Bitcoin is a Ponzi

[ogc163]

Great thread.

It is a Ponzi, it's sad that so many smart people are wasting time and energy on this shyt. Serves as evidence that a large portiob of our elites are running out of good ideas.

This crypto nonsense along with the Web3 and NFT garbage is fueled by folks desperation to "disrupt".

Luckily biotech plus safer/more efficient nuclear energy will likely provide some real innovation based in science, and not narrative fallacy driven hype.

 

[Redguard]

The USD dollar is a Ponzi scheme

 

[Mike Nasty]

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"

You're making his point, you just seem confused about what it means.

 

[ogc163]

 

[Uitomy]

My brain needs some serious re-wiring to understand this. So are the miners the ones that are making all the money off the rake of each transaction?

They basically power the money supply to be released but don't make "all the money". Their operations cost a lot of money so they sell mined btc to probably cover costs and obtain extra profits to increase operation and manage the electrical cost.

 

[Barney Rubble]

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

I would look into tether and the dangers it poses to crypto, especially bitcoin.

There’s a Potential Grenade at the Center of the Crypto Economy

 

[GoldenGlove]

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

I don't need answers tho. I'm fully aware of how flawed the current financial systems are.

 

[boskey]

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

Does the blockchain show you which specific bitcoins you own a part of or just the total value of the Bitcoin assigned to you?

Its a a system of how we move money digitally world wide. Thats why folks are investing into it.

But buying coins does not entitle you to any profits or ownership of this system so what are you buying and why?

 

[CrimsonTider]

I don't need answers tho. I'm fully aware of how flawed current financial systems are.

What’s wrong with our currency financial system

 

[DEANBIGBROTHERALLMIGHTY18]

As long as you're on the top of the scheme, what's the issue?

Yes. If you are on the top of the pyramid, you're good. The problem is identifying where you are on thepyramid.

 

[GoldenGlove]

Great thread.

It is a Ponzi, it's sad that so many smart people are wasting time and energy on this shyt. Serves as evidence that a large portiob of our elites are running out of good ideas.

This crypto nonsense along with the Web3 and NFT garbage is fueled by folks desperation to "disrupt".

Luckily biotech plus safer/more efficient nuclear energy will likely provide some real innovation based in science, and not narrative fallacy driven hype.

Biotech and nuclear energy is highly speculative as well... And can you truly expect "real innovation" in industries that are as centralized and controlled as healthcare and utilities?

 

[Originalman]

i Know more about what a Ponzi is then whatever wack source or opinion u are using.

U think companies would bother with a ponzi scheme? Amex, Visa, Robinhood trading platform, an entire country (el salvador), millions of companies world wide...They all use bitcoin as a means to transfer funds to and from.

I mean u gotta be mentally retraded to say bitcoin is a Ponzi Scheme or u just flat out dont know what one is.

Breh you got Cathie Wood investing in bitcoin, CEO of Square Jack Dorsey is all in Bitcoin and is converting Square to a type of Bitcoin company, MicroStrategy (CEO Michael Saylor) is buying bitcoin miners and mining Bitcoin they are one of the biggest bitcoin holders that are a public company. Not to mention the countless hedge funds and billionaires that are buying bitcoin. Hell Jack Dorsey stepped down from twitter as CEO so that he can focus on Square transitioning to be a bitcoin company.

These folks and others understand that bitcoin is a hedge against inflation and a holder of wealth because it is becoming more and more rare. Why do fools think all these damn companies are adopting. Even the big banks are now offering their high roller clients an opportunity to invest in bitcoin. Bitcoin is now the new gold...if you not investing at least a small portion of your net worth in it then you are hustling backwards.

Finally everything is going digital. Are fools on here not aware that photos, games, movies, music and etc are all digital now? What did they expect that money/assets wouldn't go Digital?

Only a fool would see banks, billionaires, multi national companies, countries all investing in something and saying it was a fad. shyt would be like seeing planes in the air in 1910 and saying planes were a fad. Or seeing the oil boom in 1859 and saying oil was a fad. Or seeing the gold rush in 1855 and saying gold was a fad.

 

[Bboystyle]

Does the blockchain show you which specific bitcoins you own a part of or just the total value of the Bitcoin assigned to you?


But buying coins does not entitle you to any profits or ownership of this system so what are you buying and why?

people are investing in the future. The ones who invest into bitcoin are the ones who think it will be the all digital currency that will be used world wide. If folks think the value of bitcoin is only going up based off that belief, why wouldnt u buy? Same shyt with stocks. The non dividend ones people buy hoping it will increase in value. They can hold long or sale off profits.

 

[Red11]

Does the blockchain show you which specific bitcoins you own a part of or just the total value of the Bitcoin assigned to you?


But buying coins does not entitle you to any profits or ownership of this system so what are you buying and why?

not any more than a dollar buys you the fed reserve. I’m “trading” one currency for another.

To your first point the fed is literally printing money without fail. The halving and finite supply makes it rarer as time passes.

 

[Thegospel]

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.

I know somebody who uses a card from crypto.com and they used the card to pay for stuff. So what you sayin?