Bitcoin is strongly deflationary
Dabbs touches on this briefly at the end of the article, but this is really the biggest problem with Bitcoin qua currency - even accounting for its vast impracticality.
Simply because it's based on a limited commodity, Bitcoin is strongly deflationary. It's like the gold standard of the turn of the 20th century - there's a reason we invented fiat currency! It's no coincidence that Bitcoin appeals to the same Austrian-economics right wing libertarian cretins as a return to the gold standard.
But I digress. Those of us that grew up in the 70s (or Germans who are permanently terrified of a return to Weimar economics - i.e. the paymasters of the ECB) are taught that inflation is a axiomatically bad thing. This is, of course, bollocks. Moderate inflation is a good thing - there's an argument that our inflation targets should be closer to 4%, not the 2% we have now.
Deflation is crippling - just ask Japan. During deflation, the best thing you can do with your money is sit on it. Investment and spending collapses, and your country enters a prolonged depression.
And if we think we have trouble with an oligarchic elite now, the problem would be so much worse without inflation there to erode inherited wealth.
In short, Bitcoin economics is awful on every level. It's almost as if it has been designed to undermine the ability of governments to control the supply of money and to heighten the power of entrenched wealth (and let's not forget all that lovely potential for tax evasion). And we, the techies, blindly buy into this agenda because it's shiny and new, and has "crypto" in the name, and we think being free from government influence is great when actually it's the only thing keeping the plutocratic wolves from the door.