Isn't all currency more or less a "pyramid scheme" in the sense that Bitcoin is?
I wish we had more subtlety in our discourse. It feels like it's all either blind admiration or blind condemnation.
Bitcoin is trying to be a new currency. Currencies more or less operate on "collective delusion". I think many people scratching their heads at why Bitcoin is worth anything _are_ missing something, which is why any currency has any value at all, which is itself kind of surprising and unintuitive.
At the same time, I think it's fair to be a little more skeptical about what the value of a currency like Bitcoin is, precisely, and how much effort ought to be put into building it.
I wish we had more subtlety in our discourse. It feels like it's all either blind admiration or blind condemnation.
Bitcoin is trying to be a new currency. Currencies more or less operate on "collective delusion". I think many people scratching their heads at why Bitcoin is worth anything _are_ missing something, which is why any currency has any value at all, which is itself kind of surprising and unintuitive.
At the same time, I think it's fair to be a little more skeptical about what the value of a currency like Bitcoin is, precisely, and how much effort ought to be put into building it.