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Unfortunately I get the feeling more and more everyday that this really is just a ponzi scheme built on really cool new technology. I mean honestly most people
by theklub 13y ago
Unfortunately I get the feeling more and more everyday that this really is just a ponzi scheme built on really cool new technology. I mean honestly most people who buy bitcoin aren't looking to spend it or use it because of convenience, they are looking to hold it in the hopes that the price continues to go up and on the way encouraging everyone they know to buy in to drive up the price.
- hanswesterbeek 13y agoYeah, the technology fascinates me as well, it's very cool. It's said that the real-world economics of it make no sense at all. The technology will survive though, the ideas will make their way into other pieces of software.
- lukifer 13y agoEconomics is merely a form of social contract. For god's sake, humans have turned gigantic immovable rocks into currency: http://en.wikipedia.org/wiki/Rai_stones http://en.wikipedia.org/wiki/Rai_stones BitCoin will thrive (or not) based on the community that grows around the technology. While it's equally feasible that it becomes a major world currency, or that it collapses in value and held only by a handful of "crypto-enthusiasts", I don't think it will ever go away.
- gnaritas 13y ago> I mean honestly most people who buy bitcoin aren't looking to spend it or use it because of convenience, they are looking to hold it in the hopes that the price continues to go up and on the way encouraging everyone they know to buy in to drive up the price. Even if that's true, that doesn't make it a Ponzi scheme. A Ponzi scheme is an investment in a phony entity run by a fraudster (the Ponzi) who's promising guaranteed returns and lying about the existence and nature of what the investment is. New money making early investors rich is not a defining feature of nor unique to Ponzi schemes. Ponzi schemes require a Ponzi, intentional fraud, and a fake investment. Bitcoin is none of these things; it's not even remotely similar to a Ponzi scheme. No one is being lied to about what Bitcoin is, there's no fake investment here, Bitcoin is a real and functional payment network. There's no guarantee of returns here. Stop spreading FUD. Gox is not Bitcoin, Mark being a criminal doesn't make Bitcoin a Ponzi scheme.