I think Bitcoin is great, and I believe it’s going to revolutionize the way we do finance. Also, it’s not a pyramid or Ponzi scheme, unless you have no idea what those words mean. But even though I own some BTC, I find the current rise in its value highly problematic.
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It /is/ fraudulent though. And if you believe BTC has a chance as a currency, you don’t know what the word currency means.
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Fraudulent? How so? To whose benefit?
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The operators; exchange scandals etc. but my point regarding its usefulness as a currency is more important because Lord knows there are enough fraudulent regular banks.
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At the moment, the transaction fees make it pretty useless for its intended purpose. But if that weren’t the case, why would it not qualify as a currency?
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It is explained very well, here, by @paulkrugman krugman.blogs.nytimes.com/20…
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Replying to @hwstrbk @paulkrugman
Who am I to disagree with him. Yet I do. He doesn’t seem to acknowledge any of the actual technical differences, nor the fact that the dollar is not the currency it’s supposed to improve upon.

Dec 9, 2017 · 5:06 PM UTC

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Replying to @stilkov @paulkrugman
Key problem is that the monetary amount can not be increased, which has proven to be /very/ successful during recession forbes.com/sites/pascalemman…