15 May '13, 4pm

London

London

The squat is filling up. A group of young men are sitting in a circle avidly discussing something. They include the bald-headed man I'd met outside, who turns out to be a university lecturer. Others are bankers dressed in suits chatting to hooded hackers and the documentary filmmaker. I sit on my haunches by them, and listen. The bald-headed man is saying that through his research Bitcoin could be seen as a Ponzi scheme. He's realised that the early hoarders are those with the largest amount of Bitcoins and they're not selling them. Some people disagree. One likens the situation to Apple shares owned by the founders and early employees. They discuss whether this hoarding is a flaw in the workings of Bitcoin as a currency. As Bitcoin appreciates in value, does it become illiquid? In other words, is the prospect of becoming more valuable ruining Bitcoin's value as a currency...

Full article: http://www.wired.co.uk/news/archive/2013-05/15/bitcoin-sq...

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