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"Ponzi scheme" has a very specific definition (early investors paid by late investors rather than from profit). While Bitcoin may certainly be in a bubble, a sh
by sirsar 13y ago
"Ponzi scheme" has a very specific definition (early investors paid by late investors rather than from profit). While Bitcoin may certainly be in a bubble, a sharp rise in price does not qualify it as a ponzi any more than tulip bulbs or AAPL shares.
- verroq 13y agoLet's call it a bubble then, since BTC's intrinsic value is somewhere near zero.
- mitochondrion 13y agoThe intrinsic value of USD is near zero. Useful in a post-apocalyptic as fire kindling, and not much else. Its perceived value is powered through the USA's massive military, political, economic, and financial power. Perhaps Bitcoin has a perceived value as a mechanism of subversion of such a hegemony. Or maybe it's just a vehicle of speculation. Either way, no modern currency has intrinsic value.
- DrStalker 13y agoThat's why Australia has polymer banknotes, in a post apocalyptic situation you can combine them in a waterproof patchwork sheet.
- a8000 13y agoI think what he means is that early adopters are disproportionally rewarded if additional people use the currency, since mining gets exponentially harder.