How about the fact that it’s 14 years old now, has an approved ETF and is more stable than many stocks?
Let it go. You can go on hating without trying to rationalize it. It’s perfectly acceptable.
Bernie Madoff scheme covers both of your arguments: it lasted for ca. 17 years and even seemed quite legit at some point for Wall Street guys.
But then almost every business covers these two arguments?
I won’t and don’t want to convince anyone into bitcoin, but these cringe emotional arguments are just so… cringe. I get it, ten years ago they were kind of funny I guess. Now it’s just old. Like old drunk people at the bar repeating the same story over and over again.
I have no dog in this game, but I don’t see how buttcoin is a Ponzi scheme. If I’d compare it to anything it’s probably be tulips.
Energy costs alone will sink bitcoin longterm leaving only initial investors with any true value. It’s the very definition of a Ponzi scheme due to this unsustainablity.
That’s not what a Ponzi scheme is. In a Ponzi, earlier investors are paid from what newer investors put in. While there have been Ponzi schemes that used Bitcoin or Ethereum or what-the-fuck-ever, they themselves aren’t Ponzis – they’re essentially commodities. They’re stupid, wasteful commodities, but what else is new?
With your definition, stocks and commodities are Ponzi schemes too. It’s clearly nonsense.
And no, before anybody starts getting any ideas, in case it’s not already blindingly obvious I’m not a “crypto fan” by any means. There’s some technologies and ideas there that might be useful in the long run, but 99% of the field is bullshit
