Quote from: cioloxl on February 06, 2018, 09:50:48 AM

Quote from: fxsurfer on February 06, 2018, 09:29:18 AM

Quote from: cioloxl on February 06, 2018, 09:18:59 AM

Quote from: fxsurfer on February 06, 2018, 09:05:32 AM

Quote from: Hedda Gabler on February 06, 2018, 09:00:45 AM

Bitcoin is NOT a Ponzi scheme!

It is a currency competing for dominance! It will REPLACE the dollar! Thus, all dollars are converted into bitcoin. The more dollars converted to bitcoin the value of bitcoin goes up, because bitcoin is NON INFLATIONARY!!

You are wrong. Bitcoin is a number. Number is not a currency but mathematical object. A currency is legally enforceable instrument which originated from loan contracts in a specific country.

Bitcoin's inherent value comes from the technology. The internet was about as useful as bitcoin is now before people realized the potential and it was widely adopted. Ideologues will never care about the current fiat value of Bitcoin. It's the potential to bring economic slavery to its knees.

You don't own technology by having numbers in your bitcoin wallet, which is why bitcoin's value cannot arise from the technology. It's a pretty simple syllogism.

What you do not seem to understand is that bitcoin is being given fiat value by speculators. That might be construed as being a ponzi. But the decentralized nature of the system allows anyone to use bitcoin as they please. Do you understand the technology behind bitcoin? Are you so closed-minded that you cannot see the massive wave of decentralization in technology all over the world? It comes in various degrees, but things from torrents, netflix and video streaming platforms like youtube all have a certain decentralizing nature (not completely, obviously) in common. People are allowed more freedom of choice, as funny as that may sound when referring to netflix or whatever (compared for example to classic TV), but it's the underlying reasoning for the advancement of this pattern.

If you cannot see this pattern, as early as it may be at this stage, I have wasted my time. Bitcoin, as a vehicle for speculation, is not something I'm particularly fond of. Sure, I'm making money off it here and there, won't complain. But it's not the reason I'm here. Decentralization is the future and bitcoin is one of its prophets. And I'll tell you why decentralization is the future. It's because it's efficient. Pragmatic. Imagine entire cities having no need for central government. Cities that run on their own. And so...so much more. That is the future my friend, and I laugh at those that cannot see it.

Value cannot be given by speculators. Only price can be given by speculators. Value is a capacity to satisfy human wants and it describes the benefits of ownership which include utility - the pleasure or satisfaction gained by consumption of a particular econimic good. Price on the other hand is the amount of money given in payment for something. If I pay $10,000 for a membership card in a Ponzi scheme, it doesn't follow that I gave this card a value. I didn't, I gave it a price. Again, it's a pretty simple syllogism.