Bitcoin Forum

Bitcoin confidence game is a Ponzi scheme for the 21st century

http://www.zdnet.com/bitcoin-confidence-game-is-a-ponzi-scheme-for-the-21st-century-7000027181/ (http://www.zdnet.com/bitcoin-confidence-game-is-a-ponzi-scheme-for-the-21st-century-7000027181/)

"It's captured the imaginations of enthusiasts all too ready to exchange it for real-world goods, but recent and repeated hacks of Bitcoin's underlying elements suggest the virtual currency is no more real than the Ponzi schemes of yesteryear – and it's only a matter of time until the faithful get burnt."

Another clueless reporter. Got tired of this nonsense months ago.

lol! Yeah... I was typing a comment on those "hacks of underlying elements" but then... there's only so much stupid one can endure before becoming despondent.

glad to know I'm not the only one giving up on responding to this kind of bullshit, if anyone is dumb enough to believe this guy over people who actually use and understand the currency then they're beyond help.

Wow, this guy scored ignorance, arrogance and stupidity in just once sentence, what an achievement.

This puts ZDNet's editor's IQ in doubt as well.

Yes this is correct, bitcoin only has value because of collective belief. Well done.

But this is the very same reason the dollar has any value as well.

This difference is bitcoin has true organic value because people voluntarily choose to value it.
Dollars only have value because the US government tells you it has value. Pointing a gun at your head forcing you to use it.

These guys are going to be eating crow when proof of solvency and real-time audit functions are implemented on the exchanges, effectively rendering obsolete whatever regulations that are assigned to fiat.

LMAO, man they managed to squeeze in con game AND Ponzi scheme just in the title? Outstanding!

It's collective believe why BTC is the most widely accepted virtual currency and not any Alt-Coin. On top of  that there are significant cost to produce 1 BTC.

It's collective believe why gold is the most widely accepted physical currency and not any other precious metal. On top of that there are significant cost to produce an ounce of gold.

It's force why the Dollar bill is the most widely accepted fiat currency and not other fiat currency. In contrast there are literally no cost to produce a Dollar bill.

Because if you don't believe in mathematics it won't work.  ;D Also, looks like there's only a few people in the world capable of understanding public-key cryptography  :( And in order to believe you have to understand...Now it's confirmed that Bitcoin is doomed!