At the Bitcoin Senate Hearing on virtual currencies many thought Bitcoin was in for a beating, strangely enough the sentiment has turned quite positive and it seems that there is now a genuine respect for the much publicised internet currency.
Here we go again on the crazy train that is Bitcoin The price of Bitcoin is trading at R3,000 – R4,000 – depending on the chart. Media is buzzing with ‘experts’ predicting bubbles, implosions, explosions and other types of ‘-sions’.
The Bitcoin Pyramid Scheme Step1. Buy 10 bitcoin for R10,000 from a Bitcoin Exchange. Step2. Sell 9 bitcoin to 9 “friends” for lets say R9,900 (R1,100 each) Step3. They each sell 0.5btc to “another friend” for R700 each 1 person now has 1btc at a net cost of R100 per 1btc. 9 people now have […]