[hackerspaces] bitcoin

[George Shammas]

Bitcoin is much more of a Ponzi scheme, people buy and sell them betting
that it will continue to go up in value.

 A friend told me a week ago that he just heard about it, and its up to 80
cents a coin. I thought the concept of bitcoin was interesting a year ago,
so I set a computer with the client, and completely forgot about. I just
checked my client, and bam 4050 bitcoins. I proceeded to exchange some and
bought something from woot. So people are willing to pay for them.

That being said, it seems to be getting much harder, as the last block I
generated was a month ago. This will either drive the value way up, or cause
it to collapse.

--George

On Wed, Apr 6, 2011 at 5:24 PM, Lokkju Brennr <lokkju at gmail.com> wrote:

> I'm not sure how anyone could see bitcoin as a pyramid scheme, as
> there is not a continuous influx of cash investors to keep it going.
> What it *is*, is a fiat currency with a fixed disbursement.  As a fiat
> currency, it has no value other then what people give it - but at the
> same time, because real work (well, computer time) goes into gathering
> a bitcoin, it has a semi-fixed inflation rate, with a cap.
>
> Loki
>
> On Wed, Apr 6, 2011 at 2:20 PM, Justis Peters <justis.peters at gmail.com>
> wrote:
> > pyramidal
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