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Yeah, but ... I am constantly told that Bitcoin (et al) is the future, that it is revolutionary, that it is going to be big in some way -- that it will replace
by saalweachter 6y ago
Yeah, but ... I am constantly told that Bitcoin (et al) is the future, that it is revolutionary, that it is going to be big in some way -- that it will replace "fiat" currencies, for instance, although the exact way it is going to be big has changed over time.
That some people are making money hand over fist by investing is then used as proof that it is a good investment.
That the fake enterprise is just lazy meta-financial-jargon rather than a more effort-full fake building project or an imaginary hedge fund with fake books and blueprints and a fancy office and whatnot isn't enough to make the definition inaccurate IMO.
Quacks like a duck, etc.
- shawnz 6y agoMisleading people about the power of a technology doesn't make something a Ponzi scheme. You need to mislead investors about the origin of their returns. Purposeful speculation isn't a Ponzi scheme even if the speculators were misled about the thing they are speculating on.