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Message
re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.
Posted on 4/18/13 at 9:26 am to gizmoflak
Posted on 4/18/13 at 9:26 am to gizmoflak
quote:
So let's start at square 1. Who is the fraudster? The mysterious Nakamoto? Mt Gox? Some other unknown person/entity?
Bitcoin is open source. It is traded on at least one exchange. No one person or entity is collecting all the "investment" money (although Mt Gox handles a vast majority of BTC-USD exchanges).
Which begs an even bigger question. What if this Mr. Sakimoto didn't actually cap the number of coins? What if he has another $1,000,000,000 worth that he will dump periodically. Would the world know? What happens to bitcoin wallets that get lost? Do they go away forever?
2
Posted on 4/18/13 at 9:28 am to Broke
quote:
Which begs an even bigger question. What if this Mr. Sakimoto didn't actually cap the number of coins? What if he has another $1,000,000,000 worth that he will dump periodically. Would the world know? What happens to bitcoin wallets that get lost? Do they go away forever?
I'm pretty sure bitcoin is open source.
No one has found a leak in the code or a back door.
Posted on 4/18/13 at 9:33 am to Broke
quote:
Which begs an even bigger question.
No it doesn't....
quote:
What if this Mr. Sakimoto didn't actually cap the number of coins?
....because only tech illiterate morons would ask such a question.
quote:
What if he has another $1,000,000,000 worth that he will dump periodically.
quote:
Would the world know?
Yes. It would be able to be seen now. No need to wait until he dumped them. Reason: The open nature of bitcoin.
quote:
What happens to bitcoin wallets that get lost? Do they go away forever?
Yep.
I mean, seriously, if you guys aren't going to actually do your homework and understand bitcoin, why participate in these threads and ask stupid questions that I've answered a hundred times already?
If you truly aren't interested in the technical details of it, then you aren't fit to debate them.
This post was edited on 4/18/13 at 9:36 am
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