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Let's zoom out a bit. Is btc a currency or a stock or a store of value? Because depending on what you believe it is it will change how the discussion goes from

Let's zoom out a bit. Is btc a currency or a stock or a store of value? Because depending on what you believe it is it will change how the discussion goes from here. As a currency, which is what you mentioned, btc is awful. It's deflationary so nobody wants to spend it, it's volatile so you can get fucked in a transaction by the time it settles, and if you do spend it you have to pay a transaction fee. And where's the upside from all this pain? Nothing, cash is good enough. If it's a store of value or a stock, then you should be absolutely worried about how it's distributed. Because based on that, it looks a lot like a ponzi scheme to me.

CarelessExpert 6y ago
> If it's a store of value or a stock, then you should be absolutely worried about how it's distributed. Because based on that, it looks a lot like a ponzi scheme to me. I don't follow this logic. A ponzi scheme requires new entrants to pay out the previous ones at a higher rate so as to generate promised returns. I'd expect this to spread out bitcoin ownership as previous whales ducked out while leaving the new entrants to holding the bag. A high level of BTC concentration, then, would seem to be a counter-argument to the claim it's a ponzi. What am I missing? (BTW, I also think the basic analysis is incorrect--a large reason why BTC is concentrated in a small number of addresses is because most people don't hold their own BTC, but rather allow an exchange to hold it for them)