He was trying to create something out of nothing and pass it off as better than everything. What did he think would happen if he succeeded?
I don't know. He wanted to make a device for money transfer or act as a currency. Instead it became a investment/speculation darling. They didn't think of how to make it stable, one of the most important characteristics of any currency. Although now it is stabilizing and will slowly degrade so that may be good for the currency part, but nobody is using it as such.
BEST case it's a speculative vehicle and a bubble, worst case it's a ponzi scheme and a fraud. And it's leaning towards the latter. Bitcoin = Shitty technology, but alright. Price of Bitcoin = Tether Tether = Ponzi Bitcoin price = ponzi
Bitcoin didn't fall out of a COCONUT!! Everything exists within a context. The wise words of Kamala Harris. but it's true back then online payments DID NOT EXIST. Online credit card processing was not where it is today, it was practically non-existant. Paypal SUCKED D*/K and it had a monopoly. An alternative WAS NEEDED. People had their accounts closed. Wikileaks had their PayPal account closed. So people flocked to alternatives. There was Liberty Reserve and Bitcoin. Liberty Reserve operated offshore from Costa Rica with no licenses, similar to how stablecoins do these days and they ended up getting shut down, all money confiscated, operators sent to jail for 20 years. Bitcoin couldn't be shut down. It had merit back then. It was a good idea and drug dealers were the early adopters as you could buy high quality drugs over the internet and have them delivered to your doors by a federal post service. And from there the scam developed. It'a scam-infested industry. I think it's the biggest grift that has ever existed, but what do i know!
One of the iron rules of software, if there is such a thing, is that open source systems work a lot better than closed systems. The only open source currency software are cryptocurrencies so if there is going to be a digital currency, which seems almost inevitable, it is probably going to be come form of cryptocurrency. What is less certain is that it has to be bitcoin.
in 2011 about 10 people knew about Bitcoin and only 1 out of those 10 people actually bought it Now we have Bitcoin in every media, countless celebrities are talking about it and launching their own shitcoins and even the presidential candidate is endorsing and speaking at a crypto conference. It doesn't get more mainstream than this. We are reaching the peak. It's over. The scheme is going to soon collapse. Exit while you still can. I've been telling you to sell $70Ks several times now but nobody listens. As i said Bitcoin doesn't produce or create anything, it only relies on new people buying in to support early buyers. When there is no more people coming in, the price will naturally go down. It's that simple. Bitcoiners #1 principle is to go AGAINST the banks. And now all the bankers worldwide are shilling you Bitcoin; Jamie Dimon, Cantor Fitzgerald, Larry Fink... come on, how stupid are you? Those are not your friends.