Interesting points and have heard various arguments on both sides. I’ve heard that Bitcoin reduces fraud because your key is public information along with the ledger, yet I’ve heard that it’s used for illegal activities (eg Silk Road).

People can track you on Bitcoin if they know who the key belongs to. If you use Bitcoin proceeds to buy other items with Bitcoin or launder the money you can get away with illegal activity by never directly converting it. Since the Silk Road days governments are clamping down on bitcoin especially transfers to fiat currency. But that starts to get to the point where we need to ask, what is the ultimate benefit of Bitcoin if you can’t do something illegal with it. I’m not being silly. It’s value as a speculative investment is ultimately related to its utility independent of hype.

And we can add another downside to Bitcoin, lack of privacy.

I haven’t seen a compelling argument except maybe the meltdown of society and even that value is dubious.

I would love to see a more detailed analysis around the various scenarios. I’ve been seen such a writeup.