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I don't think anyone calling Bitcoin a Ponzi scheme means it literally. They are just calling it a racket. And sure, the folks at the high level are racketeerin
by vehemenz 5y ago
I don't think anyone calling Bitcoin a Ponzi scheme means it literally. They are just calling it a racket. And sure, the folks at the high level are racketeering, but that's not the majority of Bitcoin users/investors.
- scottiebarnes 5y agoI think a lot of haters do, they align the behavioural qualities of a ponzi scheme with Bitcoin by pointing out how the only way a unit of BTC can have value is by selling it forward to another person. Which is indeed a property of any money; if nobody wants it, it cannot have value. However, I'm not sure they've taken the time to think about what the real-time monetization of a newly discovered commodity looks like. It took gold thousands of years to become a global currency, and now we have something similar but with the speed of the internet. With the physical properties of the Bitcoin protocol / blockchain (halving, fixed supply, etc.), it starts to look very obvious as to why people want to front run it, or use it as a store of value. And so the expected behaviour becomes obvious.
- gruez 5y ago>I don't think anyone calling Bitcoin a Ponzi scheme means it literally The non-negligible amounts of comparison to bernie madoff or enron suggests otherwise.