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Following the same logic; Zuckerberg controls most of Facebook's shares, it must be a huge Ponzi scheme.
by curiousgal 10y ago
Following the same logic; Zuckerberg controls most of Facebook's shares, it must be a huge Ponzi scheme.
- chillwaves 10y agoFacebook is providing value outside of a small sphere of followers. Bitcoin is a feedback loop.
- ryanlol 10y agoBitcoin certainly provides a plenty of value to many people, I can't remember the last time I wasn't paid in bitcoin. And it's not because I don't accept other forms of payment, but because other forms of payment really suck when you need to instantly send larger amounts of money to someone.
- ryanlol 10y agoThis seems oddly controversial, I guess the downvoters didn't see the original comment.
- curiousgal 10y agoI live in a country with backwards financial laws; no PayPal and ridiculous credit card regulations. Bitcoin has been the only way I could purchase stuff/ pay for books/servers online. No one can take away the fact that it has changed my life more than Facebook ever could. Certainly I am one data point but to discard the entire technology just because one doesn't see the value in it seems self-centric and hasty.
- tzs 10y ago> I live in a country with backwards financial laws; no PayPal and ridiculous credit card regulations. Bitcoin has been the only way I could purchase stuff/ pay for books/servers online. What country?
- curiousgal 10y agoIP block 197.0.0.0/11
- 6nf 10y agoTunisia. Not sure why people like the GP can't just include the obviously important information in their comments
- curiousgal 10y agoObviously important? I actually didn't feel comfortable sharing that since it didn't really matter but I did it indirectly in a reply just out of curtesy.
- 6nf 10y agoInstead of just posting 'Tunisia' you made hundreds, maybe even thousands of people waste their time looking up an IP range in Google. That's just inconsiderate.
- ryanlol 10y agoI don't know about the political situation there, but that's just one of the hundreds of possible reasons the poster might want to refrain from directly naming the country. Not respecting their decision to do so is at least equally inconsiderate.
- roywiggins 10y agoOut of curiosity, how do you buy bitcoin?
- curiousgal 10y agoI actually don't because I can't. I won 1 btc at a small competition on r/Bitcoin (Hidden private key kinda game) last year and been trading with it, I spend the profits.
- 6nf 10y agoSure you can https://localbitcoins.com/places/859645385/tunisia/ https://localbitcoins.com/places/859645385/tunisia/
- curiousgal 10y agoThose sellers are located away from me and I am a student, the prices are way out of my budget.
- im3w1l 10y agoGood for you! But that's not a success story for bitcoin. A succesful currency is one people get by selling goods and then use to buy goods.
- curiousgal 10y agoThank you! The profits I make are actually in bitcoin, I can only spend bitcoin so I have the second part covered. I plan on working for Bitcoin once I graduate.
- cissou 10y agoIsn't it a bit like saying that the dollar is a feedback loop? If you never spend dollars, or trade them, indeed they're of no use to you…
- pessimizer 10y agoNot at all. Dollars are required to be accepted for all debts, public or private, within the United States.
- hkjgkjy 10y agoIt is just as much a feedback loop as PayPal or the Swift network. Bitcoin is very useful to those who transfer money internationally (I pay 6% on ATM fees in foreign countries), who pay online (no more 3% VISA/MasterCard fee!), who buy things the state does not approve, and anyone who believes money should not be based on debt like our current system is. It's totally fine not to like it, but it is a system that provides value for many people, and assuming there are more value to be provided from network effect is not a crazy idea (like when a business can have multiple steps in it's supply chain happen on the blockchain).
- fleitz 10y agoNeither are Ponzi schemes, neither FB, nor the DAO use income derived from the sale of securities to drive the payment of dividends on those securities. Zuck doesn't control the majority of shares, he controls the majority of voting shares. If FB started selling shares and using the proceeds of those shares to pay dividends to existing investors then it might be a Ponzi scheme if this were not disclosed in relevant documents.