2017-12-11 05:39:57 -05:00
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nakamoto scheme
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2017-12-11 05:42:16 -05:00
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Originally coined by Preston Byrne, in which the modus operandi of Bitcoin is
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considered to be sufficiently dissimilar to a pyramid scheme to warrant the
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creation of a new term. In a pyramid scheme there is typically one villain at
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the top, but within a system like Bitcoin the prime mover is the algorithm and
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not any particular individual - even its original inventor. Like a pyramid
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scheme, the algorithm determines from the outset how value gets distributed
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within the system. What superficially appears impartial and coldly
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mathematical has a predetermined social outcome.
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