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

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Last updated on January 4th, 2017 at 10:05 am

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

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Ted
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Ted
This same analysis applies to a lot of stocks on the stock market, and also applies to global currencies. The US Dollar is also worth zero. But bitcoin as a “fiat” currency has more intrinsic value than a US dollar. The backing of the US dollar is the paper which it is printed on. That paper can be used to write notes, roll cigarettes, burn, or as a very bad toilet paper. It is worth paper intrinsically because when you go to the bank and redeem your digital money called dollars, they give you a piece of paper called a… Read more »
Zsofia Elek
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Zsofia Elek

Hey Ted, thank you for your feedback. This is also a way to see things on the market.

Chris Marshall
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Chris Marshall

> 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.

Derek Connor
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Derek Connor
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