Re:The truth about the Bitcoin Foundation
by felixgallo on Saturday April 04, 2015 @02:35PM
(#9321704)
What I think you may be missing is that he is saying that bitcoin is not, in pragmatic observable fact, a distributed consensus protocol.
It is, instead, led and managed by an entity indistinguishable in form if not in intellect from every other governmental federal reserve.
This entity responds, 100% correctly for the health of the currency, by issuing fiat mandates, just like the US government did when, e.g., real-world counterfeiters came up with supernotes and began flooding the world with fake $20 bills, mandating a switch to new notes.
Although this behavior is correct, it does conclusively prove that the emperor has no clothes, and that bitcoin is a ponzi scheme run for the benefit of the early BTC holders.
It is, instead, led and managed by an entity indistinguishable in form if not in intellect from every other governmental federal reserve.
This entity responds, 100% correctly for the health of the currency, by issuing fiat mandates, just like the US government did when, e.g., real-world counterfeiters came up with supernotes and began flooding the world with fake $20 bills, mandating a switch to new notes.
Although this behavior is correct, it does conclusively prove that the emperor has no clothes, and that bitcoin is a ponzi scheme run for the benefit of the early BTC holders.