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This is what has always confused me about Bitcoin. How is it not a great scam? The way I see it, the creators of Bitcoin have the lion's share of the coins. S

by avree 15y ago

This is what has always confused me about Bitcoin. How is it not a great scam? The way I see it, the creators of Bitcoin have the lion's share of the coins. Since they're hard to mine, it's not like supply is increasing at a rate where it can offset that big initial pooling. As a matter of fact, some of the big crashes I've seen are from mass cash-ins from people with exactly these large pools. So, if Bitcoin actually becomes ubiquitous, as are the creator's goals, do the creators come out millionaires?

jerguismi 15y ago
> How is it not a great scam? How is it a great scam? Who is scammed here? No false information is provided, the protocol and program source code is all open source for you to examine. Of course some bitcoin users can tell you that "I believe bitcoin value will rise tenfold in the next year", but that is not scamming. It is the same as I would say that "I believe nokia share will rise tenfold in the next month". If you believe me and buy Nokia shares, you are just stupid, not scammed :)
- yvdriess 15y ago
  Or as some would tell you: Bitcoins are backed by gold. Comedy gold.
  - joeycfan 15y ago
    Bitcoins are backed by math and math is better than gold because smiling bankers in silk suits can't steal your math and the government can't send men with guns to confiscate your math.
polshaw 15y ago
>So, if Bitcoin actually becomes ubiquitous, as are the creator's goals, do the creators come out millionaires? Billionaires, actually. It is one of my biggest problems with BTC.
Lambdanaut 15y ago
I don't think this is really all that much of a bad thing. It's not like they're providing a dis-service to society. Shouldn't the creators of the first successful decentralized currency get at least some compensation?
haakon 15y ago
> Since they're hard to mine, it's not like supply is increasing at a rate where it can offset that big initial pooling. The supply increases at a constant rate of 50 bitcoins every 10 minutes, regardless of the difficulty.

by avree 15y ago

jerguismi 15y ago

> How is it not a great scam? How is it a great scam? Who is scammed here? No false information is provided, the protocol and program source code is all open source for you to examine. Of course some bitcoin users can tell you that "I believe bitcoin value will rise tenfold in the next year", but that is not scamming. It is the same as I would say that "I believe nokia share will rise tenfold in the next month". If you believe me and buy Nokia shares, you are just stupid, not scammed :)

yvdriess 15y ago
Or as some would tell you: Bitcoins are backed by gold. Comedy gold.
- joeycfan 15y ago
  Bitcoins are backed by math and math is better than gold because smiling bankers in silk suits can't steal your math and the government can't send men with guns to confiscate your math.

polshaw 15y ago

>So, if Bitcoin actually becomes ubiquitous, as are the creator's goals, do the creators come out millionaires? Billionaires, actually. It is one of my biggest problems with BTC.

Lambdanaut 15y ago

I don't think this is really all that much of a bad thing. It's not like they're providing a dis-service to society. Shouldn't the creators of the first successful decentralized currency get at least some compensation?

haakon 15y ago

> Since they're hard to mine, it's not like supply is increasing at a rate where it can offset that big initial pooling. The supply increases at a constant rate of 50 bitcoins every 10 minutes, regardless of the difficulty.