I clicked on the link and this is what he said
"At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam"
Lets not misquote what is said in the magazine. I am absolutely sure some will leave comments here without finding out what is said.
He's hardly misquoting what the article said. The title of the very article is
"The Great Bitcoin Scam" regardless, but it's obviously just an alarmist attention grabbing headline done just for clicks/views. His entire argument seems to be resting on that "Bitcoin has no intrinsic value -- it is just a number" and that anybody else can create a bitcoin so therefore it's a scam. Whilst it's certainly true that anyone can create a coin as many people (or scammers) do, I think it's far more likely that one of those sorts of coins will turn out to be a scam more than bitcoin will. Also, even if an alt coin does take over bitcoin in terms of market cap or dominance that still wouldn't make bitcoin a scam.
Some quotes from the article:
This means that an investment in Bitcoins is purely speculative -- it is utterly no different than investing in gold, social-media stocks, or tulip bulbs. So long as the number of buyers outnumbers the sellers, the price will go up, but when the sellers outnumber the buyers the price will go down.
Yeah... no shit.
All of this brings us to the scam element of Bitcoin. Again, as I stated at the start of this article, Bitcoin itself is not a scam. Now let me tell you what is.
The scam in Bitcoin is in talking average man-on-the-street investors into investing in Bitcoin by intentionally obfuscating what it really is, just a number, into some super-sophisticated investment by throwing out the technical verbiage that surrounds cybercurrencies, such as Blockchain technology and peer-to-peer servers. These technologies actually accomplish only one critical thing, which is that they keep particular numbers peculiar to Bitcoin, but they sure sound like Star Trek level stuff. Yet, to those not familiar with these technologies, it makes Bitcoin sounds like it has a lot more worth than it really does.
Well that doesn't make bitcoin a scam (if in fact people are doing this) nor does bitcoin being just a number.
Will Bitcoin fall? Maybe not today, tomorrow, or next week, but eventually it will fall as the novelty wears off and folks figure out that they are really just buying a number, and the number of buyers diminish.
Bitcoin always falls. Then it goes up again. Rinse and repeat. This is no different than buying stocks or shares of a particular company but we're not calling Netflix or Facebook a scam. Maybe the novelty will wear off for some and the price will fall but there is no guarantee either way. I think bitcoin is here to stay for at least the next few years so the only question you should be asking yourself is do you believe in it and are you willing to invest it it. If so, just remember to only put in what you can afford to lose and enjoy the ride.
Will Bitcoin go away entirely? Probably not, because Bitcoin still can serve some usefulness as a unit of exchange, to the extent that it can convince merchants to accept it as currency. The caveat here is that when a bubble finally bursts, the object of the bubble usually falls into deep disrepute.
Oh, so now he's thinks it isn't going to go away and has value as a unit of exchange. Not sure what the point of this article is. As others have said, maybe he just didn't buy in early and now rues the missed opportunity.
