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>I’ll give you similarities of the Bitcoin with a Ponzi scheme: A ponzi scheme implies the underlying "business" doesn't have value, or at least not worth the
by tmh88j 9y ago
>I’ll give you similarities of the Bitcoin with a Ponzi scheme:
A ponzi scheme implies the underlying "business" doesn't have value, or at least not worth the value which it claims to generate. Just to pick the low hanging fruit to keep things simple, Bitcoin proved it has value on the dark web. That alone doesn't show it has mainstream value, but it contradicts your definition of it being a ponzi scheme. Just to throw some mainstream value in the mix, what do you think of blockchain smart contracts and their position relative to mainstream financial institutions for escrow services?
- laci27 9y agoThe underlying "business" = technology of bitcoin DOES NOT HAVE VALUE. The blockchain is good in theory, not in practice. Smart contracts?? look behind the buzz and please tell me what business uses it? If I have to make a shipment of goods somewhere, what company does do you think will pay in advance ..cause you know.. we have a smart contract that releases the funds when the merchandise arrives at the destination..I don't know what you do for a living, but for sure you are not in business, as 'prepaid' contracts are not how the world works.. As escrow service, it does work, I'll give that to you, but when you consider how many ETH contracts were hacked just this year. .. I would rather pay the fee to an offline escrow than risk losing everything to North Korean hackers....
- tmh88j 9y agoJPMorgan recently launched Quorom, which is a smart contract payment network built on Ethereum. Blockchain as a functioning technology is still brand new and in its infancy, no kidding it doesn’t have widespread use yet. It’s not just an upgrade to an existing system, like dynamic webpages, it’s an entirely new industry. It’s not going to be a rapid overnight adoption by mainstream businesses.