Quote:
Originally Posted by Corona688
I've talked people out of bitcoin-as-free-money schemes, so it's not like I'm gung-ho about the subject. But it's funny that these are all things which happen every day with ordinary cash without raising eyebrows but somehow here they're all shocking and new? This is just business as usual for the human race.
Usually money isn't blamed for money being stolen, though.
For it to be a pyramid scheme there has to be someone on top, and there isn't really. It's more of a mob.
I haven't written it off. It might be useful someday. But I don't think just yet.
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It wasn't a pyramid scheme so much as favoring the early adopters - that was enough to make me suspicious. "Mining" got progressively more difficult as the number of bitcoins reached the limit. I learned about bitcoins 3 years ago (on the
EconTalk podcast) and I think a large amount of the bitcoins were already mined. Had I jumped on it right then, I may have had a bitcoin or two, but probably not more.
I think the concept of bitcoin is new enough that people who acquired bitcoin didn't entirely know what to do with it, or failed to realize the "cash" nature of it. Nor did they realize that there's not really a central authority, and bitcoins are an international phenomenon.
Then they got all scandalized when they figured it out - sometimes the hard way.