Myths: Difference between revisions
Jump to navigation
Jump to search
→The bitcoin is backed by CPU cycles: Change link which recently was renamed. |
→Deflationary spiral: Add link to article. |
||
| Line 12: | Line 12: | ||
== Deflationary spiral == | == Deflationary spiral == | ||
As deflationary forces occur, economic factors such as hoarding are offset by human factors that may lessen the chances that a {[Deflationary spiral]] will occur. | |||
Revision as of 06:48, 15 January 2011
Lets clear up common Bitcoin misconceptions.
The bitcoin is backed by CPU cycles
Bitcoin is not backed by anything. It is a commodity in its own right. Is gold backed by anything? No! It's just gold. Same thing with bitcoin.
The Bitcoin currency is protected when adequate computing power exists.
Early adopters are unfairly rewarded
It's a giant ponzi scheme
Deflationary spiral
As deflationary forces occur, economic factors such as hoarding are offset by human factors that may lessen the chances that a {[Deflationary spiral]] will occur.