“Bitcoin passes $1,000 but only number that matters is zero” – Financial Times | $1034.34

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As a phenomenon bitcoin has all the attributes of a pyramid scheme, requiring a constant influx of converts to push up the price, based on the promise of its use by future converts. So the ultimate value for bitcoin will be the same as all pyramid schemes: zero.

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Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.

2 Comments

  1. Chris Marshall on

    > As a phenomenon bitcoin has all the attributes of a pyramid scheme, requiring a constant influx of converts to push up the price, based on the promise of its use by future converts.

    Pyramid Scheme? That’s too funny.

    I think fractional reserve banking of fiat money is the pyramid scheme.

    Bitcoin’s ledger is open and makes no promises about convertability to any other asset.

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