You guys jump on one part of what he says, but it isn't that different from gold. I mean Hockey Guy is talking about his gold that someone else keeps possession of.... How do you even know you'll be able to get your precious gold if something exceptional happened ? Just like if the internet disappeared -> BTC disappears.. your gold can disappear. It has happened. Don't be so naive.
What is so amusing to me is no one considers history and how currencies started out. They just say "oh volatility" then it justifies whatever view they originally had. I don't know anything about history when paper currencies were introduced, but I imagine people had WIDE variations in prices. Especially when currencies did not transition from a precious metal standard. I'd say look at Russia during Glasnost etc.... Why BTC should be a smooth transition to a valid currency is beyond me.
I see some clowns in here are like "Oh so if no one wanted to buy your bitcoin, then they'd be worth 0? thats magnificant!" Not realizing that this same thing can happen with any fiat currency. There is no guarantee that in a SHTF scenario (LOL) that anyone will want your paper currency.
I started out using the original bitcoin wallet. I once "exported" the wallet, which I thought was copy of the crypto keys needed to access the BTC. I later look at the .csv file and see it was nothing but recipient addresses I generated. WTF !? So now I have a crashed laptop that is worth about $1200 and I have to do data recovery if I want the BTC. So yea, BTC have problems. This volatility is fun to watch but sucks for guys like Micon, because who wants to buyin at a poker site when they feel the gaming chips are ready to be deflated 50%.