How You Should Have Spent $100 In 2013 (Hint: Bitcoin) - Forbes
Geege Schuman stashed this in Bitcoin
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Bitcoin had a 50x return in a year?! That's insane.
I find myself increasingly convinced that Bitcoin has all the elements of a ponzi scheme, even if it wasn't intended to be so. The tendency for new money to favor early adopters ( a concept integral to Austrian theory but ignored by other schools) coupled with an algorithm that is inherently deflationary makes a perfect situation for a hype campaign to pump and later dump.
You are totally correct.
Ponzi scheme, unintentionally so, but Ponzi scheme nonetheless:
http://pandawhale.com/post/32804/bitcoins-the-second-biggest-ponzi-scheme-in-history
4:40 PM Dec 28 2013