Does the fact that bitcoins are limited prove that the system is a scam?


As we all know the total amount of bitcoins which can be available at any time are capped at 21 Million. This was done by design by its creator/creators (he/she/they say that it is intended to make the coin "scarce").

But if I think about it, this fact is completely destroying the intent of creating a currency for people to buy things with. Nobody who has even the smallest understanding of economy would spend bitcoin to buy things with because it is guaranteed that it will be, sooner or later more valuable over time.

For me, it seems that the only reason this technology was created was just to trap people into buying it, believing that it will become more valuable, but in the end, the only people who do really make real (fiat) money from this are the "early adopters" and the creator himself who got the bitcoins when they were very cheap. Also, take into account that the creator is still anonymous to this day et voila - you got a lot of evidence to why this whole system is just a kind of ponzi scheme designed to distribute wealth from late adopters to early adopters.

Please prove me wrong because until now I was very fascinated by bitcoin and altoins.


Posted 2018-02-22T09:07:49.373

Reputation: 101



You make a lot of interesting claims. The ethos behind bitcoin is similar to that of gold, hence 'mining'. Gold is also limited supply and I am certain that people who first found gold a long time ago are rich beyond their wildest dreams. That does not stop anybody trading gold for something of value.

... a kind of ponzi scheme ...

Ponzi scheme is a particular arrangement which Bitcoin certainly is not.


Posted 2018-02-22T09:07:49.373

Reputation: 2 878

My understanding until now was that Bitcoin is designed to serve as a currency not as a storage of value only. thus the term, cryptocurrency. – Acroneos – 2018-02-22T09:18:44.453

@Acroneos True, and gold was once widely used as a currency and still regularly is. Paper money is an adaptation of the right to access gold. – Willtech – 2018-02-22T10:18:11.707


Nobody who has even the smallest understanding of economy would spend bitcoin to buy things with because it is guaranteed that it will be, sooner or later more valuable over time.

If you assume this statement is a fact, why spend your fiat currency on anything except more Bitcoin? The stock market is virtually guaranteed to keep increasing over time as well, but people are still spending money on non-investments. By your logic, everyone would be keeping everything in investments and only cashing out for bare necessities, because "sooner or later they would be more valuable".

Dan Mandel

Posted 2018-02-22T09:07:49.373

Reputation: 133


There are some good answers here. I'd just like to point out that the thing with scams is that there's a lie or deception involved in it. With bitcoin there is no such thing. Everyone knows about the 21 million coin limit. Everyone knows that those who got in earlier got it cheaper and have a strong influence on the price. Knowing all this you can make an informed decision about whether to buy bitcoin or not.


Posted 2018-02-22T09:07:49.373

Reputation: 2 414



... it's limited because we (at least we in Europe) made bad experiences with inflationary money in the past. banks waste your money but you have to pay for that (taxes). banks can print more and more money until it's worthless. One $ is always one $, but you could buy more in the past than now.

I don't think, that Bitcoin is a scam. It's "trying something new". The system has proved that banks are not relevant within it.

And: Why should Satoshi not cash out if it's a scam? He should have around 10,000,000,000$ but his known addresses are untouched for years. What's the reason of risking that money?


Posted 2018-02-22T09:07:49.373

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