Was Bitcoin actually just a Pump and Dump?

[bitkilo]

Bitcoin is not a "pump and dump" and even if that's how it started out the creators are going to have a hard time crashing it, if they dump a heap of coins they will just get snapped up quickly again by keen bitcoiners.

[tvbcof]

Bitcoin, like most things, is I'm sure different things to different people.

On balance I see most of the interests from the primary development parties as something other than a pump-n-dump.  My sense is that from the Bitcoin Foundation side is that it is another method for the same old surveillance and control that characterize our more mainstream exchange solutions.  From the blockstream associated side my sense is that the originally advertised decentralized peer-2-peer ideas still seem workable to them.  To a lot of those who choose to become whales I imagine that it was a genuine pump-n-dump opportunity.  We'll know if/when they start dumping I guess.

[Slark]

In order to prop up the initial system, Bitcoin mining was designed to bribe early users with exponentially better rewards than latecomers could get for the same effort.
This effectively makes Bitcoin a pump-and-dump scheme wherein these early adopters, who have more bitcoins than anyone else ever will, hype it up so they can offload their bitcoins onto fools who think they'll strike it rich as speculators, or whomever else will accept them as payment. Basically, this means the system runs on opportunism, especially among people who like the idea of decentralized techno-money. Although this setup is defended as an acceptable trade-off and/or a fair reward for propping up the system, this presumes that it will actually result in a widespread, reliable currency.

[little tiger]

definitely not. If it is just like that, then people won't be so active and fascinated about it, our gov wouldn't allow that.

[the joint]

Bitcoin is a farce. The "free market economy" in miniature. There is nothing new, it isnt "decentralized" or whatever you thought. It is nothing more then a big scam, initiated by some inteligent guyz, but let me explain this to you:

The mining pools are the governmental institutions, they create BTC out of nothing (federeal reserve). The exchangers are the banks, they trade with BTC like shares. That means there is no consideration for those who "believe" in Bitcoin, early birds do their profit, all the others have to pay the bill. If you guys would know what I know... All exchangers manipulate the prize (because there is no regulation), yea you hear right, they can write whatever they want on their website! Bitcoin has no value, exact as FIAT. Its only the people who believe it has! Exchanger make $$$ out of nothing because of high-speed trades between each other. At the end there is the blackmarket (silk road). And all is controlled by a very very little amount of people, but there have their fingers in..
You guys should stop supporting it.

So, let me get this straight.  It's unregulated, but it isn't decentralized?  It's open source, but it's a scam?  Mining pools are government institutions, but that's where most of the individual miners mine?  It's like the Federal Reserve, but the supply is mathematically predictable and capped?  Exchanges make "$$$," but that's from sending their own money back and forth to themselves (uh, what?)?

[Kakmakr]

He is trolling and spreading FUD.

Ignore = On

It is clear, he has no clue and is talking through his a$$

[ninjaskip]

In order to prop up the initial system, Bitcoin mining was designed to bribe early users with exponentially better rewards than latecomers could get for the same effort.
This effectively makes Bitcoin a pump-and-dump scheme wherein these early adopters, who have more bitcoins than anyone else ever will, hype it up so they can offload their bitcoins onto fools who think they'll strike it rich as speculators, or whomever else will accept them as payment. Basically, this means the system runs on opportunism, especially among people who like the idea of decentralized techno-money. Although this setup is defended as an acceptable trade-off and/or a fair reward for propping up the system, this presumes that it will actually result in a widespread, reliable currency.

I agree!

[bitcoinwien]

Looking at the charts andif you compare them with other Alt Coins, anyone might think Bitcoin is a pump and dump

So what if it is, it has created a free market for drugs and it revolutionized the way people can pay each other.

I understand so what, who cares about Drugs, well Millions of people do and its about time that the Drug Markets needs to be regulated new.
Thanks to Bitcoin it has gotten a lot easier to buy and sell drugs and to launder money, isnt that already a success in itself??

We are coaught in the monetary system, we cant even opt out of it and thats terrible, so now with Bitcoin we at least had a slight chacne to do BUsiness without the fucking government knowing what we do, so maybe Bitcoin was just the beginning and something bigger is about to happen

Fuck the Governments banks and all those fucking controll freaks
Power to the People

[Jamie_Boulder]

Your theory requires to many people and unfortunately people are idiots therefore this cannot be a reality that remained a secret.

[Sheldor333]

For some I think this was true, but I don't think this is the truth for the most people. A lot of them are still holding on to their coins. I think it would be great it price was steady, it would attract more people for sure.

[wesk1212]

Recently i decided to agree with u
Pump and dump game

[Orangina]

I'am pretty sure that satochi didn't expect that bitcoin will be a big success like this so nah .. it wasen't

[CryptoCarmen]

I think satoshi wanted to make a blockchain to run with his friends.

[HotHamHock]

Has anyone bothered to read the white paper?
Or at least skimmed the highlights in shorter, punctuated points?

Some of the discussion here ...
http://cdn.thedailybeast.com/content/dailybeast/galleries/2013/05/16/george-takei-s-nine-favorite-star-trek-memes/jcr:content/gallery/fdd49858-ed35-4e66-b83e-6bb4c07af2d9/image.img.1280.1024.jpg/1368747407671.cached.jpg

[ninjaskip]

Has anyone bothered to read the white paper?
Or at least skimmed the highlights in shorter, punctuated points?

Some of the discussion here ...

The white paper looks good,
now the highlights do look like a Bank's website trying to sell you a new product.

[Nagle]

Well, the basic design, where the early adopters got tons of Bitcoins very easily, suggests it was designed as a money-making opportunity.

[HotHamHock]

Has anyone bothered to read the white paper?
Or at least skimmed the highlights in shorter, punctuated points?

The white paper looks good,
now the highlights do look like a Bank's website trying to sell you a new product.

I can see what you mean, but don't you think that irrelevant?

When easy to digest information for the laymen is most effectively communicated in such a manner, could you expect the highlighted points, despite whatever motives of the author, to look any different than as "advertised" bite size pieces?

Well, the basic design, where the early adopters got tons of Bitcoins very easily, suggests it was designed as a money-making opportunity.

No, the timely reduction of the block rewards was structured in such a way as to create a smaller potential impact that newly minted coins could make on a fixed market size. Granted, it gave privilege to very early adopters (as do all technologies), but would you really prefer reversing the algorithm so the greatest rewards were yet to be distributed in a landscape like today of very few industrialized mines?

[valvalis]

How you can say that & Satochi didn't even touch his coins on the first place 

How do you know that some guy or old man called satoshi even has any coins?

http://www.youtube.com/watch?v=w7YmJZ-qVW8

is it true if Dorian Nakamoto is Satoshi Nakamoto?
am I the only person who still not beliving it?

[harrymmmm]

Hmm, what kind of tinfoil hat do you have on today?

Heheh. It seems it's a very tight one.

[Bit N Roll]

I'am pretty sure that satochi didn't expect that bitcoin will be a big success like this so nah .. it wasen't

I think so too.. Maybe it was just his hobby.