I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up. I see the us dollar as a debt backed currency. Banks create money through loans, which are in turn backed by houses, cars, and people's incomes. Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way. I see it as a fully backed currency, not too much different from being a gold backed currency. Where am I wrong?
I'm confused, what part of the summary explains why you don't like Bitcoin?
All you're talking about is the US Dollar and how the US has so much debt that the Dollar is backed by debt. You claim that people seem to ignore this fact. Which may be true, maybe not. The reason people see this debt-backed approach as dangerous is that it builds a house of cards that is so delicate that something as simple as people buying houses they cannot afford can nearly bring the entire system down. When all the banks are operating on debt, it doesn't take many of the debt owners to come collecting before a lot of people are left broke. The system is broken. Bitcoin is a good step toward a better option.
How does this have anything to do with your negative thoughts on Bitcoin? ...your challenge?