Bitcoin is a Ponzi

#1

Post by amin » Thu, Oct 07, 2021, 3:45 AM UTC

Re: Bitcoin is a Ponzi

#2

Post by arvindamirtaa » Thu, Oct 07, 2021, 3:56 AM UTC

> No, national currencies too fail to fit the definition, because people do not "invest" in them with the expectation of gain.

The entire forex trading industry: am I a joke to you?

Re: Bitcoin is a Ponzi

#3

Post by sockfish » Thu, Oct 07, 2021, 3:58 AM UTC

"By that definition the USD is a ponzi. No, national currencies too fail to fit the definition, because people do not "invest" in them with the expectation of gain" <-- The 6.6trillion/day forex market begs to differ.

Re: Bitcoin is a Ponzi

#4

Post by fighterpilot » Thu, Oct 07, 2021, 3:58 AM UTC

> gold

> real estate

> stocks

Sure, these things aren't ponzis. What about art and stamp collecting, though? How are they not ponzis under this definition?

Re: Bitcoin is a Ponzi

#5

Post by Swizec » Thu, Oct 07, 2021, 3:58 AM UTC

arvindamirtaa wrote: post #2

> No, national currencies too fail to fit the definition, because people do not "invest" in them with the expectation of gain. The entire forex trading industry: am I a joke to you?

Isn’t forex kind of a joke to everyone?

Hearing your friend got into Forex is about the same as when they get into Amway, Tupperware, DoTerra, or Herbalife …

Re: Bitcoin is a Ponzi

#6

Post by richardatlarge » Thu, Oct 07, 2021, 3:59 AM UTC

I’ve discouraged friends from investing in CC as I could never see a material basis for value, present or future. I wonder what if anything exists that is similar that is not a Ponzi scheme. Ask yourself this: if you woke up in the morning to find BCs value had zeroed out, how surprised would you be

Re: Bitcoin is a Ponzi

#7

Post by reducesuffering » Thu, Oct 07, 2021, 3:59 AM UTC

fighterpilot wrote: post #4

> gold > real estate > stocks Sure, these things aren't ponzis. What about art and stamp collecting, though? How are they not ponzis under this definition?

They have value as tax evasion schemes

Re: Bitcoin is a Ponzi

#8

Post by amin » Thu, Oct 07, 2021, 4:00 AM UTC

In a nutshell: A ponzi scheme has no external revenue, instead the payoffs come from new investors. This is the case when investing in Bitcoin.

Re: Bitcoin is a Ponzi

#9

Post by dhsysusbsjsi » Thu, Oct 07, 2021, 4:00 AM UTC

I think this is simplistic. It’s viewing Bitcoin through a lens of a traditional Ponzi scheme assuming people that trade their fiat currency for Bitcoin are investing, with a view to one day take profits back into dollars.

What if people are seeing discussion of minting a trillion dollar coin, trillions in QE, 25% of all dollars created in the last 12 months…and concluding that fiat currency is in an endgame and they are permanently trading what fiat they have now for one of a finite number of digital assets that will ever be created.

As Michael Saylor once said in an interview: “It’s the superior asset, Laura”

Re: Bitcoin is a Ponzi

#10

Post by kayamon » Thu, Oct 07, 2021, 4:00 AM UTC

In which a man doesn’t know what a proof of work system is.