Well anyway I don't know why people are so blind that they can't see fiat is the Ponzi and bitcoin is the way out of the Ponzi.
I herd you don't like Ponzi so we created a new Ponzi to get you out of Ponzi
CoolStoryBro:
hehehehehe......
Even though you are being a little ridiculous with your comment, above, I believe that your comment highlights a decent point.
Accordingly, I would clarify that neither bitcoin nor fiat is a ponzi scheme...
To say that either bitcoin or fiat is a ponzi scheme is to overly simplify and to misapply the concept of ponzi scheme. Neither fiat nor bitcoin is so simple an arrangement - there are too many factors influencing each.
Fiat is a ponzi scheme in the sense that the monetary system works in a way where all money in existence is created in the form of Debt - with interest. So you have to constantly grow the monetary base to repay the interests of the previously created money with new money that is itself more debt and requires more interest which requires more money as debt etc... So it truly is a Ponzi and can only collapse at some point but it is benefiting only the few that control the global monetary system. A fiat monetary system that is not a ponzi could be created by emitting the FIAT directly and without liability to this emission, the counter party of the fiat being the work of the participants in the economy. Yet it has not been designed in this way but has been designed in a way that gradually enslaves the majority of the population and shifts most of the wealth in invisible hands.
On the other hand bitcoin is not a ponzi because it is an asset that is not the liability of someone else. If you have a bitcoin, nobody owes you anything about it. You just have your bitcoin and nobody else is involved in this position. It's like gold. Who could say that gold is a ponzi ?
A ponzi implies centralisation and fraud. Centralised fraud is used to influence the expectations of the investors based on the creation of false past and present returns. The money of new investors is used to hide the fraud by actually paying these false returns to first investors instead of giving new entrants their fair share in assets.
Bitcoin does not have returns - it only appreciates or depreciates based on its current utility and anticipated-utility in the future.
Bitcoin does not have centralisation that can hide parts of the information about it's use and nature - everything is in the open in the blockchain.
It's simply an asset that can crash or explode higher without counter party liability.
Therefore, using the word ponzi for the global monetary FIAT system is appropriate. Yet using the word ponzi for the bitcoin ledger system is not appropriate.
Poll
