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.
Does the USD have external revenue? Is so, what is it?
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Bitcoin is a Ponzi
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Re: Bitcoin is a Ponzi
#32Re: Bitcoin is a Ponzi
#33And knives are weapons.
Re: Bitcoin is a Ponzi
#34> Stocks have an external source of revenue, namely the profit that the company makes by selling its products and services to customers
Hahaha somebody let GameStop, Tesla, and Virgin Galactic know about this rule.
Re: Bitcoin is a Ponzi
#35The article describes "5 features of a Ponzi scheme" which make it sound like some authoritative rules, but so far as I can tell these were simply made up just for this article. I can't find them referenced anywhere else.
There you go: https://en.wikipedia.org/wiki/Ponzi_scheme
Re: Bitcoin is a Ponzi
#36In a nutshell: A ponzi scheme has no external revenue, instead the payoffs come from new investors. This is the case when investing in Bitcoin.
The crucial difference that excludes Bitcoin (and any other such blockchain currency) is that a Ponzi scheme deceives investors by pretending it is profitable and the profits are derived from legitimate investments. Bitcoin et al. does not do this; there is no deception, no fraud and, therefore, no Ponzi.
Re: Bitcoin is a Ponzi
#37About two weeks ago a coworker came into my office and told me he bought a cheap motherboard so he could mine bitcoin with his graphics card. Is it theoretically still possible to make a profit with that kind of hardware nowadays? Please someone just tell me. I have no interest to do research into this. I just feel sadness for the crypto-bros.
Most likely not, unless power is basically free where you are and the hardware they're using was surplus.
Re: Bitcoin is a Ponzi
#38cryptos are a currency even if the US don't want to admit it...
Re: Bitcoin is a Ponzi
#39About two weeks ago a coworker came into my office and told me he bought a cheap motherboard so he could mine bitcoin with his graphics card. Is it theoretically still possible to make a profit with that kind of hardware nowadays? Please someone just tell me. I have no interest to do research into this. I just feel sadness for the crypto-bros.
AFAICT yes, but you mine ether or some other coin and either get paid in Bitcoin by a pool like ‘Nicehash’ or exchange it yourself.
The others have become a proxy for Bitcoin.
Re: Bitcoin is a Ponzi
#40About two weeks ago a coworker came into my office and told me he bought a cheap motherboard so he could mine bitcoin with his graphics card. Is it theoretically still possible to make a profit with that kind of hardware nowadays? Please someone just tell me. I have no interest to do research into this. I just feel sadness for the crypto-bros.
No, it’s not possible. All mining, for probably the past 4 or 5 years, is done on ASICs, typically in places selected for favorable energy or climate reasons.