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There must be some sort of financial equivalent to Godwin's Law that requires everything eventually to be compared to a Ponzi scheme. A Ponzi scheme involves s
by blacksqr 14y ago
There must be some sort of financial equivalent to Godwin's Law that requires everything eventually to be compared to a Ponzi scheme.
A Ponzi scheme involves someone guaranteeing a return, then using new deposits to satisfy older guarantees when the return doesn't materialize.
Nobody's guaranteeing any valuations in the Bitcoin market. People are simply speculating and creating an old-fashioned bubble.
- machilin 14y agoNot that I'm saying bitcoin in general is bad, but speculators are making it look bad by diving in hoping to make a quick buck. And the limelight of these so-called bitcoin millionaires give everyone the impression of making a quick return on bitcoins. You are definitely right in saying no one is guaranteeing a return, but almost everyone is expecting to make some quick returns on it. That itself can't be good.
- blacksqr 14y agoThe bottom line is the answer to your original post is "no", because speculation != Ponzi scheme.