4 ms·
I don’t disagree with you at all about the scammy nature of the industry at large. But the philosophical underpinnings of the crypto movement, especially the “h
by puranjay 4y ago
I don’t disagree with you at all about the scammy nature of the industry at large. But the philosophical underpinnings of the crypto movement, especially the “hard money” idea at the heart of Bitcoin, feels very pertinent at a time when central banks have been doing exactly what the a Bitcoiners had been warning about: debauching money by printing it endlessly.
You can consider crypto a scam and you’d be largely right. But its also true that the current financial system is wildly corrupt and increasingly serves only those at the top of the totem pole.
Crypto might not be the answer but that doesn’t mean it doesn’t pose the right questions.
- api 4y agoBitcoin goes entirely too far in the opposite direction of fiat money. It’s hyperdeflationary, far more than gold. The extreme deflationary nature leads it to naturally manifest the structure of a Ponzi scheme. It is always guaranteed to be more profitable to just hold than invest or use, and the way you ensure it keeps going up is to go out and shill for more people to buy and hold. That’s not how you run an economy if you want to do anything useful. It’s a pyramid scheme that must eventually collapse when no more HODLers can be recruited. We do need a more transparent honest well run money system but this is not it.
- pcthrowaway 4y agoThe supply isn't deflationary, it's just very slowly inflationary, at a fixed (and decreasing) rate. Ethereum might actually be deflationary now though
- louloulou 4y ago> It is always guaranteed to be more profitable to just hold than invest or use What? There is no such guarantee. In the past 6 months the prices of goods and services denominated in bitcoin have more than doubled.