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I agree that Quiggin gets it wrong. He doesn't take a serious look at its utility. Just the fact that I can send cash between countries via BTC and avoid currency controls is a value. Silk Road is evidence of a real value. So far every argument that I have seen as to why bitcoin is destined to fail has a number of obvious oversights. I'm not sure bitcoin will succeed, but I haven't yet encountered an argument that has convinced me that it can't.