What is your answer to "Bitcoin is a Ponzi Scheme" ?

[Holliday]

I don't see any revolutionary changes.

That's because you are being intentionally obtuse.

I know that you know that we can do things with Bitcoin that you can not do with any other asset on the planet (except other cryptocurrencies which came after Bitcoin). Just one of those things makes Bitcoin revolutionary and we both know that there are several.

[ElectricMucus]

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary. Revolutionary is when a novelty changes the way the world economy works.

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

[Holliday]

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

[Holliday]

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

Just off the top of my head.

Language
Wheel
Soap
Antibiotics
Black powder
Radio
Internet

[ElectricMucus]

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

A digital asset is not money.

[Holliday]

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

A digital asset is not money.

Anything can be money.

[ElectricMucus]

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

Just off the top of my head.

Language
Wheel
Soap
Antibiotics
Black powder
Radio
Internet

Of course, though I wouldn't include The Internet.

[Holliday]

Of course, though I wouldn't include The Internet.

We wouldn't be having this conversation without it.

[ElectricMucus]

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

A digital asset is not money.

Anything can be money.

For me money is a shared accounting system where each unit represents a certain amount of economic activity. Fiat Currency is the only money currently.
Gold wasn't money for example, but gold ducats were. (Only certain mints were allowed to make them).

Of course, though I wouldn't include The Internet.

We wouldn't be having this conversation without it.

Perhaps we would have it on some dial up bbs instead?

[igorr]

goodbye bitcoin, goodbye my USD,

[BlockChainLottery]

A digital asset is not money.

Why not?

[podyx]

this is what electricmucus looks like to me

[RodeoX]

I tell them it is not a ponzi, but that I could care less if they want to believe it is. Good ideas don't need my help or explanation. Perhaps in five years when everyone they know is using it, clarity will come.
It's kina like bigfoot. I know no such thing exists, but I don't care when some fool thinks otherwise.

[600watt]

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary. Revolutionary is when a novelty changes the way the world economy works.

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

what about plastic ?
printing ?
electricity ?
trains ?
mobile phones ?
software ?
clocks ?
lsd ?
 

[gpucoolingmethod]

I don't see any revolutionary changes.

That's because you are being intentionally obtuse.

I know that you know that we can do things with Bitcoin that you can not do with any other asset on the planet (except other cryptocurrencies which came after Bitcoin). Just one of those things makes Bitcoin revolutionary and we both know that there are several.

like know what each person used it for

(EXAMPLE: I forgot what his method is called but lets say there are 8bilion people on planet.And you buy something with btc.Lets say a red car.Leys say only 200 milion people have a red car.Then you buy a g.un.Lets say only 2000 people have a red car and g.un.Lets say you buy tickets for Olympics Games.Then all it takes is to find out your name and add your btc address to whatever dtabase that has all that info.Now your "anonymous" bitcoin address is identified cuz you are the only person who has bought all three. OF COURSE you would have been identified by your car letters and numbers on that thingie or by gps in your car whatever.  )

Most people dont take necessary steps to remain anonymous.Some just dont bother

[ElectricMucus]

600watt,

Those are important inventions which influenced the world very much yes, but they haven't really revolutionized anything. Just made existing things more efficient.

Bitcoin is neither of those things. It could be a stepping stone to something that might qualify into the important category but on it's own it falls short of that and even the level before it.
The ponzi scheme accusation highlights one of it's major shortcoming: There is no correlation between it's perceived value and the amount of economic activity.

Also it's more a product than an invention, I know you don't wanna hear it but you can't deny it if you are honest.

[BlockChainLottery]

...
The ponzi scheme accusation highlights one of it's major shortcoming: There is no correlation between it's perceived value and the amount of economic activity.
...

Also true for fiat currency.

[ElectricMucus]

...
The ponzi scheme accusation highlights one of it's major shortcoming: There is no correlation between it's perceived value and the amount of economic activity.
...

Also true for fiat currency.

bullshit

[BlockChainLottery]

The money supply in the world is growing faster than the economy, because money is made out of money. It misses every correlation with the real world economic activity.

[ElectricMucus]

The money supply in the world is growing faster than the economy, because money is made out of money. It misses every correlation with the real world economic activity.

This is also not true. But please post the infamous currency base+excess reserves hockey stick chart. It's already debunked, and even the FED itself published an article specifically about this misleading claim.
Do you want a link?