2014-03-11 ZDNet - Bitcoin confidence game a Ponzi scheme for the 21st century

Denton

full member

Activity: 798

Merit: 100

Quote from: bitcool on March 12, 2014, 09:35:09 AM

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A virtual currency, backed by absolutely nothing except the fierce belief in the integrity of a complex mathematical formula few of its proponents even understand, is proving to be little more trustworthy than the Zimbabwe dollar after hackers tested and defeated controls put in place to manage it fall at the first hurdle.

Wow, this guy scored ignorance, arrogance and stupidity in just once sentence, what an achievement.

This puts ZDNet's editor's IQ in doubt as well.

Because if you don't believe in mathematics it won't work. Grin

Also, looks like there's only a few people in the world capable of understanding public-key cryptography Sad

And in order to believe you have to understand...Now it's confirmed that Bitcoin is doomed!

bitbouillion

sr. member

Activity: 868

Merit: 250

Quote from: Buffer Overflow on March 12, 2014, 10:26:00 AM

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But Bitcoin is not the US dollar, nor even the Zimbabwe dollar: it is the Santa Claus of currency, something whose very importance in society relies not on physical evidence but on the power of collective belief.

Yes this is correct, bitcoin only has value because of collective belief.

It's collective believe why BTC is the most widely accepted virtual currency and not any Alt-Coin. On top of that there are significant cost to produce 1 BTC.

It's collective believe why gold is the most widely accepted physical currency and not any other precious metal. On top of that there are significant cost to produce an ounce of gold.

It's force why the Dollar bill is the most widely accepted fiat currency and not other fiat currency. In contrast there are literally no cost to produce a Dollar bill.

SirWilliam

sr. member

Activity: 248

Merit: 250

LMAO, man they managed to squeeze in con game AND Ponzi scheme just in the title? Outstanding!

Quote from: TheIrishman on March 12, 2014, 07:14:47 AM

Bitcoin confidence game is a Ponzi scheme for the 21st century

http://www.zdnet.com/bitcoin-confidence-game-is-a-ponzi-scheme-for-the-21st-century-7000027181/

"It's captured the imaginations of enthusiasts all too ready to exchange it for real-world goods, but recent and repeated hacks of Bitcoin's underlying elements suggest the virtual currency is no more real than the Ponzi schemes of yesteryear – and it's only a matter of time until the faithful get burnt."

HeliKopterBen

hero member

Activity: 622

Merit: 500

Quote

but Bitcoin needs to exist as part of a real-world ecosystem managed with the same sorts of responsibilities, integrity, governance, and legal repercussions for breaches as are assigned to other currencies.

These guys are going to be eating crow when proof of solvency and real-time audit functions are implemented on the exchanges, effectively rendering obsolete whatever regulations that are assigned to fiat.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote

But Bitcoin is not the US dollar, nor even the Zimbabwe dollar: it is the Santa Claus of currency, something whose very importance in society relies not on physical evidence but on the power of collective belief.

Yes this is correct, bitcoin only has value because of collective belief. Well done.

But this is the very same reason the dollar has any value as well.

This difference is bitcoin has true organic value because people voluntarily choose to value it.
Dollars only have value because the US government tells you it has value. Pointing a gun at your head forcing you to use it.

bitcool

legendary

Activity: 1441

Merit: 1000

Live and enjoy experiments

Quote

A virtual currency, backed by absolutely nothing except the fierce belief in the integrity of a complex mathematical formula few of its proponents even understand, is proving to be little more trustworthy than the Zimbabwe dollar after hackers tested and defeated controls put in place to manage it fall at the first hurdle.

Wow, this guy scored ignorance, arrogance and stupidity in just once sentence, what an achievement.

This puts ZDNet's editor's IQ in doubt as well.

Lethn

legendary

Activity: 1540

Merit: 1000

Quote from: FeedbackLoop on March 12, 2014, 08:16:43 AM

Quote from: Denton on March 12, 2014, 07:55:17 AM

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Bitcoin's underlying elements

Another clueless reporter. Got tired of this nonsense months ago.

lol! Yeah... I was typing a comment on those "hacks of underlying elements" but then... there's only so much stupid one can endure before becoming despondent.

glad to know I'm not the only one giving up on responding to this kind of bullshit, if anyone is dumb enough to believe this guy over people who actually use and understand the currency then they're beyond help.

FeedbackLoop

hero member

Activity: 742

Merit: 500

Quote from: Denton on March 12, 2014, 07:55:17 AM

Quote

Bitcoin's underlying elements

Another clueless reporter. Got tired of this nonsense months ago.

lol! Yeah... I was typing a comment on those "hacks of underlying elements" but then... there's only so much stupid one can endure before becoming despondent.

Denton

full member

Activity: 798

Merit: 100

Quote

Bitcoin's underlying elements

Another clueless reporter. Got tired of this nonsense months ago.

TheIrishman

legendary

Activity: 1049

Merit: 1006

Bitcoin confidence game is a Ponzi scheme for the 21st century

http://www.zdnet.com/bitcoin-confidence-game-is-a-ponzi-scheme-for-the-21st-century-7000027181/

"It's captured the imaginations of enthusiasts all too ready to exchange it for real-world goods, but recent and repeated hacks of Bitcoin's underlying elements suggest the virtual currency is no more real than the Ponzi schemes of yesteryear – and it's only a matter of time until the faithful get burnt."

Topic: 2014-03-11 ZDNet - Bitcoin confidence game a Ponzi scheme for the 21st century (Read 872 times)