Good point.

I think what you meant is, just because McAfee uses the wrong description of what gives Bitcoin value, doesn't mean Bitcoin has no value.

The only thing they got right in this article is that Bitcoin's value doesn't come from digging ditches. The rest isn't really well thought out.

To answer the questions posed in the article:

1. What does Bitcoin produce? Value transfer without interference or permission, for one. Of course, there are better, faster coins. But it does this. That has value.

2. Bitcoin doesn't need to introduce anything new to increase in value. As people discover it and other cryptos, it's new to them. That's enough to increase its value.

3. Bitcoin and other cryptos are a store of value if held long term. And as they are used more, the volatility decreases so that their ability to store value works better over shorter time periods.

4. I'll know when to sell my Bitcoin (or Bitshares or Steem) when I can sell a small fraction and get more than my original fiat investment. But, what I'm really waiting for is more infrastructure and acceptance by vendors so I don't have to sell, but can just spend it anywhere.

5. Number five is a good point. Other cryptos are better than Bitcoin. Doesn't mean Bitcoin has no value though.

6. No idea what the typical profile of a new Bitcoin user is, but what does that have to do with the value?

7. If the entire power grid goes down across the world, we're all fucked anyway, whether crypto ever existed or not. And as long as your coins are stored in cold storage or a paper wallet, if the grid comes back online you should still have your coins.