not a feature.
Cash and gold is irreversible. This is a good feature of sound money.
* Risk of theft is too high for people who are not computer experts.
Early days in a new technology. Wallet software has improved massively, still a way to go, but in 10 years, very safe to own bitcoins.
I am sure that millions of people don't think like you do.
Or you. You are doing your students a disservice by not teaching them about Bitcoin in the way MIT, Princeton and Nicosia do.
Perhaps a million people have a reasonable understanding of bitcoin and believe in its eventual succeess. Probably millions of people also have a reasonable understanding of bitcoin but do not believe in its eventual success. The other 7000 million either haven't heard of it, or have heard of it but don't care to know more, or know just enough to dismiss it.
Handwaving. Only a few people understand the software in detail. The rest have to just see that it works: like smartphones, like quantum mechanics, like stem-cell treatment, like meteorology, etc etc etc, I case you haven't noticed a major feature of modern civilization is
extreme specialization. No one person can understand more than a fraction of everything.
Nice going, way to pwn Jorge. It's easy but takes time and attention likely spent better elsewhere