The alleged nonsense is:
"Be safe from the instability caused by fractional reserve banking and bad policies of central banks. The limited inflation of the Bitcoin systems money supply is distributed evenly (by CPU power) throughout the network, not monopolized by the banks."
Having watched Zeitgeist movie and having read one book from mises.org [1], I cannot be an economy expert, so please correct me if I'm wrong.
1) "instability caused by fractional reserve banking" probably means that in presence of fractional reserve banking, economy enters boom-bust cycle [1]
Bitcoin can protect anyone from instability caused by fractional reserve banking, can it? I can easily operate a fractional reserve bank using Bitcoin, and create fake credit out of thin air. If the created credit becomes significant to the economy, the bitcoin economy will operate in cycles just like any other economy. What "safety" you are talking about? Is safety claim comes from the fact that no fractional reserve BTC banks are known to operate?
2) "Be safe from bad policies of central banks"
By "central banks" you certainly mean "state banks that print paper money".
This seems to be true. Bad problem with central banks is that they print money at will, creating money out of thin air, and that printing is equivalent to stealing money from everyone else, so states are major thieves [1]
Bitcoin is in this aspect very similar to genuine golden money. While in a gold-driven decentralized economy everyone can mine gold and mint golden coins, minting is a business with low profit margin (at least much lower than current "printing business" of state banks").
So bitcoin, while technically a pure fiat money, is very special kind of fiat money that is almost as good as gold in terms of impossibility to create money out of thin air and use these fake money to finance wars, provide bailouts to fractional reserve banks etc [1].
3) "The limited inflation of the Bitcoin systems money supply is distributed evenly (by CPU power) throughout the network, not monopolized by the banks."
This sounds as complete nonsense to me, can someone explain?
Inflation is essentially a process of creating money out of thin air that causes drop of monetary value of money and rise of prices. Bitcoins are not created out of thin air just like gold is not. Is my definition of inflation wrong?
[1] Hans-Hermann Hoppe "The Economics and Ethics of Private Property"