Something I realized today:
What makes bitcoin any different from a ponzi games that we see in the gambling section?
In those games, you send your coins to someone and he holds it until someone else sends coins and then pays you, in the end no one sends him coins so payouts stop and the last guys who have coins in it don't get a payout.
How is bitcoin any different? You bought coins, someone buys them from you waiting for someone else to buy them and keeps going like that until no one buys them, or less people buy them so they end up losing their money.
Bitcoin is a decentralized ponzi scheme with no central authority. You f*** over each other by selling "bitcoins" to someone else who hopes someone else buys them from him.
You know I'm right.
Disclamer: I am not holding bitcoins any more.
I am taking my money and leaving while I'm up.
Good luck.
so, how is fiat not a ponzi?
no one really wants dollars, they want stuff.
once the last person refuses to accept worthless paper for stuff, the bagholders will have worthless paper.
everything is a ponzi if you look at it like that.
Fiat isn't a ponzi because it isn't an investment scheme. Fiat is a store of value.
"A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator"
Fiat is an IOY based on trust in a government (and ofcourse the fact that countries suffer of "Tragedy of the commons" where we "overgraze" our economy and try to sustain our stupid lifestyles, or simply don't care about the govenment because "other" people should do something about it)
Bitcoin doesn't have an operator an thus is not a ponzi scheme. It does look like a ponzi since people market it as a sure thing.....
