391–400 of 406 posts
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But there is a lie. The lie is the supposed value in USD of the bitcoins you hold.
I mean, if the person can transfer them right now for that amount in USD how is it a lie?
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But there is a lie. The lie is the supposed value in USD of the bitcoins you hold.
Like I said up above, even if, for the sake of argument, it were subject to market manipulation, that would still not make it a Ponzi scheme. Not every financial crime is a Ponzi scheme.
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Bitcoin may or may not intentionally be a Ponzi scheme. But that doesn't matter, because functionally, there is no difference between an intentional Ponzi scheme and Bitcoin. Bitcoin trading is a negative-sum game. All winning that anyone gets comes out of the pockets of newer investors. There is no net inflow of value or money that could cover the gains people make trading, other than the money being put in by other…
That's still not a Ponzi scheme unless you are also lying to investors by telling them that the returns are coming from some kind of business venture or something. Investors willingly speculating on commodities because they think they will rise isn't a Ponzi scheme.
Again, this is not an organised Ponzi scheme, but it is functionality identical anyway.
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Bitcoin may or may not intentionally be a Ponzi scheme. But that doesn't matter, because functionally, there is no difference between an intentional Ponzi scheme and Bitcoin. Bitcoin trading is a negative-sum game. All winning that anyone gets comes out of the pockets of newer investors. There is no net inflow of value or money that could cover the gains people make trading, other than the money being put in by other…
Gold works the same way: the mining of new gold creates a downward pressure on the value of existing gold. Dilution is not the same thing as fraud. USD also has some similar effects at play. But inflation is also not fraud.
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Bitcoin may or may not intentionally be a Ponzi scheme. But that doesn't matter, because functionally, there is no difference between an intentional Ponzi scheme and Bitcoin. Bitcoin trading is a negative-sum game. All winning that anyone gets comes out of the pockets of newer investors. There is no net inflow of value or money that could cover the gains people make trading, other than the money being put in by other…
Bitcoin is as much or as little a ponzi scheme as things like the US dollar.
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You do realise the gold standard was abandoned a long time ago. What are they going to do, force people to buy it at gunpoint? Back in the 60s the gold trade was highly regulated. That's why the plot of Goldfinger doesn't really make any sense from a moderns perspective. It seemed quaint even to me as a teenager in the 80s. Nowadays gold is just posh bitcoin.
I'm aware that we aren't on the gold standard, but the US still has the largest store of gold in the world, and uses its army (and courts) to defend the value of gold. Along with the next top three holders, Germany, France, and Italy.
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Corporations (which are usually the payer of fines for bad behavior) don't fear prison because they can't be physically imprisoned. You can't put Exxon in jail. And, lawmakers deliberately make it so damn hard to pierce the corporate liability veil and hold shareholders or directors personally liable for the corporation's actions. So, we need to both move more towards prison and start digging in to which actual peopl…
> You can't put Exxon in jail. If a corporation is a legal person with inalienable rights (as the SCOTUS seems to have decided on), but is intangible and immortal at the same time, what can you do? Any of the below: * freezing assets (=~ reclamation) * seizing accounts (=~ civil forfeiture) * suspend a business license (=~ locking them up) * introduce a revenue cap (=~ prison labour) * remove lobbyists (=~ losing vot…
Anyone who provides proof of perjury on another member of the board/execs will receive leniency/clemency.
All felonies against corporations must hold at least one person in jail for a minimum of 3 years. Every c-level exec must serve a minimum of 1 year, with very few exceptions... (e.g. CTO started work one day before everything went to shit, literally had no knowledge)...
I also think cops who cover up for, or are "quiet" about other cops who've committed crimes, if it comes out they "knew" and didn't tell anyone should serve the same sentence.
People in authority need to have consequences, the only way to stop corruption is for corruption to be painful and very complicated so that only a "few" get away with it, the more people get away with it the more it happens.
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Eh, I'm comfortable calling Bitcoin a Ponzi scheme because all profits extracted by early investors come from later investors. That's, like, a very specific and applicable definition.
In the book Lying for Money (which I recommend to anyone), Dan Davies makes the point that “paying off early investors with later investor’s money” isn’t sufficient to make something a Ponzi because that’s really the nature of nearly all financial fraud (cheque kiting, for example). I think we agree on the mechanism at play though, it’s just a semantic distinction.
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Bitcoin is as much or as little a ponzi scheme as things like the US dollar.
Absolute nonsense.