I love it. It's just like all these MLM (Pyramid schemes) that have been reborn. I guess every generation has to relearn the lessons of the prior generations the hard way.<p>Comparing a nation's fiat to bitcoin is hilarious.<p>Here's what the USD is backed by. The nation's assets. And more importantly the nation's power to enforce their will upon you legally (via courts, police, military, etc.).
John Oliver has a well done bit on cryptocurrency markets as pyramid schemes:
<a href="https://youtu.be/g6iDZspbRMg" rel="nofollow">https://youtu.be/g6iDZspbRMg</a>
Okay lets just say bitcoin is a scam. What do we do about it? What can we do about it?<p>Do we shut down the open source project? Do we make the algorithms illegal and have a repeat of the fight of whether or not mathematics and programming is free speech?<p>Without saying anything to support or not support bitcoin, the cat's out of the bag. There will now always be bitcoin as long as there are anonymous miners willing to keep the network running and it will always have value even if it's not optimized perfectly. Even if that value can only be found on the black market.<p>What I'm saying is bitcoin and cryptocurrencies are here to stay because the knowledge of how to make them and run them is becoming saturated and anyone can just fork the code. So even if it doesn't play by the rules we've come to know, we better get used to it...
<i>Cryptocurrency is best-suited for one use: Criminal activity</i><p>This is not a new idea. And it ignores the fact that most criminals still use cash for transactions anyway.
Here is the actual article that Bill Harris wrote vs the linkspam:<p><a href="https://www.recode.net/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value" rel="nofollow">https://www.recode.net/2018/4/24/17275202/bitcoin-scam-crypt...</a>
PayPal and their underling Venmo have frozen my assets a couple times now in the past couple of months. PayPal is a scam. Venmo is a scam, says I, former user of those.
Is bitcoin a scam? Or is the notion of decentralized money a scam?<p>Sad if we must bow to the various central banks that will rise, fall, and inflate their currencies to nothing until the heat death of the universe.