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MIT joins the Bitcoin Ponzi scheme.

• baddox 12y ago
  A Ponzi scheme is an investment operation where the founder pays returns to initial investors with the funds from new investors, and fraudulently keeps this fact from investors. So Bitcoin is not a Ponzi scheme.
  • patmcc 12y ago
    It may, however, be a pyramid scheme, where early adopters can only profit by getting others to invest at ever-higher prices. History will either record Bitcoin as a currency or a pyramid scheme, and anyone who says they're sure which one it'll be is either a fool or a liar.
    • baddox 12y ago
      Yes, but only in the same sense that every currency that has greater face value than the value of its physical ingredients is a pyramid scheme.
      • jebblue 12y ago
        The US dollar is backed by Americans. A bit coin is backed by who?
        • BrokenPipe 12y ago
          Earthians, gaians, world citizens ;) Including me.
        • vbuterin 12y ago
          Bitcoin users. Which is a larger population than that of many countries that have national currencies.
        • baddox 12y ago
          The phrase "backed by Americans" is very hand-wavy.
        • a3voices 12y ago
          Humans with Internet access
      • penguindev 12y ago
        ... and in the same sense that most things humans do are [pyramid] schemes :-)