Without (any) skin in this game, isn’t this proclamation a bit mature? The nature of Bitcoin right now seems speculative, but will that be true also when the mining phase is over?
Is the mining phase going to end before the oceans boil?
Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
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Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#12Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#13We want something that is stable, has real value, and has backing beyond any one state's borders!
Clearly, International Postal Reply Coupons are the better solution here.
Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#14What's more concerning to me is the cryptocurrency market as a whole. Perhaps there is an argument to Bitcoin being a kind of "digital gold" even if it is all but useless as a currency. But events like Dogecoin hitting a $50B market cap are very unsettling to me.
I used to take part in "Dogecoin Socks for the Homeless" events. It was wonderful, everyone was trying to make something good out of what we all knew to be a meme. I am shocked now to look back on those wallet addresses which once held ~$1,500 and see they'd be worth $285,000 (had I held). Of course, it might be that I'm just angry I wasn't the one to become rich, but the mania right now is really, seriously, insane.
Many people who are FOMO-ing in thinking this will make them millions with a few hundred dollars invested will be hurt when the "number go up, number go down" cycle turns to "number go down."
Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#15As many have argued before me. Bitcoin will probably not be useful as a every day currency, but more useful as a store of value and long term investment. There are other cryptocurrencies that are faster, have lower transaction fees, provide anonymity and are just as easy to use.
Like cardano, polkadot, litecoin, etc...
Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#16This year may be the year that cryptocurrency acquires a purpose.
See also these mentioned years
2008
2012
2015
2017
2020
2021
Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#17Also, Ethereum failed at everything that smart contracts originally promised and became a Ponzi Construction Kit.
Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#18Wait, isn't this the guy with the whole shpeel about having skin in the game? And, didn't he also sell most of his BTC in February? If so, then I guess he would want us to just ignore him.
Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#19True. But so what? The market can stay irrational for a long time and there is money to be made by taking advantage of this ponzi. Arguing about this is not useful.
I suspect this is the thinking that got bitcoin to where it is.
Personally I'm glad to stay away from it as it's a high risk. I like articles like this as the educate people on the risks.
Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
#20Wait, isn't this the guy with the whole shpeel about having skin in the game? And, didn't he also sell most of his BTC in February? If so, then I guess he would want us to just ignore him.
how is he wrong?