No it's not. The USD is the global reserve currency backed by trillions in US government tax revenue and vast currency reserves globally.
Bitcoin is a Ponzi
- Thread starter lib123
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No it's not. The USD is the global reserve currency backed by trillions in US government tax revenue and vast currency reserves globally.
How is it not? I can set up a mining rig today and secure outside payoff i.e. block rewards. Its not a business. I can use it as currency. #Monero.
I use it to get my pay off from Bovada.com sports bets.
Serious question, were any of the pro-crypto people here investors during the dot-com bubble? I wasn't but my parents heavily were and both worked for tech companies. It's hard to believe that people don't recognize the similarities.
I was there...my father ended up ok because the business was sound and had a purpose. Not all companies are created equal. I remember Ebay and Paypal ended up ok (/sarcasm). Chew the meat and spit out the bones.
Simplifying crypto to an investment was the incorrect premise.
What are some of the similarities?
There's no underlying objective value. The value comes from people willing to pay more in the expectation of appreciation. If there's no identifiable value aside from the expectation of appreciation, it's ponzi-like.
People who never invested before were suddenly constantly talking about stocks nonstop, companies with little to no revenue receiving multi billion dollar valuations, massive returns in short periods of time. Basically replace meme coins with stocks ending in dot-com.
And what happens when it’s no longer the world’s reserve currency
The same thing that's happened over the last 200+ years. The next superpower takes over as the reserve currency.
They ended up OK but those that survived took 10+ years to reach their peak market caps again.