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> many others became millionaires or billionaires believing into it Yeah, being first in a Ponzi scheme tend to work well for some people. For every winner in
by arkh 4y ago
> many others became millionaires or billionaires believing into it
Yeah, being first in a Ponzi scheme tend to work well for some people. For every winner in cryptocurrency there are losers as cryptocurrencies are a zero-sum game.
- jnsaff2 4y agodecidedly negative sum as a lot of energy has been wasted to redistribute wealth
- bluecalm 4y agoDon't forget money spent paying employees, executives, buildings, leases etc. Mining is just one of the costs of the whole crypto worlds. It's an amazing industry that keeps providing nothing of value (or you can argue it creates negative value) while finding creative ways to spend money on it. Burning thousands of GPU hours just to update an ineffective database is surely the most prominent one.
- bluecalm 4y agoDon't forget money spent paying employees, executives, buildings, leases etc. Mining is just one of the costs of the whole crypto world. It's an amazing industry that keeps providing nothing of value (or you can argue it creates negative value) while finding creative ways to spend money on it. Burning thousands of GPU hours just to update an ineffective database is surely the most prominent one though.