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Can't help but revel in the fact that these crypto ponzi schemes are so dependent on the very banks all the cryptobros denounce, as evil holdovers from the past
by mtlmtlmtlmtl 4y ago
Can't help but revel in the fact that these crypto ponzi schemes are so dependent on the very banks all the cryptobros denounce, as evil holdovers from the past that will be obsoleted by their scam tokens (that no one outside their bubble even knows how to use).
It's so ridiculous I just have to kind of admire it. It's like a cathedral of human hypocrisy.
- basch 4y agoHow is a stable coin a Ponzi scheme?
- mtlmtlmtlmtl 4y agoHow is a stablecoin stable? They're stable until you get rugpulled.
- swalsh 4y agoThat was an Algorithmic Stablecoin. USDC is not, it was backed by dollars in banks with a 1:1 backing and 3rd party audited.
- EVa5I7bHFq9mnYK 4y ago"was backed" hehe
- mtlmtlmtlmtl 4y agoMany the mortgage bonds in the 2008 crisis were AAA or AA rated by a "third party". And they were dogshit. Is it audited by the SEC or some "auditing firm"?
- basch 4y agoI’ll repeat. How is a stable coin a Ponzi scheme. A Ponzi scheme pays a dividend or share of fake “revenue.” Stablecoins don’t make money, unless lent out.
- Analemma_ 4y agoHow'd that work out for it.
- dd36 4y agoWhen its assets don’t exist.
- Hizonner 4y agoThat's not what a Ponzi scheme is.
- dd36 4y agoThen what is it? A ponzi scheme is inherently an embezzlement.
- tylersmith 4y agoI think there's a shockingly large number of people that think Ponzi scheme just means fraud.
- pcthrowaway 4y agoIs a bank a ponzi scheme if its assets don't exist also? Like if a bank has $10B in customer deposits and one of their armored truck drivers escapes across the border with $2B, then some customers can't be paid back when they try to withdraw, does that make it a ponzi?
- re-thc 4y agoIf you can't be paid at all it's not a Ponzi. The point is to rely on newer funds to pay the older requests.
- selestify 4y agoBanks also rely on “newer funds” (from loan payments) to pay “older requests” (customers withdrawing their deposits). When withdrawals from old requests rise so much that they can’t be covered by new funds, banks collapse.
- basch 4y agoNot just to pay old requests. To pay revenue sharing / dividends / interest to shareholders. A Ponzi scheme is repurposing inflows to appear as revenue to a fake business.
- deleted 4y ago[deleted]
- senttoschool 4y agoPlenty of stable coins have been proven to be ponzi schemes. Terra/Luna anyone?
- deleted 4y ago[deleted]
- loveparade 4y agoOr maybe you just don't understand it? The whole point of USDC is to have exposure to USD and the US banking system, which is supposed to be stable compared to other banking systems around the world. Could that maybe be why it's called USDC? Hmm. If the US banking system starts failing, it absolutely should affect USD stable coins backed by exactly this banking system.
- mtlmtlmtlmtl 4y agoIn what universe is the US banking system more stable than other places in the world? Compared to 3rd world countries?
- _5uxp 4y agoI'd say not majority of the banks or anything like that but top ones like Goldman Sachs (Apple's choice) is more stable than all 3rd world countries and their CB too. Because GS has money printer on their side, literally.
- mtlmtlmtlmtl 4y agoOn the other hand, you could throw a dart at a random non-US WEIRD country and find a more stable banking system..
- beebmam 4y agoWell, I'm pretty sure all credible banks in the US are all insured (both explicitly with FDIC and implicitly far beyond that) by the US government. That's a pretty big thing
- mtlmtlmtlmtl 4y agoThat doesn't make them stable. The 2008 financial crisis was literally caused by big US banks. They then had to be bailed out. This is not a symptom of a stable banking system. It's a symptom of the banks having a disturbing amount of power over the government, which is not a good thing. They were able to conduct what is essentially fraud at a massive scale with impunity because they knew the gov would bail them out when shit hit the fan. I really don't understand what's so "stable" about this.
- pclmulqdq 4y agoA ponzi scheme is just one step along the path to true decentralization.
- mtlmtlmtlmtl 4y agoIt's kind of telling that I truggle to tell whether this is satire. I could totally see a cryptobro unironically making this claim.
- pclmulqdq 4y agoThis was satire but it's how a lot of crypto projects are run.
- WeylandYutani 4y agoCrypto never became a currency. Fundamentally whatever Satoshi preached never materialised.
- EVa5I7bHFq9mnYK 4y agoA lot of people pay for goods with satoshis, so it did materialize, maybe slower than some imagined, but it has nowhere to rush.