Why people are buying bitcoins ?
In most cases, this happens because they hope to sell them at a higher price.
This is speculation, and it does not create any useful value. For anyone.
So you buy one Bitcoin for 7000$, and tomorrow you will sell this Bitcoin for 7500$.
Who will buy the Bitcoin ?
Someone who hopes to sell it for 8000$ the day after tomorrow.
And who is mining bitcoin ?
Someone who invested buying hardware and energy because he hopes to sell it at a price higher than what he spent.
And who will buy this bitcoins, say for 8500$ ?
Someone who hopes to sell it for 9000, or 17000$ or whatever, one day or another.
Bitcoin is the first cryptocurrency, and it is a clear demonstration of the power of the blockchain.
But it is also a Ponzi Scheme, and it will end having zero value. This is the Karma of a commodity that pretends to be a currency, but is just a speculative asset.
Because, as we say in Rome (Italy), "Quanno sei arrivato in cima poi solo scende" : "when you get to the top, you can just go down".
FUD
Bitcoin is not a Ponzi. It's value is the price people pay for it.
But you're right, it can be zero. Before that, I think that the price will skyrocket once again at the end of November.
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Also in a Ponzi, the value of the investment is the price new investor pays for it. I don't see the difference honestly!
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Bitconnect is a Ponzi
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That's a ponzi over a ponzi
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