It is not PoW or the blockchain that I have the major issues with, though those are terribly inefficient. The main issue I have is with this notion that a pyramid distribution of currency where 50% or more is distributed to a few thousand people will succeed at doing anything but creating the next Wall Street or London. I do not see exchanging one boss for another with grandiose promises of "this time, it's different" as anything other than a way to relieve the ignorant of their money.

When currencies start appearing that break this trend, I believe you will see a strong run to the bottom for all of the currencies that require an influx of new suckers to maintain the charade of the sustainability of closed, pyramid money supplies. And somebody with a fat stack of bitcoins is probably going to speed the process along leaving thousands holding the bag.