Quote from: DonQuijote on June 12, 2015, 02:59:05 PM

Quote from: JorgeStolfi on June 12, 2015, 02:53:58 PM

Quote from: Fatman3001 on June 12, 2015, 01:20:34 PM

Bitcoins are issued by miners, who pay to keep the network secure. Thus making bitcoins valuable. There are no freebies.

Even miners who sell immediately are making a profit that comes entirely from people who buy bitcoins expecting to profit from them by that mechanism I described.

Miners who mined long ago and held, as well as the early adopters who bought thousands of coins for nearly nothing, are just like the issuers of private money who keep some of their issuance to spend when it has been accepted as currency by other people.

Are you the professor Jorge Stolfi? (https://en.wikipedia.org/wiki/Jorge_Stolfi)

OMG, he has a Wikipage!

Quote

In late 2013 Jorge took an active interest in the economics of cryptocurrencies. He became extremely skeptical about its underlying soundness and chances of success, and has been advising the Brazilian public against investment in bitcoin while spending much of his time trolling the bitcointalk forums.