A Very Brief History of Bitcoin Ponzis
Bitcoins history, sadly, cant be separated from the word Ponzi. The history of Bitcoin is in a certain way the history of several ill-conducted scams, and while many cryptocurrency detractors will jump on the Bitcoin is a scam bandwagon, they would be ill advised to do so.
For the love of money is a root of all sorts of evil says the Bible, and it is well-known since ages past that there is a connection between greed and evil. It is not that greed is evil per se, as it is really okay to want to improve ones current situation. The problem is what immoral people are willing to do in order to reach their goals.
Bitcoin is not technically money as it lacks the store of value attribute. It certainly is a tool for immoral people to deprive others of wealth. Take for instance Mt. Gox. While it can be debated whether Gox itself was really intentionally fraudulent, or just plain stupid, for practical purposes it was a scam. People put their money into it and poof, it was gone.
SOURCE: http://cointelegraph.com/news/114164/an-anatomy-of-bitcoin-ponzis
Bitcoins history, sadly, cant be separated from the word Ponzi. The history of Bitcoin is in a certain way the history of several ill-conducted scams, and while many cryptocurrency detractors will jump on the Bitcoin is a scam bandwagon, they would be ill advised to do so.
For the love of money is a root of all sorts of evil says the Bible, and it is well-known since ages past that there is a connection between greed and evil. It is not that greed is evil per se, as it is really okay to want to improve ones current situation. The problem is what immoral people are willing to do in order to reach their goals.
Bitcoin is not technically money as it lacks the store of value attribute. It certainly is a tool for immoral people to deprive others of wealth. Take for instance Mt. Gox. While it can be debated whether Gox itself was really intentionally fraudulent, or just plain stupid, for practical purposes it was a scam. People put their money into it and poof, it was gone.
SOURCE: http://cointelegraph.com/news/114164/an-anatomy-of-bitcoin-ponzis
The lack of money or too much money, is the root of all evil.
How can you say, Bitcoin is not money... What is out there at the moment, that you cannot buy with Bitcoin? ....lack the "store of value" attribute.. BS.
Gox was a scam not a Ponzi..... if you cannot see that, you do not understand the definition of a Ponzi.
See : http://en.wikipedia.org/wiki/Ponzi_scheme