RE: My first attempt to Bitcoin

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Thanks for your question. I will try to answer some of your questions:

  • How is this backed up?
    Different people will answer these questions differently. I consider bitcoin as digital gold, as a commodity. It's primarily backed by his community (Bitcoiners) formed of miners (who mathematically produce new bitcoin every 10 min), developers, speculators, hard money seekers, businesses, entrepreneurs, educators, countries, states etc. Anyone can independenetly join the Bitcoin network.

  • Is not that a fraud? Is Bitcoin a Ponzi scheme?
    I don't think so because Bitcoin is an open source project and How it works is available to everyone to take a look. Bitcoin incentive to secure the network is design to last 140 years.

I will suggest to read the whitepaper - Bitcoin: A peer-to-Peer Eletronic Cash System.
https://bitcoin.org/bitcoin.pdf

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thiagore
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Funny thing aboit ponzis...get enough users and it can work...us dollar system is a ponzi so is social security and yet they keep it going

Bitconnect , if it had adopted a steem style social network , it coud have kept itself going and slowly allowed the money to drain oit and no one would have called it a scam lol

But when a dpos chain has enoigh value its more like a bigtech software company

Hey by the way whats the hashtag for thiagore? #thia ? #thiagore ? Even just #eos #bitcoin ? That'd be cool if that's true ! That would make it easy to get content

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