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> They know, just like everyone else does, that Bitcoin is nothing but a modern day pyramid scheme that disproportionally rewards early participants and relies on new entrants to prop the whole deck of cards up.

I take issue with "disproportionately", because I know you cannot substantiate that, as it does not disproportionately reward anyone. The rules for reward and the value of the currency is entirely transparent.

Besides this, that is how all securities work. You have people who invest in it first (Bitcoin wouldn't have even worked without someone mining to protect the blockchain) and others who buy shares of those investments later by assessing the risks similarly, or also contributing to the mining (which will continue for more than another decade).

Turns out (gasp) the technology is perfectly sound and secure. It's open-source so you can take a look, or you can ask me any questions and I'll be able to explain it to you. It's just a transferable credit system that has gradually earned value through commerce, you don't need to be so cynical.

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