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It can't succeed. Cryptocurrencies might succeed, but not bitcoin. It's not even inflationary; it's a cross between a payment system and a pyramid scheme. Its
by tormeh 12y ago
It can't succeed. Cryptocurrencies might succeed, but not bitcoin. It's not even inflationary; it's a cross between a payment system and a pyramid scheme.
Its a bit pedantic, but please don't say bitcoin when you mean cryptocurrency, as bitcoin is a pretty bad one.
- calinet6 12y agoMaybe a naïve question, but are there any good ones we should support instead?
- oafitupa 12y ago> It's not even inflationary And that's exactly the whole point, and is the very reason it's working. > a pyramid scheme Then every other successful investment is a pyramid scheme. Gold is a pyramid scheme! Storing food for catastrophes is a pyramid scheme! Paintings are a pyramid scheme!
- ufo 12y agoNot every investment has to be a pyramid scheme. If you are generating value or selling a product then you end up with more money than what your investors are putting in. What makes bitcoin into kind of a pyramid scheme is that right now a big part of the reward for miners is the 25 bitcoin you get from mining a block. Only a very small fraction comes from the transaction fees. The only way to keep bitcoin stable is by having a constant supply of new users buying into bitcoin by acquiring those fresh bitcoins from the miners.