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The entire crypto ecosystem is a ponzi

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Re: The entire crypto ecosystem is a ponzi

#111

Post by mym1990 »

glennvtx wrote: post #16

This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…

How convenient that this is obvious enough to only the people who understand how this relatively complex technology works, but not to bystanders. The fact that you think stocks are closer to a ponzi scheme just invalidates the rest of your post even further.

Re: The entire crypto ecosystem is a ponzi

#112

Post by monero-xmr »

bb88 wrote: post #108
monero-xmr wrote: post #92

Earlier quoted context omitted.

Have you looked into monero? https://getmonero.org/

So are you saying monero can solve the planetary crisis of users not being able to buy illicit drugs online?

Monero is digital cash. Cash is also used to buy drugs, but we do not ban it. I feel that financial privacy is a human right just like any other form of privacy. If you disagree then please post your last month’s bank statement in response to this comment.

Re: The entire crypto ecosystem is a ponzi

#113

Post by dandanua »

monero-xmr wrote: post #18

Cryptocurrency in its purest is money not issued or controlled by a government. Instead the supply inflation is controlled by transparent rules that are plain to see. “Protocol-based finance” vs. the existing government-based finance. Now there are all manner of divergences from the above paragraph. Coins that are totally controlled and issued by a small group or company. Black box rules rather than transparent. Ther…

> buying drugs online is a real use case

It's a use case that doesn't solve the problem with trust. Parties have to trust each other or use escrow. So, it solves only the "government control" problem.

But I agree, crypto is not just a Ponzi scheme. It's an enormous investment into the world of criminals - individuals and organizations.

Re: The entire crypto ecosystem is a ponzi

#114

Post by bawolff »

onethought wrote: post #50
glennvtx wrote: post #16

This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…

I mean communism looks pretty cool on paper too, the actual idea. But we seem to have had a real hard time implementing it. Could crypto be like that?

Tbf, we dont have that many examples of people trying. Communism sucked in russia, but its not like they are that much better under capitalism.

Re: The entire crypto ecosystem is a ponzi

#115

Post by bb88 »

sMarsIntruder wrote: post #98
bb88 wrote: post #53

Earlier quoted context omitted.

Proclaiming that your intellectual opponents are ignorant without pointing out where they're wrong is a pretty common response from bitcoin maximalists these days.

A part from the fact the he cited eth, that makes him not Bitcoin maximalist: he’s right. Also because the arguments are always the same and in this same thread we have one of the most voted comments saying that the idea behind Bitcoin is “stupid”. Just that. But it’s fine since we’re in HN, isn’t it?

Again, there are no substantive arguments in his post or yours.

I'm willing to listen to where he's wrong, but saying it's due to a lack of understanding ain't it chief.

Re: The entire crypto ecosystem is a ponzi

#116

Post by jeremyjh »

monero-xmr wrote: post #109
jeremyjh wrote: post #85

Earlier quoted context omitted.

It isn't money. Money can be easily exchanged for goods and services. It is a digital "asset" whose only meaningful application is speculative trading...of itself. If something only has value because you think you can sell it to the next sucker for more, it is a ponzi scheme.

If your definition of money = using something for goods and services, the crypto has certainly exceeded that definition.

Yes that's why they accept it at Amazon and Alibaba right?

Re: The entire crypto ecosystem is a ponzi

#117

Post by JumpCrisscross »

rosnd wrote: post #84
cornholio wrote: post #67

Earlier quoted context omitted.

The burden of proof is on the crypto promoters to demonstrate ability to create wealth. This was not the case up to now, the only thing crypto produced were speculative assets that have very little legitimate uses. For example, major cryptocurrencies like Bitcoin aim to replace state issued fiat currencies with privately issued currencies that have limited/fixed supply and no connection to the real economy. That's in…

> This was not the case up to now, the only thing crypto produced were speculative assets that have very little legitimate uses. You're being straight up dishonest. Darknet Markets have been operating for over a decade now, they obviously have tons of legitimate uses and have created a plenty of wealth.

> Darknet Markets have been operating for over a decade now, they obviously have tons of legitimate uses and have created a plenty of wealth

If the only utility of crypto is in facilitating illegal transactions, then prima facie anyone in crypto should be charged with money laundering.

Re: The entire crypto ecosystem is a ponzi

#118

Post by carewell »

monero-xmr wrote: post #18

Cryptocurrency in its purest is money not issued or controlled by a government. Instead the supply inflation is controlled by transparent rules that are plain to see. “Protocol-based finance” vs. the existing government-based finance. Now there are all manner of divergences from the above paragraph. Coins that are totally controlled and issued by a small group or company. Black box rules rather than transparent. Ther…

Splitting hairs could be a reasonable expectation but at this point right after the FTX debacle it's not warranted.

Any sufficiently complex system can have minor benefits while overall be considered extremely harmful. Cancer can make you lose weight. Nazi Germany built great highways.

Re: The entire crypto ecosystem is a ponzi

#119

Post by [deleted] »

jtchang wrote: post #80

> For stable funding, what you really need is retail deposits I would disagree. For stable funding what you need is the belief that the underlying currency will continue to have value. The fact that BTC hasn't gone to zero means there are some people who still believe it has value.

[deleted]

Re: The entire crypto ecosystem is a ponzi

#120

Post by monero-xmr »

jeremyjh wrote: post #116
monero-xmr wrote: post #109

Earlier quoted context omitted.

If your definition of money = using something for goods and services, the crypto has certainly exceeded that definition.

Yes that's why they accept it at Amazon and Alibaba right?

Here is a list of services that accept crypto directly

https://kycnot.me/

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