Does the Ithaca Hour Disprove the Regression Theorem?

Bitcoins is a pyramid scheme, period. The fact that some delusional people call it money doesn’t make it money.

If I started a pyramid scheme today and gave in return for US dollars some digital certificate and said: “hey, that’s so valuable that you can use it as money, believe me!” it wouldn’t make my digital certificates money. That exactly describes bitcoins today. There are around 100 million US dollars worth of bitcoins today, yet there is no one accepting it as money except people who want them to speculate with them themselves.

Many pyramid schemes have lasted for years, I wouldn’t be surprised if we continue to see all this madness around this pyramid scheme for quite some time, but bitcoins will never become a widely accepted currency.