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Bitcoin is not a pyramid scheme. But after hearing that Bitcoin isn’t a Ponzi scheme, this is the obvious next question. Early adopters made outsized gains, new buyers entered later, and many participants openly talk about it. From the outside, the pattern can look familiar, even suspiciously similar to something exploitative. It can even be imagined as a pyramid… Continue reading
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Every once in a while, a new technology reshapes the world. Fire did.The wheel did.Electricity did.The internet did. Each time, the people who benefited the most were not necessarily the smartest. They were simply early. Bitcoin may be another such technology. And if that is true, the biggest risk may not be buying Bitcoin too early, but not owning… Continue reading
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Critics have asked this question for more than a decade. At first glance the comparison can seem reasonable. Early adopters acquired bitcoin at very low prices. Later participants entered at higher prices and the earliest buyers have benefited the most. Because of this pattern some people conclude that the system must rely on new buyers paying earlier ones. That… Continue reading
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Gold is often said to have intrinsic value in debates about money. It is pointed out that, unlike Bitcoin, it can be used in jewelry and industry. This is sometimes taken as evidence that gold’s value is somehow built into the object itself. This article explores what value is and how it is assigned. Properties Are Not Value Gold… Continue reading
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If fiat worked as intended, the case for Bitcoin would be much weaker. This article outlines the strongest case for fiat currencies: what they are designed to achieve, where they offer structural advantages, and where challenges tend to emerge over time. The Ideal So what, then, is the bullish case for fiat? At its best, the fiat system aims… Continue reading
