Someone like me would make an ideal bitcoin enthusiast – libertarian by political persuasion, open source enthusiast, early adopter of all kinds of technologies, hater of big government and possessor of what my wife calls a ‘mildly paranoid personality’.
Yet, try as I might, I just see bitcoin as anything other than the most successful ponzi scheme of recent times. The similarities between bitcoin and ponzi schemes are hard to miss — an evangelical network that enriches each batch of joinees with money from subsequent batches.
Of course, bitcoin enthusiasts may argue that this is not a fair comparison to make, as bitcoin is not as useless as a membership of a typical ponzi or pyramid scheme.
They may say it is a full-blown currency and can be used to pay for goods and services. They’ll also argue that it is digital gold, and unless you call…