To be fair, the ludicrous 266 USD/btc spike passed just six months ago. Nonetheless, IMHO the biggest criticism that can be made against bitcoin is that a digital currency based math alone can't hold a value. The recent stability in btc I think is a strong counterargument, and I genuinely can't see anything holding bitcoin back anymore from gradual wider adoption.

At $173 today, that $266 spike isn't looking quite so ludicrous. It's not like the math in bitcoin is useless, the math is what verifies transactions.

Anyway, I find the "lack of intrinsic value" argument pretty flimsy. Bitcoin has more use to me than the equivalent dollar value in grain or livestock. One person's "intrinsic value" is another's useless dross. There's always a way your investment can lose value in the eyes of others.

The only real misgivings I have with bitcoin are over the dark bitcoins out there (mined in the very early days). Who knows if they'll ever pop back into circulation, and to whom they belong. Other than that, it's all pretty exciting stuff.