Blabla.
1. Invest in me, I am BTC I only gain in value. However, nobody actually creates a justifyable increase in value outside of speculation/being told so(150% gainz!!111). It is thus "empty". There is no reason a BTC should be worth something other than people who "believe the story".
2. Get told: Oh sure, cash out anytime you want with the profits made! It's a currency!
3. If all BTC holders were to attempt to cash out RIGHT NOW, there would be a huge percentage that would not be able to find any takers.
4. Different to ponzi in 0 ways.
5.
6. Profit!
1. Invest in me, I am BTC I only gain in value. However, nobody actually creates a justifyable increase in value outside of speculation/being told so(150% gainz!!111). It is thus "empty". There is no reason a BTC should be worth something other than people who "believe the story".
2. Get told: Oh sure, cash out anytime you want with the profits made! It's a currency!
3. If all BTC holders were to attempt to cash out RIGHT NOW, there would be a huge percentage that would not be able to find any takers.
4. Different to ponzi in 0 ways.
5.
6. Profit!
1. Gold or oil or any other commodity can then be said to have value based on investors 'believing the story.' There is some truth here but it can be applied to ANY investment (real estate, stocks etc.)
3. if 30% of the world's gold reserves were to be sold RIGHT NOW - what would happen to the price of gold? It would certainly drop a lot (currently at $1588/oz) possibly by upwards of 50% or more as margin/leverage calls would likely come into play driving the price down further. However, at the end of this process gold would still have some value, some proportion of 'gold bugs' 'believing the story' whether that value was $800/oz or even $150/oz.
IMO Bitcoin acts as an asset AND a currency, and is so quite different from a Ponzi scheme.