this post was submitted on 21 Dec 2023
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... in that it wasn't a scam from the beginning...
Scammers just saw an opportunity later.
Yes it was, lol. By design it can only function as a ponzi scheme, the itention might have been something else behind it but that doesn't mean it wasn't a scam from the get go
Who are the scammers? There is no company behind bitcoin and the soure code is open for anyone to look at at any time and anyone can participate.
Edit: A ponzi scheme is a specific thing that people like to throw at any perceived scam. Ponzi means there is money being put into btc with the promise of more money being able to be withdrawn only because more people join... which is certainly not the case for btc. There is no account where money is being deposited... only a record on a block chain. There is no guy at the end scooping up money.
By being designed a deflationary currency, Bitcoin price was "doomed" to repeatedly spike with every halving. The "scammers", then, are the people who got in early and hoarded Bitcoin.
So then the people who buy paintings from deceased artists are also scammers? They thought the exact same thing...I want to but this intrinsically useless thing that I think will increase in value because only a finite number exist and I think more people will want it in the future.
A scam is a deception of some sort. BTC is open source. No one is tricked into buying it any more than artwork.
Paintings are beautiful. Products are useful. Bitcoin is... nothing. It's speculation. Any time when it could have been used as a practical currency is long gone.