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Bitcoin is a Ponzi

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Re: Bitcoin is a Ponzi

#491

Post by forgotmyoldname »

glenvdb wrote: post #254
zacmps wrote: post #163

Earlier quoted context omitted.

I'm sorry, what applications? Besides accelerating global warming there doesn't seem to be anything it's good at.

Please look at this data and then come back and tell me you still think Bitcoin mining is having a meaningful impact on climate change and why. https://cbeci.org/index/comparisons I'd be curious to read your thoughts.

So Bitcoin uses more energy than an entire country of 110 million people (the Philippines).

That's absolutely nuts. If you said you could reduce an entire country's CO2 emissions to zero overnight, and you had a valid plan to do so, you'd be on the cover of every newspaper for your revolutionary plan to help save the earth.

But say you want to flip a switch and turn off a single cryptocurrency in order to do it, and you'll have floods of people trivializing it, saying "well, let me tell you why 110 million people's CO2 emissions aren't that big of a deal..."

Re: Bitcoin is a Ponzi

#492

Post by arthurcolle »

vkou wrote: post #450
arthurcolle wrote: post #398

Earlier quoted context omitted.

financial news media is a superset of the crypto financial news media; my statement remains true

Okay, so what you're saying is that the crypto community is what pushed crypto in that direction.

This does not follow from what I said at all.

Re: Bitcoin is a Ponzi

#495

Post by bb88 »

ipaddr wrote: post #455
bb88 wrote: post #293

Earlier quoted context omitted.

> With a decentralized digital asset there is no sole person or company that profits from just lying to you about where your Dollar goes in exchange for the digitals. Ponzi schemes don't have to run by single individuals, but perhaps by multi-person organizations like the mafia. The mob was the reason the RICO laws came to be. And undoubtedly, the mafia organizations would collaborate to break up their crime into reg…

The mob isn't running bitcoin as a Ponzi scheme. People who buy bitcoin are not mobsters. There are different waves of investors from the true believers who mined because the idea was powerful to the mt gox crowd, coinbase newbies, wall street / hedge fund crowd. Each group has a different reason. The latest groups are looking to make money and the earlier adopters have moved to a less popular more ideological coins…

I think you miss the point. Ponzi schemes can be run by multiple organizations, and agreeing to a scheme together without signing legal formalities.

The big example of this would be the 2008 banking crisis where CDO's were bought and sold by multiple banks, but ended up being worth less than the pieces of paper they were printed on -- even though the banking industry should have known this were the case.

Once it was known, they sought to protect themselves first -- "Too big to fail", TARP were common terms of the time.

Re: Bitcoin is a Ponzi

#496

Post by satoshiiii »

cerved wrote: post #382
glenvdb wrote: post #51

A lot of the "Common Objections" relate to the REASONS people choose to own Bitcoin and how those cases make it a Ponzi. There are many different reasons to own Bitcoin, however the author seems to only view it through the lens of someone living in a wealthy and developed country with financial stability. The properties of it being difficult/impossible to confiscate and its privacy make it valuable in oppressive regi…

The point of the article is that this is that people don't invest in Bitcoin because it's great refuge money. They expect prices to rise.

I invested in BTC years ago because of those 2, I expected the value to grow as adoption grows. And BTC seems to me back then that it was a great way to store my hard earned money and I can bring it with me anywhere safely.

Re: Bitcoin is a Ponzi

#497

Post by DeathArrow »

sillysaurusx wrote: post #313
MelonTree wrote: post #250

Earlier quoted context omitted.

No, not at all. During my asset freeze, I considered trying to take action against my bank to force something to actually happen and facts to come to light. But I also had access to no money, and and my time was better spent working some cash jobs so I didn't have to lean so much on my friends. And then once my assets were unfrozen, I don't think I really have much grounds for recourse..

I’m sorry but what? Was this in the US? Because the intro was “oppressive regime,” and then you gave an example of an oppressive regime, and now I’m realizing you might very well be in the US. I’m just shocked; never considered this could happen. Was this related to your employer, and… Well, I should just ask rather than guess :) thank you for sharing, and I’m really sorry that happened. One of the best decisions I’v…

If you want to protect your money, wouldn't it be easier to open an account in another country and transfer the money there? In Europe we can do it very simple with Revolut or Monese.

When you have money in the Revolut account you can spend them in any country and it would be very difficult for some entity to block your funds.

Re: Bitcoin is a Ponzi

#498

Post by russianbandit »

Were seashells a Ponzi? What about glass beads? These were used as “currency” in our history, but nobody uses them as such anymore.

Let’s say Bitcoin is a Ponzi. What or who will do the inevitable rug pull that comes with those scams? What if the rug pull never comes (or does 1000 years from now)? Is it still a Ponzi? Was it a Ponzi for those people who benefited from it in that 1000 years?

Re: Bitcoin is a Ponzi

#499

Post by bb88 »

DeathArrow wrote: post #442
bb88 wrote: post #293

Earlier quoted context omitted.

> With a decentralized digital asset there is no sole person or company that profits from just lying to you about where your Dollar goes in exchange for the digitals. Ponzi schemes don't have to run by single individuals, but perhaps by multi-person organizations like the mafia. The mob was the reason the RICO laws came to be. And undoubtedly, the mafia organizations would collaborate to break up their crime into reg…

That's interesting. Can mobs sue each other for anticompetitive practices?

I think they would just kill each other, or take contracts out on each other for reneging on verbal agreements.

Re: Bitcoin is a Ponzi

#500

Post by gunshai »

rank0 wrote: post #438

People in the crypto debate have very short memories. BTC is up like 1000% in the past 18 months and everyone is so quick to point at the current price declaring that "crypto is here to stay!" I mean christ in what world is 18 months long enough to declare that crypto is eating the world? It's clear as day from my perspective that everyone is jumping on the speculative mania bandwagon. It used to have some utility in…

An entire country is using btc as their currency of exchange. Is it a major economy no but now its your turn to move the goal post.
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