Cryptocurrency Is a Giant Ponzi Scheme
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Cryptocurrency Is a Giant Ponzi Scheme
1–10 of 37 posts
Re: Cryptocurrency Is a Giant Ponzi Scheme
#2Mostly but as long as you're not the one holding the last tulip, you can profit greatly. It does bother me to see how many young people are being taught it's an investment rather than a game of economic chicken. Then again, so much in our modern economy is that way that one can hardly blame them from not seeing the danger.
Re: Cryptocurrency Is a Giant Ponzi Scheme
#3Mostly but as long as you're not the one holding the last tulip, you can profit greatly. It does bother me to see how many young people are being taught it's an investment rather than a game of economic chicken. Then again, so much in our modern economy is that way that one can hardly blame them from not seeing the danger.
Most investments are Ponzi schemes including all forms of currency. I don't want to get into an argument about the short term investments and liquidity in the markets, bla bla bla. They could be tools, but they end up becoming the ends.
Why?
Re: Cryptocurrency Is a Giant Ponzi Scheme
#4Same arguments from both sides, different day. So tired of the self-righteousness of both sides. The reality is that there are use-cases that are useful today with crypto. The reality is also that the vast majority of money in crypto is there for speculative reasons, not fundamental value. That's fine, it's a bet, stop caring about where people put there money. If you don't want to make a speculative bet, then don't. If you made a speculative bet and it paid off, no you are not a genius. No one cares, no one shows shit about fuck, let's all stop pretending and just understand that speculation != investment grade and allow for people who want to take significant risk on speculative bets.
Re: Cryptocurrency Is a Giant Ponzi Scheme
#5I like permissionless ponzi schemes more than permissioned ponzi schemes.
Re: Cryptocurrency Is a Giant Ponzi Scheme
#6Same arguments from both sides, different day. So tired of the self-righteousness of both sides. The reality is that there are use-cases that are useful today with crypto. The reality is also that the vast majority of money in crypto is there for speculative reasons, not fundamental value. That's fine, it's a bet, stop caring about where people put there money. If you don't want to make a speculative bet, then don't.…
Yes, the critique became quite boring in the last year.
"You're burning the world!"
"We are saving the world!"
Both are obviously BS.
Re: Cryptocurrency Is a Giant Ponzi Scheme
#7Same arguments from both sides, different day. So tired of the self-righteousness of both sides. The reality is that there are use-cases that are useful today with crypto. The reality is also that the vast majority of money in crypto is there for speculative reasons, not fundamental value. That's fine, it's a bet, stop caring about where people put there money. If you don't want to make a speculative bet, then don't.…
I don’t think there are two sides.
I don’t think I’m self-righteous when I say that the use cases for crypto just aren’t there yet as they require a non-speculative environment to be viable.
I like the idea of smart contracts and general ledger. It’s useful for buying things in theory. But at $10+ for a transaction fee that’s impossible. I’ve been waiting over 10 years.
I think this is pragmatic. And I don’t think it’s self-righteous to roll my eyes when some crypto fan tells me to just wait. Especially if they are financially bound up in convincing people to raise the price of crypto.
I do care where people spend money as it affects me and people I love. Lotto is bad. Spending lots of money on lotto is bad.
“Betting” on crypto is driving up the price and crowding out real use cases.
Also, ethically, pump and dump schemes are bad. I feel bad that victims lose money. I want these schemes to stop. I’m not self-righteous in my anger. I don’t care that much, I just want the SEC to investigate and prosecute.
Re: Cryptocurrency Is a Giant Ponzi Scheme
#8Mostly but as long as you're not the one holding the last tulip, you can profit greatly. It does bother me to see how many young people are being taught it's an investment rather than a game of economic chicken. Then again, so much in our modern economy is that way that one can hardly blame them from not seeing the danger.
Most investments are Ponzi schemes including all forms of currency. I don't want to get into an argument about the short term investments and liquidity in the markets, bla bla bla. They could be tools, but they end up becoming the ends. Why?
This is not true at all as most investments have some intrinsic thing of value.
A stock is a predicted stream of future earnings. A Ponzi scheme produces nothing and only survives through new investment. Stocks don’t need future investment as they can just pay out dividends forever based on the companies earnings.
Equating these two things seems fraudulent at worst and stupid at best.
Re: Cryptocurrency Is a Giant Ponzi Scheme
#9Same arguments from both sides, different day. So tired of the self-righteousness of both sides. The reality is that there are use-cases that are useful today with crypto. The reality is also that the vast majority of money in crypto is there for speculative reasons, not fundamental value. That's fine, it's a bet, stop caring about where people put there money. If you don't want to make a speculative bet, then don't.…
Yea, cause what could go wrong allowing the uninformed to “invest” their savings into gigantic, unregulated ponzi schemes with no recourse for when things go south?
Definitely zero issues with shit like that in the past, that’s for sure.
Re: Cryptocurrency Is a Giant Ponzi Scheme
#10Even if I were to accept all of the fearful arguments against cryptocurrency, a prohibition of cryptocurrency would still be the greater evil in my view.
Even if it is 'irrational' as described by some behavioral economists, how can we accept that the behavioral economist who is accusing the consumer of irrationality is himself entirely rational.
The premise is nonsensical in my view. Differing actors employ their individual agency towards unique ends which cannot be evaluated from a position of imperfect information. Value is subjective.