Not long ago the Wall Street Journal asked the question whether bitcoins or something similar has a future. I'm not particularly interested in the negative responses. I wrote a blog on why bitcoin will fail.
As far as I can see the negative reasons vastly outnumber the positive ones.
What is interesting to me are the arguments that the pro-bitcoin promoters suggest. The following are the arguments they make.
*Bitcoin transactions can be carried out on an international basis cheaper
*Transactions can be carried out on a smart phone.
*There is no inflation due to money printing.
*The digital vehicle is not subject to political or national stress.
*Digital currency will allow greater personal privacy
*Digital currency is an example of the future.
What is interesting to me is these are weak arguments that have absolutely nothing to do with why a bitcoin kind of idea would ever succeed. These are forms of sophistry not business arguments.
In order for a new category of business to succeed it must either be uniquely different and satisfy some genuine need or cover some existing set of needs and add some advantages
Except for the fact that international secret transactions would be possible, without carrying suitcases full of currency, there are no other important business arguments.
Bitcoin fails in the realm of argument as well as a business.