Bitcoin is a Ponzi

[Red11]

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.

The value is in the time/electricity to acquire a further block. Part of golds price is the mining required to acquire gold and its rarity.

 

[lib123]

The value is in the time/electricity to acquire a further block. Part of golds price is the mining required to acquire gold and its rarity.

No Gold has tangible value in the form of jewelry and as a widely accepted store of value for thousands of years.

 

[Red11]

No Gold has tangible value in the form of jewelry and as a widely accepted store of value for thousands of years.

Time argument is a logical fallacy. (i.e. its been that way for a long time).

2. Jewelry- BECAUSE OF ITS RARITY. Circular argument. Its valuable because its rare. Its rare therefore it has value. Its worn because it signifies wealth.

 

[lib123]

Probably. The tech behind it is legit revolutionary, but the speculative market that arose is nasty, no one even cares about the tech anymore.......yet it can make people life changing money, so no one cares whether it's a ponzi or not. Upward mobility is damn near at a standstill, money is worth less than ever, and people aren't getting paid shyt at their jobs; it's no wonder people are willing to play into a more controlled lottery, even if it comes at great expense. You can try to sell people on stocks instead, but you'll never see the kind of return with stocks as you do with crypto, plus the tech isn't going anywhere, so this ponzi is gonna continue for the foreseeable future.

How do you know that? Bitcoin was treading water for years until the flood of Covid new investor stimulus money.

 

[Paper Boi]

a lot of the culture surrounding some of the cryptos are heavy MLM cult shyt.

that being said, let people play with their money. we have to assume people on thecoli are aware of this criticism and it's their money, let em play.

definitely some info you need to let your grandparents see before they throw away their whole pension on a gamble tho.

 

[lib123]

Time argument is a logical fallacy. (i.e. its been that way for a long time).

2. Jewelry- BECAUSE OF ITS RARITY.

It's not a logical fallacy, it's a demonstrated reality until proven otherwise. Yes, part of Gold's value derives from its rarity relative to other rocks but the point is it generates cash flows from its sale as jewelry. What cash flows does Bitcoin generate as an end-user product or service?

 

[Red11]

It's not a logical fallacy, it's a demonstrated reality until proven otherwise. Yes, part of Gold's value derives from its rarity relative to other rocks but the point is it generates cash flows from its sale as jewelry. What cash flows does Bitcoin generate as an end-user product or service?

Use as a medium of exchange for services or products. I.E. Dark web.

Silk Road (marketplace) - Wikipedia

 

[Youhadasparkwhenustarted]

How do you know that? Bitcoin was treading water for years until the flood of Covid new investor stimulus money.

I'm not saying it's gonna cruise at some all time high for the next few years, I just don't think crypto is gonna completely taper out and disappear anytime soon. Like I said, the blockchain is revolutionary, and some people will always chase a gamblers high; those few won't let it go without a fight.

 

[ORDER_66]

No Gold has tangible value in the form of jewelry and as a widely accepted store of value for thousands of years.

Why Has Gold Always Been Valuable?




Gold has unique physical chemical characteristics that made it very valuable. Gold is the most maleable and ductile of all the metals. ... Gold has the highest corrosion resistance of all the metals and it is corroded only by a mixture of nitric and hydrocloric acid. Gold is a noble metal because it does not oxidize.May 14, 2013

 

[Tres Leches]

a ponzi that outperforms gold and is up 100 million % in 13 years , sign me up

 

[CrimsonTider]

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

@GoldenGlove

 

[CrimsonTider]

a ponzi that outperforms gold and is up 100 million % in 13 years , sign me up

No one is keeping there money in something speculative for 13 years

it pointless to cite past performance. Soon as the price go down people sell because there’s no real explanation for movement of the price

 

[lib123]

Use as a medium of exchange for services or products. I.E. Dark web.

Silk Road (marketplace) - Wikipedia

It was used as a medium exchange for dark web activities when it was pennies. Have dark web activities increased by such an extent since then to justify current valuation?

 

[cheek100]

Threads gonna do numbers

 

[NotAnFBIagent]

The argument is fairly strong but I'm not certain it's airtight in the case of bitcoin.

It would be airtight for most of the shytcoins though.





Something doesn't have to have been initially "designed" as a ponzi scheme in order to become one.

That being said, many (most? all?) shytcoins were designed explicitly as ponzi schemes disguised as "investments".

When you refer to Bitcoin specifically, which has proven utility and widespread adoption as a digital currency, it hurts your argument.