[cryptography] Digital cash in the news...

Adam Back adam at cypherspace.org
Mon Jun 13 03:54:27 EDT 2011


Bitcoin is not a pyramid scheme, and doesnt have to have the collapse and
late joiner losers.  If bitcoin does not lose favor - ie the user base grows
and then maintains size of user base in the long term, then no one loses.

I think in the current phase the deflation (currency increasing in value)
helps increase interest and number of users.

Say that in the next phase bitcoin stops rapid expansion and reaches some
stable number of users, the deflationary period stops, and the remaining
users use it for transactions only (not speculation).  I dont see the losers
in that scenario.

Adam

>However.  Unless the laws of financial conservation have been 
>repealed by the design, those who follow have to invest a lot and 
>come out with less...



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