bitcoin, anti clima Ponzi scam?

There was a local talk regarding bitcoin and blockchain technology. I went for a gander, and found it perplexing. The conclusion I drew from the seminar, was that the tech is great, but bitcoin itself is a scam.

A ponzi based scam somehow fuelled by group thinking and FOMO, yet obviously so. Not to forget the great energy expense thats associated with the Proof of Work approach. Those who says bitcoin should be illegal, do have a point in the interest of the greater good.

For blockchain based payment services, state regulation is also required, so that it wont be yet another avenue for the likes of #ParadisePapers.

Dont think any of this is what Svein Ølnes wanted to convey though.

Another proposition was that bitcoin in its current state was well suited for wealth storage. I dont see how that can be true when there is no Fiat peg, and there is no regulation. Who guarantees for a Fiat reserve? How can we trust the exchanges to be able to cash in bitcoins in the future. Its not like they are regulated or in any way are able to generate real life cash for the value increase bitcoin has had.

No, to speculate in cryptocurrencies until there is regulation, fiat reserves, environmentally friendly patterns and the possibility to spend them in every day transactions like a mortgage, seems to be ill fated. Ill let others inflate the bubble.

Copy of the presentation

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