Slate: - Bitcoin is a ponzi scheme

[randrace]

More like... Bitcoin: Ponzi is a Slate Scheme

...am I right, people?

[Elwar]

Remember this simple clue.

People who believe it is people who determine the quality of a product and not the product itself will focus on Satoshi and the fact that they cannot judge Bitcoin because they cannot judge Satoshi.

If Satoshi was out hobnobbing with celebrities and taking trips to Africa to help starving orphans between trips from London to DC dinner parties then Bitcoin would be the best thing known to man.

If Satoshi was some rich guy who likes his solitude in the Montana countryside with his large family, then Bitcoin would be a horrible thing.

Because Slate cannot judge the product based upon the man, they must default to it being a scam.

[evoorhees]

It's just a vanity venture, run by some snotty New York rich kids who would sooner put on a burka than serve in a US military uniform.   

I'd rather wear a burka than a nationalistic clown costume as well. But yeah I think your assessment of Slate is probably spot on

[iCEBREAKER]

Get over yourself.

Just the facts ma'am!  You may unclench and remove the knot from your panties now.   

[alcibiades]

I really don't like the fact that early adopters can own a huge % of the total currency that will ever be in existence. I wish the mining rate would taper off, but never go to 0. That way people that just hold their money get diluted eventually. There's no risk that Satoshi suddenly shows up one day with BTC worth $10 trillion

[Qoheleth]

I wish the mining rate would taper off, but never go to 0.

Right now, BTC has eight decimal places. If that gets expanded within the next couple decades, mining will continue to generate coins for much longer than the "early-mid 22nd century" cutoff in the current algorithm. Granted, it'd still asymptotically approach 21 million coins. Just that instead of the block reward going to zero, it'll go to a small number that'd round to zero.

If you're asking for no asymptote - for endless growth - well, there's a lot of folks who would never have signed on if BTC wasn't provably scarce the way it is.

[Peter Lambert]

I really don't like the fact that early adopters can own a huge % of the total currency that will ever be in existence. I wish the mining rate would taper off, but never go to 0. That way people that just hold their money get diluted eventually. There's no risk that Satoshi suddenly shows up one day with BTC worth $10 trillion

Early adopters currently own 100% of the bitcoins in existence, and over half of the total that will ever be in existence. We are all early adopters, if you think about how few people in the world have even ever heard of bitcoins. Anybody who wants can join us and be an early adopter too.

[myrkul]

http://www.slate.com/articles/news_and_politics/view_from_chicago/2013/04/bitcoin_is_a_ponzi_scheme_the_internet_currency_will_collapse.html

Any mistakes in this article?

The title. Just downhill from there.

[dandirk]

My opinion...

BTC is a...




scheme!

[myrkul]

It's just a vanity venture, run by some snotty New York rich kids who would sooner put on a burka than serve in a US military uniform.   

I'd rather wear a burka than a nationalistic clown costume as well. But yeah I think your assessment of Slate is probably spot on

I hear they're quite cool in the summer. Oh, and it's Burqa.