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According to your interpretation, wouldn't gold also qualify as a decentralized ponzi scheme? You're just hoping some bigger sucker buys your over inflated meta
by d0lph 9y ago
According 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.