I'm surprised so many people in the tech community have fallen for this Ponzi Scheme.
For example, many heard about "some guy bought a $25 pizza with 10,000 bitcoins", but no one has thought about what this means. It means someone now has that 10,000 "coins" (which is close to 2'000,000).
This also means someone had this amount (and possibly much more).
And, finally, no one questions who posseses the first "coins".
I'm surprised so many people in the tech community have fallen for this Ponzi Scheme.
For example, many heard about "some guy bought a $25 pizza with 10,000 bitcoins", but no one has thought about what this means. It means someone now has that 10,000 "coins" (which is close to 2'000,000).
This also means someone had this amount (and possibly much more).
And, finally, no one questions who posseses the first "coins".
That's why the creator is anonymous.
Just my 2 cents.
I'm surprised so many people in the tech community have fallen for this Ponzi Scheme.
For example, many heard about "some guy bought a $25 pizza with 10,000 bitcoins", but no one has thought about what this means. It means someone now has that 10,000 "coins" (which is close to 2'000,000).
This also means someone had this amount (and possibly much more).
And, finally, no one questions who posseses the first "coins".
That's why the creator is anonymous.
Just my 2 cents.
The creator of Bitcoin included a newspaper headline from the Financial Times the day of Bitcoin's release in the very first block.
While he may be in possession of the earliest coins, he obtained them after the public release of the software, as it would have been impossible for him to include that quote in the genesis block before the day he announced the release to the whole internet.
The quote: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
It's their lookout - if it does collapse, it's small enough that it won't cause real harm. If it doesn't, then it's a pretty exciting new development in the world of currency and money.
People trading Bitcoins and working on it are doing no harm to anyone, so I find it odd that anyone could get upset about it. It's like getting upset about people who trade dolls or toy soldiers or rare oil cans.
It's a bit of a stretch to call it a Ponzi scheme IMO, but you could try to make the argument that all the early investors who got in for cheap/"free" are now cashing out with the money of new investors.
But, the "Ponzi scheme" people are essentially engaging in name calling, because its definitely not a Ponzi scheme. There is no Ponzi (or Madoff) at the top running the scheme.
Better to rationally call it what it is: an enormous ramp in the spot price driven almost purely by speculation.
Some people say it's a classic bubble. Bitcoin already had one of these in 2011, this could be another.
Some people say bitcoin is different than other commodities, that this is not a bubble, but more of a "tipping point" event where bitcoin has gained enough traction/attention that it is rocketing up to its "true" value.
Pick your side, and if you're so inclined, place your bets.
I'm surprised so many people in the tech community have fallen for this Ponzi Scheme.
For example, many heard about "some guy bought a $25 pizza with 10,000 bitcoins", but no one has thought about what this means. It means someone now has that 10,000 "coins" (which is close to 2'000,000).
This also means someone had this amount (and possibly much more).
And, finally, no one questions who posseses the first "coins".
For example, many heard about "some guy bought a $25 pizza with 10,000 bitcoins", but no one has thought about what this means. It means someone now has that 10,000 "coins" (which is close to 2'000,000). This also means someone had this amount (and possibly much more).
And, finally, no one questions who posseses the first "coins".
That's why the creator is anonymous.
Just my 2 cents.