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Nope. The word "ponzi" has a specific meaning. Just because an asset is sold from one investor to another without producing anything, doesn't make it a ponzi sc

Nope. The word "ponzi" has a specific meaning. Just because an asset is sold from one investor to another without producing anything, doesn't make it a ponzi scheme. Otherwise you could say gold is a ponzi, or oil is a ponzi, etc.

lamontcg 6y ago
There's a finite amount of money going into it, there are finite drains coming out of it. Once it hits a point where the pot of money drains to zero it'll pop just like a Ponzi. The people who extracted money early will wind up net positive, the people who did not will wind up seeing it all lost. That's a Ponzi. Arguing about it is splitting hairs and missing the forest for the trees.
- baobabKoodaa 6y ago
  So you're saying gold is a ponzi? Congratulations, you just redefined an established word in the weirdest possible way.
  - Hallucinaut 6y ago
    If you have gold you can use it in a number of industrial and commercial manners, regardless if the price went to zero or not. If the price of Bitcoin goes to zero, what are you going to do with a wallet?
    - baobabKoodaa 6y ago
      > If you have gold you can use it in a number of industrial and commercial manners, regardless if the price went to zero or not. So, we're discussing a hypothetical where the price of gold goes to zero. And you're suggesting that in this hypothetical scenario there would still be industrial and commercial uses for gold? If that was the case, then the price of gold would not be zero, would it? Also: when you're referring to "commercial" use of gold, you're mainly referring to gold jewelry, e.g. people who like to admire gold for its beauty. If the prize of gold went to zero (e.g. no more industrial or commercial uses for gold), then people could still admire their gold coins. In the exact same manner, people could still admire their Bitcoin wallets if the price of Bitcoin went to zero. So I'm not sure what you were trying to prove with that argument. Anyway, neither Bitcoin nor gold is ever going to go to exactly zero, so this hypothetical scenario is not exactly realistic. Nor is it relevant to the question at hand: is gold/bitcoin a ponzi scheme? And the answer of course is "no", because ponzi scheme has a specific definition, and if you look at that definition, it's very obvious that neither of these assets fit that definition.

lamontcg 6y ago

There's a finite amount of money going into it, there are finite drains coming out of it. Once it hits a point where the pot of money drains to zero it'll pop just like a Ponzi. The people who extracted money early will wind up net positive, the people who did not will wind up seeing it all lost. That's a Ponzi. Arguing about it is splitting hairs and missing the forest for the trees.

baobabKoodaa 6y ago
So you're saying gold is a ponzi? Congratulations, you just redefined an established word in the weirdest possible way.
- Hallucinaut 6y ago
  If you have gold you can use it in a number of industrial and commercial manners, regardless if the price went to zero or not. If the price of Bitcoin goes to zero, what are you going to do with a wallet?
  - baobabKoodaa 6y ago
    > If you have gold you can use it in a number of industrial and commercial manners, regardless if the price went to zero or not. So, we're discussing a hypothetical where the price of gold goes to zero. And you're suggesting that in this hypothetical scenario there would still be industrial and commercial uses for gold? If that was the case, then the price of gold would not be zero, would it? Also: when you're referring to "commercial" use of gold, you're mainly referring to gold jewelry, e.g. people who like to admire gold for its beauty. If the prize of gold went to zero (e.g. no more industrial or commercial uses for gold), then people could still admire their gold coins. In the exact same manner, people could still admire their Bitcoin wallets if the price of Bitcoin went to zero. So I'm not sure what you were trying to prove with that argument. Anyway, neither Bitcoin nor gold is ever going to go to exactly zero, so this hypothetical scenario is not exactly realistic. Nor is it relevant to the question at hand: is gold/bitcoin a ponzi scheme? And the answer of course is "no", because ponzi scheme has a specific definition, and if you look at that definition, it's very obvious that neither of these assets fit that definition.