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Most of its value is speculative and if you buy you have to hope there's a bigger sucker somewhere in the future in order to get your payout, that's not exactly
by lotyrin 9y ago
Most of its value is speculative and if you buy you have to hope there's a bigger sucker somewhere in the future in order to get your payout, that's not exactly Ponzi-shaped, but I can definitely see why people might consider it a decentralized form of the pattern.
- d0lph 9y agoAccording to your interpretation, wouldn't gold also qualify as a decentralized ponzi scheme? You're just hoping some bigger sucker buys your over inflated metal right?
- jack9 9y agoPeople actually use gold, as it's optimal (or solely suited) for a number of electric and chemical tasks. Also, it's pretty and used as a status symbol. It has utility, which has been overblown in the market for a long time (like diamonds).
- d0lph 9y agoThe utility of bitcoin is as a secure currency, it's not possible to forfeit or dilute, and limited in nature.
- lotyrin 9y agoIt's not my interpretation (I like to be more precise with terminology), just one that I could explain. I suppose that people who feel that way about bitcoin probably feel that way about any commodities that are held at speculative value above any value based on their utility, but I don't think they would describe those as being "ponzi schemes" -- not sure how they would make the distinction.