Bitcoin revealed: a Ponzi scheme for redistributing wealth from one libertarian to another

If Bitcoin were a currency, it'd be the worst-performing one in the world, worse even than the Russian ruble.

But Bitcoin isn't a currency. It's a Ponzi scheme for redistributing wealth from one libertarian to another. At least that's all it is right now. One day it could be more. Venture capitalists, for their part, are quick to point out that it's really a protocol, like the early internet, and its underlying technology could still be revolutionary. Also, they've bet hundreds of millions of dollars on it.

But that's not much of a consolation to anyone who bought anywhere near Bitcoin's $1,100 top. Or near $1,000, or $900, or $800, or, well even yesterday's prices. That's because Bitcoin hasn't just fallen 76 percent the past year. It's fallen 36 percent the past two days, as you can see below, with a 24 percent decline the past 24 hours. It's too bad Bitcoin doesn't have a central bank to help stabilize its value.

Stake does not equal exposure:

Consider for example a pirateat40 style "trust" on a POS coin. The "trust" has a very significant stake combined with a very significant short exposure, and consequently a vested interest in the collapse of the currency, and can vote the stake accordingly. https://en.bitcoin.it/wiki/Pirateat40. POS rewards the creators of ponzi schemes.
 
A variant of this is an exchange gone bad. Again the exchange operator controls a massive stake via customer deposits but no exposure, and if fraud occurs creating a fractional reserve. The exchange has a vested interest in the collapse of the currency in order to cover losses and can vote the stake accordingly.

Buying the currency while at the same time selling a greater amount on a derivatives market, creating a large stake with a short exposure and vested interest in the collapse of the currency. Again the stake can be voted accordingly.

Need I go on ...

i  think stellar will touch $1 or 10$

If they wait until bitcoin price reach $320, they could halts their service for a long time
It's better they to get a new hardware like UMISOO / antminer S4 / something better

Hello developers HINT HINT, you guys do know Facebook is like FREEE advertising, why dont you try it assholes.

I bet they're not giving a fuck. I'm sure they can see the long term value.


But a lot more people use cash than people use facebook.

For some point your right, but all are in lead roll in there fields.
I will be glad to see FB down but this is hard to happen, maybe if somebody hacked them good with some serious sh...

Eventually everything will be based on crypto even FB so this is will be true that btc is bigger that FB.

Winklevoss twins: Bitcoin will be bigger than Facebook. The brothers, two of the most influential players in a new generation of investors, say bitcoin will encourage financial openness.

http://www.ahametals.com/bitcoin-bigger-than-facebook/

Jokes aside, people are dumping. It could even be Bitstamp's stolen coins.

Anyone would love to get pumped back to the 400$ level but it will take some injections to get there. You know any steroid providers to help?

What does it all mean?  How low will it go?  Does this mean it's still better to buy btc or invest in mining gear?

You forex "Experts" or Forex wannabee make me laugh so hard. What you saw in bitcoin price can be charted all the way back to June of last year. the same thing has happneed over and over month for month the past 7 months. There are no fundamental analysis in bitcoin possible, there is no demand for the coin. Anmd how ironic I told this whole community back in June if someone does not get off their ass and create a demand for this coin it will tumble it will fall, and if someone with 1000s of bitcoins in thier wallet doesn't wake up and do it now those 1000s of bitcoin will be worth pennies. Call me what you want, rationalize this however you want. But for ALL OF YOU idiots on here who do not UNDERSTAND currency trading let me give you somne clues. in order for a currency to hlde true value it MUST have a demand, in order for high dollar investors to really get involved, there MUST be a demand. THERE IS NO REAL DEMAND FOR BITCOIN. gambling is NOT a demand, anonymity is NOT a demand, have the ability to anonymously look on porn sites is NOT a demand.


Ask yourself if you were a multimillion dollar investor, would you rest hundreds of thousands of dollars in an investment where the best thing it had going for it was a bunch of gamblers and porn watchers?

NO YOU WOULD NOT!!!. SO why do you expect real multimillion dollar investors to.

where are the bitcoin devs? why do you never see them here? why dont they even support their own community of believers and invesdtorts. Oh yea thatys right they are in the Bahamas drinking mixed drinks showering them with the fruits of our labor. opening their Ipads once a week to seemingly work on the "protocol" which has no problems at the present. They need to get their priorities straight. Bitcoin lost everything it had going for it when Satoshi disappeared. these jokers who took over were just another get rich quick bullshit scammers. And that is why bitcoins price is never going to rebound Unless the community does something. For em I would not do a thing for bitcoin. I would do something usefull for Dogecoin than Bitcoin. At least the Dogecoin devs are trying to make a demand for thier coin they are not just sitting on thier ass waiting for a handout.

Gavin Andresen said it all when he released his stupid ignorant slap in the face to all bitcoin investors by telling new people NOT to invest in bitcoin. No matter how youb look at the add to a technological idiot it says DONT BUY BITCOINS!!!

For you developer lovers and peons who want to defend the Bitcoin devs and the people involved in bitcoin heres I CALL BULLSHIT. ANd I call your bluff and make you look stupid by your own people now



Stop defending the Devs like they are some kind of Gods, its thier responsibility to create a demand for the coin its been 6 years time for them to go to work. Its thier job to make sure the coin succeeds, time to go to work. Its been 6 years no more infancy, no more bullshit DO YOUR DAMN JOBS DEVELOPERS!!!!