Myths: Difference between revisions
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== Deflationary spiral == | == Deflationary spiral == | ||
As deflationary forces | As deflationary forces may apply, economic factors such as hoarding are offset by human factors that may lessen the chances that a [[Deflationary spiral]] will occur. | ||
Revision as of 06:49, 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 may apply, economic factors such as hoarding are offset by human factors that may lessen the chances that a Deflationary spiral will occur.