Bitcoin isn’t the future of money — it’s either a Ponzi scheme - page 4.

Amph

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Quote from: NorrisK on June 10, 2015, 01:34:23 AM

Also the writer is reffering to the massive pollution caused by bitcoin mining. What about the massive servers the banks and VISA/Mastercard need to host currently? They probably use a shitload more energy than the current mining operations. If bitcoin can replace parts of this, wouldn't we be better off?

wasn't the bitcoin network considered the most powerful network in the world, most powerful than any numbers of supercomputer combined? i doubt they are wasting more energy than the mining operations for bitcoin

NorrisK

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Also the writer is reffering to the massive pollution caused by bitcoin mining. What about the massive servers the banks and VISA/Mastercard need to host currently? They probably use a shitload more energy than the current mining operations. If bitcoin can replace parts of this, wouldn't we be better off?

anderson00673

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Woah, holy crap lol. What happened to the day when journalists actually had to know something about what they were writing about? That article is sheer nonsense. It seems like a smear piece because it is hard to believe that anyone could actually be that obtuse. No one wants to spend bitcoins? I would love to use them more often if I could find retailers to accept them. And they are only good for drugs? Absurd. I couldn't read the whole thing because I was laughing too much. I am shocked to see that the publication date was not 4-1-15.

real789

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If you can't understand my post please report it

Bitcoin's breakthrough is to have a decentralized network of "miners" sit in between us instead. Now, remember, these miners are trying to win new Bitcoins by solving computationally-taxing math problems. The clever part, though, is that in the process of doing so, they also create a public ledger of every single Bitcoin transaction, what's called the blockchain. That includes every Bitcoin that's ever been won, every Bitcoin that's ever been used, and every Bitcoin that's ever been transferred. So now we don't need a bank to know that I have the money I'm sending to you, and that I'm only sending it to you. The miners confirm all this. And the best part is that instead of having to pay the bank myself to do this, the system pays the miners in new Bitcoins.

source:
http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/?tid=sm_fb

This article make me scared about bitcoin, now i withdraw some BTC and keep on my Bank, i believe bitcoin will be BIGGEST Technology, but in price we can see it, price is very down than last year (stabil 300$)

What do you think about this article ?

Topic: Bitcoin isn’t the future of money — it’s either a Ponzi scheme - page 4. (Read 3917 times)