Does Bitcoin have any logical legal use?

[angus]

I only first heard of this about a year ago.  I'd read it in print and thought it was named after some french guy.  In my head I pronounced it "Bitcoin" (as in bee-kwaⁿ).  Later I heard of it on a public radio story about Silk Road and began to understand the term's etymology.  Then I felt stupid.

Once I understood it I thought it seemed legit, but now with the meltdown and no real legal recourse for the investors I think it seems like bad money.  Maybe once they get the software thoroughly beta-tested, it'll be smooth.  Right now it's like the Chevy Volt, or the common-core standards for public school curricula.  Reasonably good idea; bad implementation.  Apparently volatility is an issue as well, and will continue to be even if the vanishing acts stop.

[angus]

Bitcoin got some positive press on public radio this morning.  Well, at least non-negative.  Some venture capitalists were being interviewed and I overheard one saying that maybe it's time for bitcoin to "shed its wild and crazy libertarian past and accept regulation."  Or something like that.  Another one was talking about what a sound investment it is going to prove to be.

They also disclosed the name of the bitcoin founder, who I'd never heard of before.  His name is Nakamoto, a name which sort of makes me laugh, and sort of reminds me of the special fold that all really good paper airplanes have.  Anyway, Nakamoto is denying the claim.  I suppose that he also denies drinking PBR and wearing a fedora purchased at the Salvation Army Store.