It's not just a scam... it's an M&S scam!
If Marks and Spencers or Harrods or any other top department store made a scam, it would be virtual currency. It has no intrinsic or traditional value, is backed by no government and creating units of it actually destroys value (in the form of computer time and electricity)
It's inconvenient to the user as it takes hours on end to get started - and the "exchange rate" with real money fluctuates violently as the only way it can appreciate in "value" is when used by speculators to create a financial bubble, making it completely useless to buy and sell things - for instance the "value" of Litecoin a few months ago was 16 cents. Today I am informed it is $25. Also I read that it takes several minutes for transactions to be processed and of course, there's always the Prisoners' Dillemma, which Paypal solves by guaranteeing some transactions and forcing you to use your real ID, so that fraudsters can be traced.
That said, it probably has a little way to go before it collapses completely. So probably it is still possible get rich quick - but not for long.
It's inconvenient to the user as it takes hours on end to get started - and the "exchange rate" with real money fluctuates violently as the only way it can appreciate in "value" is when used by speculators to create a financial bubble, making it completely useless to buy and sell things - for instance the "value" of Litecoin a few months ago was 16 cents. Today I am informed it is $25. Also I read that it takes several minutes for transactions to be processed and of course, there's always the Prisoners' Dillemma, which Paypal solves by guaranteeing some transactions and forcing you to use your real ID, so that fraudsters can be traced.
That said, it probably has a little way to go before it collapses completely. So probably it is still possible get rich quick - but not for long.