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This is why bitcoin is a sham. The premise of perceived bitcoin value is based on the greater fool theory. What the hell were any of these people thinking? htt

• shawnz 13y ago
  That has nothing to do with what has happened here and has been argued ad nauseam in other threads already. In short: the only aspect of bitcoin that may be considered an instance of the greater fool theory is the idea that it is a guarenteed investment. Obviously it is not, and this news has nothing to do with bitcoin as an investment vehicle anyway.
  • padseeker 13y ago
    It has everything to do with this - the reason it was stolen is it is a crypto currency with no legitimacy or inherit value. It's not even a physical object, its more like a stock that is not regulated. If this were real currency or a stock, then there might be some regulation and stealing would be hard to pull off. This virtual currency's value is based on nothing. The whole hacked account thing has a lot in common with some of the stock scams that occurred pre-depression. You have phony stocks which people buy into, it gets pumped, value is inflated, then dumped only to find out there was no company or the books were cooked. For all we know the guy that created silk road 2 'hacked' it himself and pocketed the bitcoins. This has more in common with a bad stock deal than a real robbery. And bitcoin has about the same real value as one of the phony stocks peddled on the market in the 1920s.
    • RankingMember 13y ago
      What about the USD's value is based on something other than a mental construct shared by billions of people?