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This is not what Ponzi scheme means. They lied that every coin is backed by the US dollar, but it is not. That’s all. Does every country that has a pegged curr
by LudwigNagasena 5y ago
This is not what Ponzi scheme means. They lied that every coin is backed by the US dollar, but it is not. That’s all.
Does every country that has a pegged currency have 1-to-1 reserves? No, the only difference is that they don’t claim they do, and people don’t base their trust on this false fact.
- threevox 5y agoIt is a more general form of a Ponzi scheme, where you substitute the nominal positive returns from Madoff's scheme with a theoretical stable price, when in reality both schemes should (if the author of this article is right) offer a significantly negative return
- deleted 5y ago[deleted]