Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by FerociousTimes on Monday April 11, 2022 @12:47PM
(#30991437)
It's a scheme, more specifically a pyramid scheme in essence for the founders and early investors.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by native_samples on Monday April 11, 2022 @02:04PM
(#30992530)
Given the founder disappeared and never spent his coins, and the other early users were all developers who are conspicuously not crazy rich, that seems like an extremely uncharitable interpretation of what happened.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by Ekaros on Tuesday April 12, 2022 @06:52AM
(#31000899)
I think nobody actually expected it to be pumped this high or go this far in pricing. So many likely realised the gains at much lower prices...
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by MisterTea on Monday April 11, 2022 @10:45AM
(#30989508)
> Back then we were talking about trustless digital cash. That was what people were excited about.
That was the scams selling point and how they clouded peoples judgement: Make it sound like it can change the world for the better. Even in 2010/11 when my brother and I were talking to the founder of the Avalon miners there was plenty of skepticism floating around.
Back then we were talking about trustless digital cash. That was what people were excited about. It had the potential to fix a lot of the problems with the current banking system. It was exciting and seemed like it could change the world.
Nowadays Bitcoin and crpyto in general is synonymous with investment. When you see it in that light it looks completely different. Opinions haven't necessarily changed, we just stopped talking about the original thing.
To think Bitcoin was created as a scam seems very cynical to me. I believe Bitcoin was created for good reasons but standard human behaviour ruined it. It wouldn't be the first time that's happened.