Bitcoin is a Ponzi

[Barney Rubble]

80% of bitcoin is backed by Tether (USDT). There is only enough Tether to cover 60% of all bitcoin. Tether is heavily invested in Chinese bonds. The Chinese market is about to go into a recession thanks to their real estate market collapsing. Evergrande, the seventh largest real estate company in the world, has announced they are unable to pay back foreign investors. When tether collapses, you won't be able to sell your bitcoin. I've stayed away for this reason.

 

[Eternal Tecate]

Go ahead and buy right now if you want to make some money

 

[ORDER_66]

It is a ponzi, but until government does something about it, why would Joe Schmoe stop investing in it.

It's literally playing the PowerBall, with a higher likely outcome of actually winning something.

I used to be anti-crypto heavy, but it is seemingly becoming viable. It'll never be a consistent reserve in the real world, but with the emergence of NFT's, virtual real estate, and the Metaverse, the possibilities are endless.

Fake virtual money can buy fake virtual things, all of which we are giving more and more value to everyday.

I can actually buy a real Lambo with $shiba-inu & or $bitcoin so it's not fake as people claim...

 

[Bboystyle]

It's literally DIGITAL currency the idea was gonna happen in our world with a very fast growing technological age... you KNOW this, why you acting stupid for???

Exactly. These nikkas dumb as hell thinking bitcoin is an object. Its a a system of how we move money digitally world wide. Thats why folks are investing into it.

No one came out and said, "hey, invest into bitcoin and u will earn triple your money in 90 days"

 

[the bossman]

You get a tangible substance from mining gold.

Oh my bad, I forgot. Something must be physical to have value. Nothing digital can ever have value right?

 

[Bboystyle]

80% of bitcoin is backed by Tether (USDT). There is only enough Tether to cover 60% of all bitcoin. Tether is heavily invested in Chinese bonds. The Chinese market is about to go into a recession thanks to their real estate market collapsing. Evergrande, the seventh largest real estate company in the world, has announced they are unable to pay back foreign investors. When tether collapses, you won't be able to sell your bitcoin. I've stayed away for this reason.

bitcoin is not backed by any assets....The majority of currencies used in the global economy do not have any backing. By definition, a fiat currency is a currency without backing, and this is what every major economy in the world uses to conduct daily transactions inlcuding USD

 

[boskey]

A bitcoin is not a definite pattern of bits; it cannot be printed, played on speakers, or shown on a screen. There is only a ledger with entries that assert "there are N bitcoins assigned to address Z" -- and it does not even say which bitcoins.

This part is red flag that stood out to me.

If the whole value of the blockchain is a permanent incorruptible ledger then why don’t bitcoin owners know exactly which bitcoins they own? If there is a finite amount that should be very possible. You even know which specific dollars you own when you pull them out of a bank (serial number)

Good post

 

[GoldenGlove]

No companies have underlying cash flows derived from selling goods/services and/or tangible underlying assets (eg factories, materials, intellectual property, etc) that can be sold at market rate if the company fails.

The issue here, is that you want to compare two completely different asset types (stocks/securities vs crypto projects/protocols) as if they both are the same. They aren't.

Speculation doesn't mean ponzi. You would be in the same camp of individuals who completely shytted on the internet during the late 90s leading into the .com era. You only see things in an antiquated flawed close minded way.

Instead of having a better understanding on the tech behind Web 3.0 you'd rather be ignorant and miss the boat entirely. Most of your counter points that include propping up FIAT currency and traditional financial systems is ironic considering how nonsensical they've become since inception.

You made a thread about BTC being a scheme and are perfectly fine with fractional reserve banking, inflation, real estate and stocks benefiting early investors/owners and that wealth never transitioning else where for generations.

All of which are schemes designed to heavily benefit whoever created them.

 

[Bboystyle]

This part is red flag that stood out to me.

If the whole value of the blockchain is a permanent incorruptible ledger then why don’t bitcoin owners know exactly which bitcoins they own? If there is a finite amount that should be very possible. You even know which specific dollars you own when you pull them out of a bank (serial number)

Good post

and what backs the mighty dollar? NOTHING. its as valuable as we make it out to be just like bitcoin

 

[Marks]

Money is a meme and has been for some time.

 

[the bossman]

I first started commenting in May of this year. Not looking for attention at all, just sharing my outlooks. Y'all are about to get really humbled soon though.

I’ll be back later this month after the crash. Peace out.

Where have we heard this before?

Crash is gonna come before Labor Day.

OK so now the crash that was supposed to happen from Labor day is postponed to later this month? So after this month comes and goes when will the crash be postponed to again?

 

[Jekyll]

Right now its a trinket mainly for those who don’t really understand tech and financial markets but like tech and those who like get rich quick and pump/dump schemes. And for Big Money to play with as they see fit.

You could maybe classify how the whales manipulate the coins in a coordinated fashion as a ponzi. They rise to price to attract idiots and dump it on them. Unregulated markets will do that. There’s money to be made but only if you understand exactly what’s going on. The BTC format itself is primitive and will ultimately be replaced by something else when crypto becomes mainstream.

 

[the bossman]

This part is red flag that stood out to me.

If the whole value of the blockchain is a permanent incorruptible ledger then why don’t bitcoin owners know exactly which bitcoins they own? If there is a finite amount that should be very possible. You even know which specific dollars you own when you pull them out of a bank (serial number)

Good post

I highly suggest you jump into the main crypto thread stickied at the top or at the very least Google.

What that guy wrote is so wrong it's laughable. One of the key features of bitcoin is its transparency. Any piece that anyone owns is recorded on the blockchain accessible to anyone to see. We can't say the same for the traditional financial system

 

[WaveMolecules]

this is obvious and people who trumpet bitcoin as the future are praying you join in and buy bitcoin so the price goes up.

NO ONE USES BITCOIN AS CURRENCY. NO ONE.

 

[boskey]

The issue here, is that you want to compare two completely different asset types (stocks/securities vs crypto projects/protocols) as if they both are the same. They aren't.

Speculation doesn't mean ponzi. You would be in the same camp of individuals who completely shytted on the internet during the late 90s leading into the .com era. You only see things in an antiquated flawed close minded way.

Instead of having a better understanding on the tech behind Web 3.0 you'd rather be ignorant and miss the boat entirely. Most of your counter points that include propping up FIAT currency and traditional financial systems is ironic considering how nonsensical they've become since inception.

You made a thread about BTC being a scheme and are perfectly fine with fractional reserve banking, inflation, real estate and stocks benefiting early investors/owners and that wealth never transitioning else where for generations.

All of which are schemes designed to heavily benefit whoever created them.

and what backs the mighty dollar? NOTHING. its as valuable as we make it out to be just like bitcoin

lol y’all act like there isn’t a whole article linked written by a computer scientist. Read it and you will see answers to your replies