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It's my understanding that being a Ponzi scheme was an explicitly stated feature in the design of Bitcoin. The idea was that setting up a very large first-move
by corysama 14y ago
It's my understanding that being a Ponzi scheme was an explicitly stated feature in the design of Bitcoin. The idea was that setting up a very large first-mover advantage overcomes the chicken-egg problem of a currency whose entire value is based on network effects but initially has no users.