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Wow. Both parent and grand-parent seem wrong. GP: Bitcoiner, dooming everything else. Parent: Anti-crypto (the majority here), up to the point on comparing Bi
by throwme_123 3y ago
Wow. Both parent and grand-parent seem wrong.
GP: Bitcoiner, dooming everything else.
Parent: Anti-crypto (the majority here), up to the point on comparing Bitcoin (which might be a bubble, that's not the point here) to a Ponzi (that it is not: Supply is fixed, there is no new deposits paying previous depositors).
- peteradio 3y agoWhat's the difference if you are getting payout from a bigger fool?
- dvt 3y agoThere's no such thing as "payout" in free markets—someone buys your thing for money (sometimes less money than you paid for it, sometimes more money than you paid for it). So, while it might be a speculative bubble (like Beanie Babies, or Tulips, or whatever), it's certainly not a Ponzi. Also, the bigger fool theory (which is what you're conflating it with) is also not a Ponzi. This might be confusing, because many other crypto products are very Ponzi-like. For example, Voyager literally paid new "stakers/depositors" (a.k.a. investors) with old "stakers'/depositors'" (a.k.a. investors') money to reach the insane return rates they were advertising.
- peteradio 3y agoWho the hell cares. If it's a pump and dump of fundamentally worthless stuff relying on bigger fools, it's all the same.
- tasuki 3y agoI care. You made a claim, were given a thoughtful explanation why your claim was wrong, and you don't care. Not cool.
- peteradio 3y agoI made no claim. I asked whats the difference and got a pedantic explanation of what a ponzi scheme technically is, like anyone whose been in one of these threads hasn't already heard that same pedantic explanation. Who cares? It really doesn't matter if its a ponzi scheme or a pyramid scheme or some other scheme. What is transparently obvious is there is nothing there there and eventually the music stops and leaves the bigger fools holding the bag.
- tasuki 3y agoFair enough. My bad.
- bandrami 3y ago> there is no new deposits paying previous depositors Huh? Every time somebody buys a coin with fiat that's a new deposit paying a previous depositor.
- nootropicat 3y agoA ponzi is any system in which the only way for older buyers to cash out is at the expense of later investors. How is 'supply is fixed' relevant?