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The biggest crypto lending company is a ponzi scheme

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Re: The biggest crypto lending company is a ponzi scheme

#51

Post by vadansky »

gentleman11 wrote: post #10

We keep expecting crypto to die but then again, we still have antivirus software that is spyware (avast), a scammy vpn industry, and a thriving anti vax movement. No matter how absurd it is, it might stick around for a long time now

That's the takeaway from "Betting on Zero". I kept watching to see the moment when the Ponzi scheme falls apart and Bill Ackman comes out vindicated, and it never came. It really is the case that "The market can stay irrational longer then you can stay solvent". There might be an escape velocity of irrationality where a Ponzi schemes can become legitimate.

Re: The biggest crypto lending company is a ponzi scheme

#52

Post by yao420 »

criddell wrote: post #29
WFHRenaissance wrote: post #19

Earlier quoted context omitted.

I'm not a huge fan of the the current cryptocurrency scene, but I think it will remain very useful as a medium of exchange and store of value in unstable parts of the globe for years to come.

It will remain a very useful medium of exchange? Are you saying that today it is a very useful medium of exchange? Are you using it that way?

Yes, I buy drugs with monero all the time. Quick, anonymous, and low transaction fees.

Re: The biggest crypto lending company is a ponzi scheme

#54

Post by AlwaysRock »

obayesshelton wrote: post #15

Crypto and NFT is one big ponzi scheme. Who on earth is spending $000,000s on a virtual ship? I sense it is a case of somebody close to the NFT or virtual world buying the asset and making out it is a great thing and then selling it on quickly. Many a scam involves somebody from the group buying something so the unwilling feel like it safe. As always, don't be left holding the baby.

People still pay X,xxx or XX,xxx a month to rent Second Life property. Sure it seems silly to me but some people really like NFTs.

Re: The biggest crypto lending company is a ponzi scheme

#56

Post by daniel-thompson »

WFHRenaissance wrote: post #19
gentleman11 wrote: post #10

We keep expecting crypto to die but then again, we still have antivirus software that is spyware (avast), a scammy vpn industry, and a thriving anti vax movement. No matter how absurd it is, it might stick around for a long time now

I'm not a huge fan of the the current cryptocurrency scene, but I think it will remain very useful as a medium of exchange and store of value in unstable parts of the globe for years to come.

> it will remain very useful as a medium of exchange

The only current usecase I'm aware of for crypto as a medium of exchange is for criminals, i.e. ransomware / extortion / etc.

Re: The biggest crypto lending company is a ponzi scheme

#57

Post by exdsq »

netcan wrote: post #42
exdsq wrote: post #33

Earlier quoted context omitted.

It's better than trading pre-paid phone credit plans!

Have you ever paid for a sandwich with pre-paid phone credit? In places where it's used, it's surprisingly usable.

Yes! But, you do get some bonuses with cryptocurrencies. Access to credit, ability to build an account history, etc. At the very least cryptocurrencies are a superset to M-Pesa etc. Plus some other geo-political perks like not being centralised around Chinese technologies (M-Pesa might not be, but its competitors are & underlying mobile tech is predominately Chinese).

Re: The biggest crypto lending company is a ponzi scheme

#59

Post by abacadaba »

criddell wrote: post #29
WFHRenaissance wrote: post #19

Earlier quoted context omitted.

I'm not a huge fan of the the current cryptocurrency scene, but I think it will remain very useful as a medium of exchange and store of value in unstable parts of the globe for years to come.

It will remain a very useful medium of exchange? Are you saying that today it is a very useful medium of exchange? Are you using it that way?

https://news.ycombinator.com/item?id=29496915
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