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1  Bitcoin / Bitcoin Discussion / Re: [FAQ] Is BitCoin a Ponzi or pyramid scheme? (Newbie-Friendly) on: May 25, 2011, 02:56:24 PM
I'm not worried about it being a Ponzi or a Pyramid scheme but...

Everyone is pontificating on the economics of it, but what is the crypto doing? The client source code is there, nice... I guess... But that is just going to tell you or me that it's a client to solve a crypto puzzle block. What is it that it's doing? We're running a distributed computing app that works on blocks of a cryptographic puzzle and we don't know what the puzzle is. What are we actually doing with our computer cycles? What is it that we're actually decrypting or encrypting? Until the server side source code is released I'm not touching this because of the commercial and national security implications.

It doesn't help that Satoshi himself is so wrapped in mystery. No one knows who he is or why he's done this. People talk about transparency, trust and decentralisation in the system, but without the server source released and no knowledge of satoshi's background there is a giant black hole with absolutely no transparency whatsoever and no trust for me at all with this guy. If it's all that he says it is then why doesn't he come up and tell us who he is? We're geeks and for the most part we're meritocrats. We'll put our hard earned real life money behind someone who can actually do something for real. We're not gonna dismiss someone for being a girl or a guy or a child or gay or even a furry. Unless there is more transparency throughout, including the motivations of the founder and some background I won't touch it and will strenuously tell people not to go near it either.
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