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Author Topic: 2014-03-11 ZDNet - Bitcoin confidence game a Ponzi scheme for the 21st century  (Read 867 times)
TheIrishman
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March 12, 2014, 12:14:47 PM
 #1

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/

"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."


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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Denton
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March 12, 2014, 12:55:17 PM
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Bitcoin's underlying elements
Another clueless reporter. Got tired of this nonsense months ago.

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March 12, 2014, 01:16:43 PM
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Bitcoin's underlying elements
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.

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March 12, 2014, 01:56:27 PM
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Bitcoin's underlying elements
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.
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March 12, 2014, 02:35:09 PM
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A virtual currency, backed by absolutely nothing except the fierce belief in the integrity of a complex mathematical formula few of its proponents even understand, is proving to be little more trustworthy than the Zimbabwe dollar after hackers tested and defeated controls put in place to manage it fall at the first hurdle.

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.
Buffer Overflow
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March 12, 2014, 03:26:00 PM
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But Bitcoin is not the US dollar, nor even the Zimbabwe dollar: it is the Santa Claus of currency, something whose very importance in society relies not on physical evidence but on the power of collective belief.

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.


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March 12, 2014, 05:03:36 PM
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but Bitcoin needs to exist as part of a real-world ecosystem managed with the same sorts of responsibilities, integrity, governance, and legal repercussions for breaches as are assigned to other currencies.

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.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
SirWilliam
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March 12, 2014, 08:18:24 PM
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LMAO, man they managed to squeeze in con game AND Ponzi scheme just in the title? Outstanding!

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/

"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."



bitbouillion
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March 12, 2014, 10:43:15 PM
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But Bitcoin is not the US dollar, nor even the Zimbabwe dollar: it is the Santa Claus of currency, something whose very importance in society relies not on physical evidence but on the power of collective belief.

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


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.



Denton
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March 13, 2014, 12:43:42 AM
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A virtual currency, backed by absolutely nothing except the fierce belief in the integrity of a complex mathematical formula few of its proponents even understand, is proving to be little more trustworthy than the Zimbabwe dollar after hackers tested and defeated controls put in place to manage it fall at the first hurdle.

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.

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

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