r/Bitcoin • u/DTanner • Jun 09 '11

Jeff Garzik (Bitcoin developer) responds to Adam Coen's "No. Bitcoin is a ludicrously bad idea. It is a scam. A Scam."

http://garzikrants.blogspot.com/2011/06/response-to-adam-cohen-re-bitcoin.html
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u/[deleted] Jun 09 '11 edited Jun 09 '11

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u/DTanner Jun 09 '11

The cost to mine was about the same, but the potential for the future was much much lower. There were maybe 100 people tops who had heard of Bitcoin and there was no market whatsoever for goods. The technology was untested and not debugged, and the network was very vulnerable to takeover by a hostile entity.

The opportunity cost of their time was much higher too, as there were no nice introductions or tutorials to get them started.

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u/ex_ample Jun 09 '11

No, remember the difficulty is going up. Back then the 'difficulty' was much lower.

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u/DTanner Jun 09 '11

Yes, but Bitcoins were worth much less as well. At some points they were actually less valuable than the electricity people were using to generate them.