Indias financial hub Mumbai booked a local resident for duping 250,000 out of 12 people in an alleged cryptocurrency scam. But what is it good for? This will end badly, and the sooner it does, the better. In the light of the above explanations, I can say that people who say Bitcoin is a Ponzi scheme dont really understand what a Ponzi scheme. Bitcoin is based on the decentralized and censorship-resistant tech of blockchain and proof of work which makes sure that no one, in particular, is in-charge.
Bitcoin: Can This Be The First Digital Ponzi Scheme in History
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You can also use it to judge other schemes outside of this market. Diese Website verwendet Cookies für Funktionalitäts-, Analyse- und Werbezwecke gemäß unseren Datenschutzbestimmungen. Neither Satoshi or his whitepaper or even early Bitcoin holders went to recruit new people/investors for Bitcoin. Whos driving the price now? Instead, ownership of a bitcoin is verified by possession of a secret password, which using techniques derived from cryptography, the art of writing or solving codes lets you access that virtual coin without revealing any information you dont choose. Bitcoin founder never ran away with a big chunk of money. But very few actually understand what. Well, people who invested with Bernie Madoff also made lots of money, or at least seemed to, for a long time. The process can go on for years before something a reality check, or simply exhaustion of the pool of potential marks brings the party to a sudden, painful end. Theres really no reason to use bitcoin in transactions unless you dont want anyone to see either what youre buying or what youre selling, which is why much actual bitcoin use seems to involve drugs, sex and other black-market goods.