One of the largest roadblocks I have in defending bitcoin (and cryptocurrency in general) is when people compare it to a Ponzi scheme.
There is plenty of bitcoin FUD that is easy to defend, but when people pull the Ponzi-card, that is when I begin to get agitated. This is because I don't have a sound argument to combat this claim.
For those who are not readily familiar; A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from legitimate business activity, and they remain unaware that other investors are the source of funds.
People compare bitcoin to a Ponzi scheme because the price increases when more money flows into the underlying asset. If I buy for X and sell for X+100 that 100 profit of mine came from another person who bought into the scheme after me. In the eyes of many, this is dangerously close to how Ponzi schemes generate value.
What is the best argument against the Ponzi scheme narrative?
In what ways are Ponzi schemes different from bitcoin?
How do they generate value differently?
how bitcoin become ponzi? That's nonsense mate because that's the way how bitcoin works even before whrein through demand and supply, so without such thing there's no chance for us to make money in it as well. Many people saying its a scam because they don't have knowledge how they can become successful in it after how many losses. Lol Without knowing that it requires knowledge especially when it comes demand and supply where a lot people are buying and selling.. and what do you mean if bought bitcoin it came from fraud? Shut the fromt door mate.. Make some research sometimes.!! Lmao