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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. A
by 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 agoWell, 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 agoIf 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 agoOnly if they say they aren't worthless. Which in this case they don't.
- Tichy 15y agoHow is BitCoin worthless? It's a tool that can be used for a variety of things.
- mahyarm 15y agoIs 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 agoYou 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 agoThanks for that. I needed a good laugh today. :-)
- npongratz 15y agoFine, 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..."