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You think it's a ponzi scheme because you think early adopters have all the bitcoins. I would argue Bitcoins are much more spread out than you realize. Mining p
by pixie_ 13y ago
You think it's a ponzi scheme because you think early adopters have all the bitcoins. I would argue Bitcoins are much more spread out than you realize. Mining pools started in 2010 - that's when a large number of people work together to mine coins - each person only earns a fraction of a coin as a result. In 2010 when this started there were only 2 million coins - and not just in one guys wallet, but many - and many many people lost their wallets in the old days as well. Today there are almost 12 million coins - and I assure you those 10 million new coins are even more evenly distributed.
- volaski 13y agoI was talking more in terms of unit value of Bitcoins. I think a lot of people invest in Bitcoins like they invest in stocks. As of today Bitcoin price is $122.10 but it used to be much lower. The more people start using Bitcoins the more valuable it will be, and the early adopters will benefit from it, which incentivizes them to hold onto their Bitcoins instead of letting them go once they have benefited short-term. It's important that the early adopters see the long term value otherwise it will be like a draining bucket.