I think Krugman hit the nail on the head with some comparisons here, such as of being a bit-bug is no different than being a gold-bug and how money cannot stand outside the system. That's exactly what the value of money is-- it's other people's belief in whether other people believe in it, which actually is pretty much how social networks work.

The thing I never liked about bitcoin was the whole let's prevent inflation by not allowing the 'printing' of money bit that are baked into how the bitcoin supply expands. I don't see any reason to expound on that other than to make a political, rather strongly libertarian-leaning, statement.