• GoddessOfGouda@lemmy.world
    2·
    7 months ago

    I think crypto is dumb as hell but by this logic, how are any speculative assets not Ponzi schemes then? I’d argue that by definition, it’s not a ponzi. How could it be? What entity is controlling and organizing the flow of money in such a way that investors are repaid FIFO? Not only that but there’s zero guarantee based on position in line that you’ll make any amount of money relative to that position — a guarantee you’d likely have in most Ponzi schemes.

    Idk. There are a lot of reasons to hate blockchains and bitcoin but trying to label it as something is fundamentally is not seems counterproductive and disingenuous.

    • hydroptic@sopuli.xyz
      2·
      7 months ago

      Yep. While I’m also no fan of cryptocurrencies, calling them Ponzis is just silly. People love repeating these slogans without actually understanding what they mean

      • I Cast Fist@programming.dev
        1·
        7 months ago

        Less ponzi and more hot potato. Right now, the potato is piping hot, so a lot of people are pumping up because HOLY SHIT 71k DOLLARS!!! YOU SHOUD BUY NAO BECAUSE IT’S ONLY GOIN UUUUUUPPPPPP

        A crash is inevitable, a bunch of whales are just biding their time and nobody knows the next floor price

        • Fosheze@lemmy.worldEnglish
          1·
          7 months ago

          You’ve just described the stock market and capitalism in general. Ironically a digital curency is one of the few places where unlimited growth is actually possible. Not that BTC is a good idea of course.

  • some_guy@lemmy.sdf.org
    1·
    7 months ago

    If you lost money on crypto, I’m sorry. But I also don’t feel that bad for you. The signs were there and people have been screaming about them for years.

  • TheImpressiveX@lemmy.ml
    1·
    7 months ago

    Personally, I’d say Bitcoin is a negative-sum game.

    In order for one person to win, thousands of people have to lose. If that was all it was, Bitcoin would be merely a zero-sum game. However, Bitcoin mining also uses up valuable resources like electricity and processing power, so there’s still a loss.

    Calling Bitcoin a Ponzi scheme isn’t wrong, though.