9 ms·
>The social security administration could also be considered a Ponzi scheme, but it still provides tremendous value to a lot of people. The Social Security Adm
by tw04 5y ago
>The social security administration could also be considered a Ponzi scheme, but it still provides tremendous value to a lot of people.
The Social Security Administration is entirely solvent by itself. The only "ponzi scheme" comes from congress using it like a piggy bank. And despite all that, SSA is backed by the US government. Bitcoin is backed by... nothing. So it's basically the equivalent of the zimbabwe dollar, not SSA.
- Andrew_nenakhov 5y agoBitcoin is backed by the same thing that backs any currency: public's trust in it, expressed via a price achieved via a market consensus.
- fay59 5y agoYou must pay your taxes in national currency. That alone gives it value beyond trust.
- Andrew_nenakhov 5y agoYou think zimbabwe tax service cared much about taxes when they had 6 digits inflation per year? why bother collecting if you can just print money? (also, such cases is precisely the reason people may believe that they have more trust in bitcoin, as flimsy as it may be, than to their national government issued fiat)
- ojbyrne 5y agoRe: Congress using it like a piggy bank - citation needed.
- deleted 5y ago[deleted]