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It's free market, everyone is free to buy and sell as they wish. It's not a scam since there is the same information to everyone. I'm pretty sure that the earl

It's free market, everyone is free to buy and sell as they wish. It's not a scam since there is the same information to everyone. I'm pretty sure that the early adopters couldn't guess this year's rise in value, and couldn't guess the price drop either. While I believe in bitcoin or cryptocurrencies in the longterm, I'm still pretty sure that bitcoin value will stay very volatile in the coming years. The stability will take time, and widespread adoption for this kind of innovation will take years if not tens of years.

polshaw 15y ago
Your reply missed his point as bitcoin is 'mined' not just bought and sold. The difficulty of that mining is set based upon the computing power of the miners. Add to this the fact that the number of coins available to be mined each day is designed to be reduced over time, and you end up with early adopters (formost of which being the creators) controlling a massive proportion of the total worth of bitcoins.
- jerguismi 15y ago
  Well, I guess that most startups are pyramid scams, since the founders (early adopters) end up controlling massive proportion of the total worth of the company.
  - dpark 15y ago
    If the startup founders create the company specifically to sell a worthless product to investors, then yeah, it's a scam. Also Bitcoin is not a company, any more than US Dollar is.
    - icebraining 15y ago
      Only if they say they aren't worthless. Which in this case they don't.
    - Tichy 15y ago
      How is BitCoin worthless? It's a tool that can be used for a variety of things.
- mahyarm 15y ago
  Is that much better than printing money and distributing the new money to major banks? That is what the US government is doing now. Most countries do a combination of distributing newly printed money to domestic banks and the government itself.
  - caf 15y ago
    You know that they don't just give the money away to banks, right? It's loaned. They have an obligation to repay it.
    - erichocean 15y ago
      Thanks for that. I needed a good laugh today. :-)
    - npongratz 15y ago
      Fine, money is loaned to a bank, and they have an obligation to repay the loan. With what does said bank repay the loan? Money, of course. Where does that money come from? Ultimately: other loans. "It's loans all the way down..."
johnny22 15y ago
"It's not a scam since there is the same information to everyone." does this really make something not a scam? As far as i've seen, most people do have access to the information needed to prove something a scam. It doesns't mean they will both find it, and believe it.
- icebraining 15y ago
  In any scam, the scammer promises profits which (s)he knows are a lie. No such thing happens here. A lottery isn't a scam, even though only a few actually get money out of it. It's just gambling, and so it Bitcoin.

polshaw 15y ago

Your reply missed his point as bitcoin is 'mined' not just bought and sold. The difficulty of that mining is set based upon the computing power of the miners. Add to this the fact that the number of coins available to be mined each day is designed to be reduced over time, and you end up with early adopters (formost of which being the creators) controlling a massive proportion of the total worth of bitcoins.

jerguismi 15y ago
Well, I guess that most startups are pyramid scams, since the founders (early adopters) end up controlling massive proportion of the total worth of the company.
- dpark 15y ago
  If the startup founders create the company specifically to sell a worthless product to investors, then yeah, it's a scam. Also Bitcoin is not a company, any more than US Dollar is.
  - icebraining 15y ago
    Only if they say they aren't worthless. Which in this case they don't.
  - Tichy 15y ago
    How is BitCoin worthless? It's a tool that can be used for a variety of things.
mahyarm 15y ago
Is that much better than printing money and distributing the new money to major banks? That is what the US government is doing now. Most countries do a combination of distributing newly printed money to domestic banks and the government itself.
- caf 15y ago
  You know that they don't just give the money away to banks, right? It's loaned. They have an obligation to repay it.
  - erichocean 15y ago
    Thanks for that. I needed a good laugh today. :-)
  - npongratz 15y ago
    Fine, money is loaned to a bank, and they have an obligation to repay the loan. With what does said bank repay the loan? Money, of course. Where does that money come from? Ultimately: other loans. "It's loans all the way down..."

johnny22 15y ago

"It's not a scam since there is the same information to everyone." does this really make something not a scam? As far as i've seen, most people do have access to the information needed to prove something a scam. It doesns't mean they will both find it, and believe it.

icebraining 15y ago
In any scam, the scammer promises profits which (s)he knows are a lie. No such thing happens here. A lottery isn't a scam, even though only a few actually get money out of it. It's just gambling, and so it Bitcoin.