Bitcoin is a Ponzi

[Thegospel]

exceptions that prove the rule.

Bruh WHAT? You can either do it or you cant. Dude I'm talkin bout is a broke lil 21 year old lol he aint no exception to anything

 

[old pig]

Let these nikkas cook mane. They the type to criticize from high up without doing anything in their life. They refuse to acknowledge that there are risks with everything. It’s up to the investor to minimize risks and cake up

it’s almost 2022…these nikkas are out-of-date with their talking points…this is 2017 shyt

 

[lib123]

We bought our house, outright. And still had a remaining 130k+ to pay off our student loans on money made from BTC and ETH.

Now we are currently not holding any crypto. But we took that profit, improved our lives and moved on while investing in the traditional market instead.

But what's "dumb" is thinking that those of us that have made a come up on trading crypto give a shyt about what nikkas been saying for the entire 12 years of the lifespan of crypto. At some point some of yall are talking to yourselves more than you are talking to "us".

The core of it is that crypto has made a lot of people a lot of money. And those of you that have spent that decade+ calling those investors dumb/stupid are increasingly annoyed at seeing those dumb/stupid people make money hand over fist while you sit on the sidelines trying to make fun of nikkas caking up. If you don't like it, then don't. But its been over 10 years, the shyt shouldn't be on yall mind like this unless theres some other reason you really mad.

1. I'm happy for anyone who's been able to financially come up off crypto, especially Black people.
2. I personally haven't viewed crypto as a ponzi for 12 years, only since it's gained mainstream participation.
3. When the bubble does bust, far more people will lose money than those who made money. This will be especially precarious for Black people given our already limited resources. The early participants who cash out in any Ponzi are the winners. But that's a very small percentage.

 

[Xyrax]

Actually, this is a much better way to paint this picture:

This post on Oct 22, 2013

it's a bullshyt ponzi scheme

At that time the prices were:

And now:

This post on Dec 5, 2021

Bitcoin is a Ponzi

I can imagine those who actually made money over these years while being heckled from the sidelines are all feeling like this:

1. I'm happy for anyone who's been able to financially come up off crypto, especially Black people.
2. I personally haven't viewed crypto as a ponzi for 12 years, only since it's gained mainstream participation.
3. When the bubble does bust, far more people will lose money than those who made money. This will be especially precarious for Black people given our already limited resources. The early participants who cash out in any Ponzi are the winners. But that's a very small percentage.

Im certainly not saying theres no risk. Even I approached it with caution, mainly because my girl was stressing over speculative investing. But I just think its past time to keep giving the people investing a hard time. At least we need to see that crash before giving brothers a hard time for trying to come up.

Its been a long time, and its worked out for basically everyone that has invested and held over time. I would have no problem with snapping on nikkas if it actually does go to zero, but until then the investors have been right, and everyone else has been wrong, repeatedly. That should gain them some rope in my eyes.

 

[lib123]

Actually, this is a much better way to paint this picture:

This post on Oct 22, 2013


At that time the prices were:

And now:

This post on Dec 5, 2021

I can imagine those of us who actually made money over these years while being heckled from the sidelines are all feeling like this:

You could've said the same thing in 1999/2000 to someone who passed on investing in various dot-com stocks in 1997 that exploded in value by 2000. By 2001, many of those same dot-com stocks were bankrupt. Past performance isn't a guarantee of future viability. And the Internet's long-term viability was far more of a sure-thing than crypto.

 

[lib123]

Would love to hear pro-crypto folks actually critique his points instead of ad hominems.

Bump. Most people in this thread are so triggered by the title that they aren't reading the article. Many of the counterpoints you're raising are addressed under Common Objections.

 

[Originalman]

great post by the way but you’ll still have ppl expressing horribly ignorant, antiquated views about drug dealers using crypto lmaooo

Thanks breh appreciate it. I just don't think they understand what has been going on the last year and a half. That view of drug dealers and shyt can be kept pre 2020. But everything changed in 2020 all these multinational companies adopted this shyt as a hedge with the governments of the world printing money due to covid.

The money is eroding like crazy due to inflation. At the same time the billionaires, millionaires, hedge funds and multinational companies finally listened to what the retail investors been saying (for a decade) that this bitcoin shyt is going to be rare (with the halving) and its a store of wealth.

They are hedging against inflation. Over the last 10 years nothing on this planet has been been a inflationary/hedge against inflation/with as high retutrns like bitcoin....NOTHING! Not real estate, not stocks, not gold.....NOTHING!

These rich folks/people in power are now dumping billions into bitcoin all around the world and there is no end in sight. All these kats that predicted this shyt in the early 2010s about adoption really knew what they were talking about. It just took a global pandemic to kick this shyt off in high gear.

Give it less than 10 years and everyone's 401k or 403B account will have a elective fund (that they can select) that holds bitcoin. Or their pension program will be invested in a fund that holds bitcoin. You can see the writing on the wall with websites now accepting it and some other cryptos. All its gonna take is for Amazon (or another large multinational retailer) or someone like that to start accepting Bitcoin (or another crypto) and its going to go into hyperdrive even faster on the adoption side.

 

[old pig]

Thanks breh appreciate it. I just don't think they understand what has been going on the last year and a half. That view of drug dealers and shyt can be kept pre 2020. But everything changed in 2020 all these multinational companies adopted this shyt as a hedge with the governments of the world printing money due to covid.

The money is eroding like crazy due to inflation. At the same time the billionaires, millionaires, hedge funds and multinational companies finally listened to what the retail investors been saying (for a decade) that this bitcoin shyt is going to be rare (with the halving) and its a store of wealth.

