4 ms·

I don't mind blockchain as a mechanism to keep track of transactions, I don't like it being designed with Ponzi and Pyramid scheme structures embedded.

by loceng 8y ago

atemerev 8y ago
It isn’t.
- yorwba 8y ago
  Some are: https://bitcointalk.org/index.php?topic=474730.0 https://bitcointalk.org/index.php?topic=474730.0
  - loceng 8y ago
    If some are, then all of them that have the same structure at (even if they add layers of "purpose" and effort towards some promised value of technology) - unless perhaps they have a fixed price, preferably with no mechanism or way to game the system to profit on micro-adjustments to maintain price stability.
gruez 8y ago
>I don't like it being designed with Ponzi and Pyramid scheme structures embedded. devil's advocate: what's wrong with Ponzi and Pyramid schemes that are clearly advertised? it's pretty much guaranteed that people will lose money on them (negative EV), but how are they any worse than say, slot machines that are also negative EV?
- loceng 8y ago
  Uneducated people or educated people taking advantage of uneducated people's money. Edit: Undereducated/uneducated
  - fb03 8y ago
    the same sadly could be said for much more mundane and socially acceptable things, like paying the tithe at a money-hungry religion that's trying to sell uneducated/oblivious people some instant peace of mind.
    - loceng 8y ago
      So we should just throw out all of the protections implemented by stock market from lessons learned there - as a means to protect society? I really don't understand why financial regulators have turned a blind eye to the obvious nature for the structures of Bitcoin etc. They're decentralized Ponzi-Pyramid schemes, with a promise and tie-in into technology - which doesn't nullify the negative scheme structure.
- loceng 8y ago
  To reply to your edit-addon re: slot machine - You walk into a casino to hopefully know you're getting played (a specific context), however Ponzi and Pyramid schemes are subtle - and people you trust or don't trust will influence or manipulate you into "playing" the game [100% of the time so far people promoting it that I've talked to outright deny any function as Pyramid-Ponzi scheme], and you run into them the more the hype-shallow marketing-level "positive" information hits mainstream media, and you get more people (army of HODLers; Pyramid scheme) trying to sell you with shallow and/or purposeful misinformation/information. That's very different than going to a physical place, to a casino, and playing a slot machine. I'm surprised you don't see that difference yourself?
  - gruez 8y ago
    >however Ponzi and Pyramid schemes are subtle - and people you trust or don't trust will influence or manipulate you into "playing" the game [100% of the time so far people promoting it that I've talked to outright deny any function as Pyramid-Ponzi scheme] but OP's comment is about schemes that are embeded into the currency itself >I don't like it being designed with Ponzi and Pyramid scheme structures embedded. presumably as some sort of smart contract. in which case every participant should know (or can find out) that it's a ponzi/pyramind scheme. >and you run into them the more the hype-shallow marketing-level "positive" information hits mainstream media, and you get more people (army of HODLers; Pyramid scheme) trying to sell you with shallow and/or purposeful misinformation/information. That's very different than going to a physical place, to a casino, and playing a slot machine. I'm surprised you don't see that difference yourself? that's a fair point. "traditional" gambling don't incentivize people to market for them.
    - loceng 8y ago
      If they don't have a fixed value (and perhaps requirement that they aren't private) then they're decentralized Ponzi-Pyramid schemes with a promise and tie-in into technology - which doesn't nullify the negative scheme structures.

I don't mind blockchain as a mechanism to keep track of transactions, I don't like it being designed with Ponzi and Pyramid scheme structures embedded.

by loceng 8y ago

I don't mind blockchain as a mechanism to keep track of transactions, I don't like it being designed with Ponzi and Pyramid scheme structures embedded.

atemerev 8y ago

It isn’t.

yorwba 8y ago
Some are: https://bitcointalk.org/index.php?topic=474730.0 https://bitcointalk.org/index.php?topic=474730.0
- loceng 8y ago
  If some are, then all of them that have the same structure at (even if they add layers of "purpose" and effort towards some promised value of technology) - unless perhaps they have a fixed price, preferably with no mechanism or way to game the system to profit on micro-adjustments to maintain price stability.

gruez 8y ago

>I don't like it being designed with Ponzi and Pyramid scheme structures embedded. devil's advocate: what's wrong with Ponzi and Pyramid schemes that are clearly advertised? it's pretty much guaranteed that people will lose money on them (negative EV), but how are they any worse than say, slot machines that are also negative EV?

loceng 8y ago
Uneducated people or educated people taking advantage of uneducated people's money. Edit: Undereducated/uneducated
- fb03 8y ago
  the same sadly could be said for much more mundane and socially acceptable things, like paying the tithe at a money-hungry religion that's trying to sell uneducated/oblivious people some instant peace of mind.
  - loceng 8y ago
    So we should just throw out all of the protections implemented by stock market from lessons learned there - as a means to protect society? I really don't understand why financial regulators have turned a blind eye to the obvious nature for the structures of Bitcoin etc. They're decentralized Ponzi-Pyramid schemes, with a promise and tie-in into technology - which doesn't nullify the negative scheme structure.
loceng 8y ago
To reply to your edit-addon re: slot machine - You walk into a casino to hopefully know you're getting played (a specific context), however Ponzi and Pyramid schemes are subtle - and people you trust or don't trust will influence or manipulate you into "playing" the game [100% of the time so far people promoting it that I've talked to outright deny any function as Pyramid-Ponzi scheme], and you run into them the more the hype-shallow marketing-level "positive" information hits mainstream media, and you get more people (army of HODLers; Pyramid scheme) trying to sell you with shallow and/or purposeful misinformation/information. That's very different than going to a physical place, to a casino, and playing a slot machine. I'm surprised you don't see that difference yourself?
- gruez 8y ago
  >however Ponzi and Pyramid schemes are subtle - and people you trust or don't trust will influence or manipulate you into "playing" the game [100% of the time so far people promoting it that I've talked to outright deny any function as Pyramid-Ponzi scheme] but OP's comment is about schemes that are embeded into the currency itself >I don't like it being designed with Ponzi and Pyramid scheme structures embedded. presumably as some sort of smart contract. in which case every participant should know (or can find out) that it's a ponzi/pyramind scheme. >and you run into them the more the hype-shallow marketing-level "positive" information hits mainstream media, and you get more people (army of HODLers; Pyramid scheme) trying to sell you with shallow and/or purposeful misinformation/information. That's very different than going to a physical place, to a casino, and playing a slot machine. I'm surprised you don't see that difference yourself? that's a fair point. "traditional" gambling don't incentivize people to market for them.
  - loceng 8y ago
    If they don't have a fixed value (and perhaps requirement that they aren't private) then they're decentralized Ponzi-Pyramid schemes with a promise and tie-in into technology - which doesn't nullify the negative scheme structures.