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Deleted. Read https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-pon... https://www.ic

• icepat 3y ago
  > If you rolled back every bitcoin transaction ever made you would end up with people in debt because the transaction fees were paid. This can be said about every bank transaction that charges a fee as well. Not a crypto fan at all (I find it rather silly overall), however this is not a particularly strong angle to attack it from.
  • otikik 3y ago
    I am in firm opposition to crypto and I agree with you. That line of argumentation is so shaky that it makes crypto look better.
  • hammock 3y ago
    [flagged]
    • srejk 3y ago
      Are you really quoting fucking human trafficker Andrew Tate on economics? Electronic funds transfer (including credit cards) increase the velocity of money significantly. This means more transactions, which means more overall wealth creation. To say nothing of the fact that of that 1.5% fee, I'm recovering most, all, or more than it with things like cashback, rewards points, etc.
  • deleted 3y ago
    [deleted]
• shagymoe 3y ago
  As noted by another poster, all transactions cost someone something on every monetary network. You're also completely ignoring all the benefits miners provide by securing the network etc... Celcius, FTX, et al the many thousands of shitcoins are all scams or pyramid schemes without merit. Bitcoin, despite that fact that early adopters profit greatly, has many benefits to individuals and society as a whole but many people have simply closed themselves off to the possibility because they're unwilling, for mostly selfish reasons, to even consider the benefits.
  • JohnFen 3y ago
    > but many people have simply closed themselves off to the possibility because they're unwilling, for mostly selfish reasons, to even consider the benefits. And many people have considered the benefits and have rejected the scheme anyway. I'm curious, though... what do you mean by "selfish reasons"? That implies that such people are making a decision that disadvantages others in order to give themselves an advantage. I'm struggling to see how that concept applies here.
    • pdntspa 3y ago
      "Selfish reasons" is how markets work. Economists call it "Rational Self-Interest"
    • shagymoe 3y ago
      It's selfish to reject something beneficial to everyone because you won't benefit as much as others, no? Maybe jealousy is a better adjective. You continue to call it a "scheme" but it was literally invented due to the corruption and malfeasance and "schemes" of the current banking system. Do you call those schemes and scams as well or are those just the ones we've deemed acceptable and necessary for some reason? FWIW, I think the current system is unstoppable and inflation is necessary theft because that's just how it works but I do believe people should be able to save and not lose value. On a long-term basis, Bitcoin achieves that when essentially nothing else can because we've designed it that way. We're all "rich" here and I get why most of us simply want that to continue.
• zarzavat 3y ago
  What global money transmission method doesn’t have transaction fees? Can you name one?
  • bravoetch 3y ago
    Cash. That's why you have to declare it when you move it around in large amounts.
    • nkrisc 3y ago
      Cash has a transaction cost: you need to physically present it.
      • InitialLastName 3y ago
        At scale, you also need to verify it, count it, exchange it, and move it around.
    • ixs 3y ago
      I would posit that the fee for tje airline ticket or the fuel and upkeep for your car is a transaction fee levied on cash transactions. Sure, the bill itself is untouched, but the fee is still extracted.
      • CyberDildonics 3y ago
        I would posit that you didn't explain why these things are related at all.