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the guy I was replying to was saying a ponzi scheme is how markets work, which is definitely not true. a) this is valid point, but bitcoin is failing currency.

by thkim 9y ago

the guy I was replying to was saying a ponzi scheme is how markets work, which is definitely not true. a) this is valid point, but bitcoin is failing currency. if there was a central authority then its value would have been stabilized. never gonna happen with bitcoin. b) expected income. for bitcoin, it's nil for ever. don't confuse investment with speculation.

nihonde 9y ago
You completely mischaracterized my statement. Also, you don’t know what a Ponzi scheme is. I said that early adopters take risks that pay off when conservative investors are looking for safe plays. Seriously, shame on you.
- thkim 9y ago
  i take back what i said. i apologize. i read it not as a general statement but as a defense on bitcoin. taking risk on something that does not have any income potential and passing it off to late joiners is very essence of ponzi scheme.
  - nihonde 9y ago
    Fair enough. We’re cool, then!