On the contrary, I not only understand it, I’ve worked in the Bitcoin industry doing software development and software architecture for a Bitcoin exchange. I understand the algorithms and studied the cryptography that underlies it at the graduate level too. So I know it pretty well. The blockchain is just a tool — it doesn’t have any moral aspect and I have no opinion about it (other than that it’s somewhat over-sold.) But the Bitcoin enterprise built on top of it is another matter. It cannot be a reliable “store of value” for reasons that are fundamental to the concept, as follows. Making money on a Bitcoin requires that someone buy your coin for more than you paid for it. (That should not be controversial.) Also, the value can’t rise forever — I’m sure we agree on that too, right? Consider that almost all the activity in Bitcoin is speculative. Overwhelmingly, people buy Bitcoin to make money when the value goes up. (Extortion payments and paying for fentanyl are minor uses. ) Here’s the rub: as it is impossible for it to go up in value forever, it MUST reach a point where there can be no reasonable expectation of it going up further. With few buyers, the value must fall because, unlike real money, it has almost no value other than as a vehicle for speculation. The money paid for each Bitcoin at it’s last sale price is unrecoverable. In total, it adds up to the total amount of dollars and the dollar value of the goods bought with it, including the money that paid the power companies and processing machine manufacturers, etc. that people have walked away with. Every dollar’s worth of value that was ever exchanged for Bitcoin represents a loss by the people who hold them at the end of the party. How can it be any other way? If there were a way to manufacture money out of thin air, we’d all do it. No — all that money pulled out of Bitcoin is ultimately paid for by the people left holding the bag.