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Because in July 2013, the total market cap of all Bitcoins was less than one billion dollars. One year ago, the market cap of all Bitcoins was over one trillio
by Ologn 4y ago
Because in July 2013, the total market cap of all Bitcoins was less than one billion dollars. One year ago, the market cap of all Bitcoins was over one trillion dollars. That's why we don't consider previous wipeouts.
I can say some trash in a garbage can is worth not $70k, but $75k. I can even make good on that, and more than once. I may even find another sucker, or suckers who will pay this much for trash as well. Eventually this Ponzi scheme, like all Ponzi schemes, will blow up. With the stock market down, and interest rates hiked, it's hard to find people who want to put a lot of money into RTX and Dogecoin.
- ephbit 4y agoWhenever someone states with seemingly absolute certainty that Bitcoin is a Ponzi scheme and also appears to assume that it will never be anything but a Ponzi scheme I ask myself: am I too optimistic or are they too pessimistic and non-imaginative? I think Bitcoin does (right now) indeed partially show the characteristics of a Ponzi scheme. But I also think that it's absolutely possible for it to evolve away from that (Ponzi characteristic) and instead become a reliable store-of-value-over-time asset (more reliable than USD on a bank account as an example) that millions to billions of people use. Now before you say "store-of-value is bullsh*, Bitcoin just lost x % YoY". Sure, it did. But it always depends on the timeframe you're looking at.