4 ms·
That Satoshi quote contains layers and layers of ignorance about economics. Donation of what? It only makes sense if the purpose of Bitcoin is to go up in fiat
by api 4y ago
That Satoshi quote contains layers and layers of ignorance about economics.
Donation of what? It only makes sense if the purpose of Bitcoin is to go up in fiat denominated terms, but that’s not a currency it’s a Ponzi scheme.
- mensetmanusman 4y agoIt’s like QE being a tax on everyone, and tightening being a donation to everyone.
- Geee 4y agoOf course the purpose is to make it go up in fiat denominated terms, but it doesn't make it a Ponzi scheme. It's just a better currency. Only an irrational person uses currency that is designed to lose value, compared to one that isn't.
- gruez 4y ago>Donation of what? It only makes sense if the purpose of Bitcoin is to go up in fiat denominated terms, but that’s not a currency it’s a Ponzi scheme. I think you're either reading too much into it, or are interpreting "donation" too literally. He's just pointing out the very simple fact that if there is less of a scarce resource, then the value of what remains goes up, all things being equal. He's not advocating that people burn their bitcoins intentionally to make everyone rich or whatever. The whole thing is just a subtle joke, and it seems like you missed it.