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Yes, Bitcoin is a ponzi (investment fraud). I collect the Best of Bitcoin is a ponzi articles @ https://openblockchains.github.io/bitcoin-ponzi https://openbloc

Yes, Bitcoin is a ponzi (investment fraud). I collect the Best of Bitcoin is a ponzi articles @ https://openblockchains.github.io/bitcoin-ponzi https://openblockchains.github.io/bitcoin-ponzi Learn how the investment fraud works.

emptysongglass 6y ago
Isn't literally all of capitalism an enormous ponzi scheme? The older your money (i.e. the earlier you've held it and kept it) the richer you are. Younger people who have grown up after you now face a uphill battle because you the older person have capital you've accumulated earlier. I'd love to be corrected on this but as it is every value system humans participate in appear to be very pyramidal.
- geraldbauer 6y ago
  See https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin... Yes, you are wrong. The US dollar is not a ponzi. To quote from the Bitcoin is a Ponzi article: National currencies too fail to fit the definition, because people do not "invest" in them with the expectation of gain. In fact, governments make their currencies slightly inflationary precisely to discourage hoarding.
  - emptysongglass 6y ago
    I'm not sure we're on the same page here. You may not "invest" in a dollar with the expectation that that dollar will be worth more as 1 dollar than yesterday but people do "collect" money. Given a large enough collection, one can then use then use this as a backing store for other investment vehicles. The end result is the same: an aristocracy of old wealth at the top and the young clambering up their ever-taller ivory towers.
Ekaros 6y ago
Ponzi-scheme has very narrow definition. Bitcoin itself doesn't fall under it, though many such schemes have been run on it. It is more of mania or bubble. Not yet popped, but I still believe it is coming. Or maybe just slow deflation when investors have run out...

emptysongglass 6y ago

Isn't literally all of capitalism an enormous ponzi scheme? The older your money (i.e. the earlier you've held it and kept it) the richer you are. Younger people who have grown up after you now face a uphill battle because you the older person have capital you've accumulated earlier. I'd love to be corrected on this but as it is every value system humans participate in appear to be very pyramidal.

geraldbauer 6y ago
See https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin... Yes, you are wrong. The US dollar is not a ponzi. To quote from the Bitcoin is a Ponzi article: National currencies too fail to fit the definition, because people do not "invest" in them with the expectation of gain. In fact, governments make their currencies slightly inflationary precisely to discourage hoarding.
- emptysongglass 6y ago
  I'm not sure we're on the same page here. You may not "invest" in a dollar with the expectation that that dollar will be worth more as 1 dollar than yesterday but people do "collect" money. Given a large enough collection, one can then use then use this as a backing store for other investment vehicles. The end result is the same: an aristocracy of old wealth at the top and the young clambering up their ever-taller ivory towers.

Ekaros 6y ago

Ponzi-scheme has very narrow definition. Bitcoin itself doesn't fall under it, though many such schemes have been run on it. It is more of mania or bubble. Not yet popped, but I still believe it is coming. Or maybe just slow deflation when investors have run out...