They are hedging against inflation. Over the last 10 years nothing on this planet has been been as inflationary/hedge against inflation like bitcoin....NOTHING! Not real estate, not stocks, not gold.....NOTHING!

These rich folks/people in power are now dumping billions into bitcoin all around the world and there is no end in sight. All these kats that predicted this shyt in the early 2010s about adoption really knew what they were talking about. It just took a global pandemic to kick this shyt off in high gear.

Give it less than 10 years and everyone's 401k or 403B account will have a elective fund (that they can select) that holds bitcoin. Or their pension program will be invested in a fund that holds bitcoin. You can see the writing on the wall with websites now accepting it and some other cryptos. All its gonna take is for Amazon (or another large multinational retailer) or someone like that to start accepting Bitcoin (or another cryptoo) and its going to go into hyperdrive even faster.

preaching to the choir fam

…and with threads like these the hope is someone who is genuinely interested/curious and has questions reads posts like this and understand the opportunity it presents…but later for these other bums…you literally have folks on here who have been wrong about bitcoin at every turn for the last 7 years but still have the audacity to pretend they’re patting themselves on the backs when it dips…no true discourse can be held with folks like that…none.

 

[Kenny West]

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

The united States military

 

[Kenny West]

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??? Lmao are you kidding me?

Most of those companies are driven through the ground as penny stocks

 

[Originalman]

preaching to the choir fam

…and with threads like these the hope is someone who is genuinely interested/curious and has questions reads posts like this and understand the opportunity it presents…but later for these other bums…you literally have folks on here who have been wrong about bitcoin at every turn for the last 7 years but still have the audacity to pretend they’re patting themselves on the backs when it dips…no true discourse can be held with someone like that…none.

Breh I understand folks being skeptical. But IMO 3rd times the charm. Kats on here have seen 3 crypto cycles and each time Bitcoin comes back stronger each time. Plus all these rich folks buying and trying to shake paper handed retailers out their bitcoin. Yet still thinking its some scheme.

Its like thinking Freddie and Jason are finally dead even though you seen these fools die and come back for 15 movies straight.

 

[Freedman]

Good way to make money but don't see it replacing fiat money banks probably adopt some of the technology mainly the address money transfer scheme

 

[CrimsonTider]

The traditional banking system is designed for the vast majority of people to deposit their money into them to build up their (the banks' reserves and capital) so that they can in term lend it out and make interest on it.

Black dollars specifically have always been deposited into banks to be leveraged for others at a much higher rate since their inception. This is all done with banks giving us less than 1% in a savings account.



Also, banks as of March 2020 the government set the reserve requirement ratio to 0. Which effectively means, a bank doesn't even need to have your funds liquid and available.

Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2021

Why is there so much smoke from some of you nikkas about crypto, Web 3.0 and DeFi but y'all are completely ok with the government legally saying it's fine for your bank to invest and loan your money into various markets/businesses/communities without you earning anything from it?...or in some cases, even having your funds available?

How does this make the financial system flawed?

we’re not even bring up the fact that it’s regulated and insured and crypto is not

 

[Tres Leches]

ask people in Venezuela , Argentina , turkey , Lebanon what the real ponzi is (their local currency)



bbut I guess y’all rather every country use the dollar so they can keep printing even more

 

[GoldenGlove]

1. The fact that they are highly speculative is not relevant to what I wrote.

Fortunately, I understand context from things I read. It is relevant to what you wrote, especially after you say something like this.

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.

You're saying that crypto, Web 3.0 and NFTs is desperate garbage. This isn't me speculating what your thoughts are, this is literally you said. You then follow up by saying "real innovation" will happen in other speculative industries without any reason... just for the sake of saying it. How do you think biotech and nuclear energy will provide real innovation?

I'm curious about this answer, because I can already list out countless use cases on how blockchain is already transforming the financial industry and many others.

The fact that you don't even realize that biotech and nuclear energy will also be innovated by the same tech that you're shytting on is probably the funniest thing about your post.

2. Yes you can expect innovation in industries that are heavily regulated and centralized, even if those factors have made and will continue to make innovation more difficult.

That's your opinion. Heavily regulated and complete centralization also creates monopolies and eliminates a lot of players/ideas from the start.

If your point of innovation being 'more difficult' in these spaces is due to less opportunity for all then ok. I disagree, because just like we're seeing with the financial industry, when there's real disruption to old dated systems, the only reason the main players/big companies adopt is because they're pushed to do from the smaller ones. Otherwise, they have no reason to.

But, those constraints being present doesn't change my stance that innovation is still likely to occur, especially in regards to biotech as more capital and the decreasing of regulatory constraints because of Covid has accelerated innovation in that industry. Further, the potential upside of innovation in those two industries dwarfs the potential upside of the use of cryptocurrency even in relation to cryptos best case scenario.

I'm curious and I pose this question to you and any other potential crypto/bitcoin advocates; when do you expect the use of crypto to become prevalent ( more than 50% of the population) in the US?

I disagree and I feel like it's a safer play investing in Web 3.0, blockchain tech NOW because it is universal and will be used by everything... including biotech. It's like saying that there's more money to be made in something while completely ignoring the infrastructure and protocols it will be made on.

It's almost like being in 1999 or 2000 and saying, "I believe in e-commerce, but I don't know about that whole internet thing"

It doesn't make sense. People are too focused on "cryptocurrency" and not focused on Web 3.0 and blockchain technology. People are not thinking about how it's going to impact other industries.

I can't answer that question about when it will become prevalent to more than 50% of the population in the US, I think it's better to think about how much better you will be off investing in the infrastructure being developed right now before that kind of adoption becomes a reality.