Bitcoin is a Ponzi

[Ghost Utmost]

Yet another thread I’ll need to bump in 2-3 years. Crypto is here to stay. I hope the nonbelievers don’t take it too hard once they’ve realized they have missed out.

Missed out on what?

How can one miss out on something that's here to stay?

Or are you talking about missing out on investing while there's money to be made. Off speculators.

?

Perhaps we will miss out on the bubble before it pops.

But that's all these "critics" have been saying. No one is saying that you can't make money during this part.

You have to be nimble though. And get in and out at the right times.

Crypto is essentially currency like any other. What if people started going crazy for Mexican Pesos tomorrow? And trading them like they are doing Bitcoin. Hard to even imagine it happening with "real" money.

One day Bitcoin will have a pretty stable value. It will be like exchanging USD for Euros. No one thinks they are making a profit when you get x amount of Euros for x amount of dollars.

But the thinking among skeptics is that BTC won't end up being worth a million bucks apiece. Even if it eventually trades at that rate.

The bubble pops when BTC hits a million apiece, people rush in and invest... and then the people who really know how to play will take that money and run. So your million dollar BTC evens out at $10K. A few people make a killing and the majority get stuck for their paper

 

[ORDER_66]

it’s almost 2022…these nikkas are out-of-date with their talking points…this is 2017 shyt

We can lead a horse to water but you can't make his stubborn ass drink

 

[CW_1991]

I literally just saw a Bitcoin ATM at a gas station. To my surprise

 

[Ghost Utmost]

I literally just saw a Bitcoin ATM at a gas station. To my surprise

What comes out of the ATM?

Gotta be paper USD right?

 

[High quality poster]

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.

Goddamn you a hater.

 

[GoldenGlove]

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

My point is that these regulated and insured vehicles are flawed and the same sentiments that this thread was created on, can be said for many things within traditional finance. I just was specifically talking about banks because that's something that everybody in this thread should be familiar with.

Once upon a time, banks weren't insured or regulated either. A lot of our ancestors funds were lost from early banks collapsing btw. Which has resulted in wealth being lost for generations to come.

Financial literacy has been divisive within the black community and it dates back to the period after slavery where countless blacks were burned by banks losing all their savings. It's actually pretty fascinating seeing how our history with finance is still restricting many of us today lowkey.

 

[ORDER_66]

What comes out of the ATM?

Gotta be paper USD right?

no you idiot

 

[ogc163]

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

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.


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.


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.

1) You didn't tie what I wrote to justify the relevance of "highly speculative"; I did not state that Web3 and NFT's were garbage partially or fully because they are highly speculative and context doesn't lead to that conclusion. It required some loose inferential interpretation on your part to come to that conclusion.

To clarify I think those things are garbage because they:

• Don't provide enough practical utility above and beyond the systems they plan to replace.
  • When a new system doesn't succeed on utility it usually succeeds on status and large scalable social network effects, I don't foresee that happening for crypto, NFTs, or Web3
• Revolve primarily around abstract notions of utility, with no or limited use cases.
• Are driven by small scale niche narrative driven hype.

The volatility or highly speculative aspects or lack thereof is not a relevant factor of my criticism. I'll respond to rest of your posts later.

 

[ISO]

Money laundering Nd pump and dump

But at this point you’d be a fool to not play with it

 

[old pig]

We can lead a horse to water but you can't make his stubborn ass drink

I drive cars…fukk a horse

I’m not looking to convince anyone

learned it was a waste of time in 2017

some folks don’t see or can’t afford to

and that’s not a knock

just the way things are

other ways/avenues to make money

so folks don’t need to be sold on crypto

it’s clear some have no idea what they’re talking about tho

 

[CW_1991]

What comes out of the ATM?

Gotta be paper USD right?

Are you being sarcastic? I didn't bother trying to use it. I was surprised because I didn't realize Bitcoin was mainstream enough for regular people to just casually use ATMs for them.

 

[humminbird]

lmao this doesn't change the fact that you could've changed your life if you bought $1000 worth in 2012
same person that would gawk at the lightbulb

 

[Exlurkernegro]

I drive cars…fukk a horse

I’m not looking to convince anyone

learned it was a waste of time in 2017

some folks don’t see or can’t afford to

and that’s not a knock

just the way things are

other ways/avenues to make money

so folks don’t need to be sold on crypto

it’s clear some have no idea what they’re talking about tho

Can you list some?

 

[David_TheMan]

If bitcoin is a ponzi scheme then all fiat xurrency is a pomzi scheme.

 

[old pig]

Can you list some?

I was just speaking in general to emphasize that I’m not into trying to convince ppl that they HAVE to be in crypto…it’s one thing if someone makes an informed decision and decides it’s not for them as opposed to spouting off incorrect information to justify their inability to grasp/understand it…but outside of holding a job, I spent years chasing money successfully/unsuccessfully through legit/illegitimate hustles, failed small businesses, investing (stock and crypto)…hands down the most success I’ve had is crypto…but I know folks who make a killing in the stock market and don’t need/want to touch crypto which I can respect…I just don’t like the wrong and strong approach folks use to cover their shortcomings