⭐ Merited by fillippone (1)
No, I never said it's a Ponzi "Scheme" with an entity on top running the "Scheme". Get the whole context. Bitcoin, like Gold, is a naturally-occurring Ponzi. It's simply a market that was boot-strapped by a community that values the asset.
¯\_(ツ)_/¯
BUT, Bitcoin does have technical features that ARE VALUED especially by some groups of people that are in need of censorship-resistance.
Do you even know about Ponzi or the origin of that name, well for your information that name dates back to Charles Ponzi the creator of Ponzi Scheme or rob Peter to pay Paul investment activity. He was always known for his criminal activities from a young age until he came to US. The name Ponzi "scheme" and relates to his fraudulent act of 1920 where he defrauded US investors of almost $15 million before being convicted and sent to prison. so, There is no Ponzi without the scheme going hand in hand. Ponzi Invented Ponzi scheme, so there is no way you are making a strong point out of that without hinting on criminal or scam undertones. read This for more clarity
Bitcoin on the other hand was born out of the underlaying desire to foster accountability, transparency, security and value for your money which promotes a sense of inclusion and an equal opportunity to everyone that adopts it properly to benefit from its abundance. bitcoin was intentional and not just something naturally occurring and the intentions have not changed but continues to be validated as it gains more recognition and trust among investors.
So next time, even if you are drunk, DO NOT ASSOCIATE BITCOIN WITH PONZI EVER AGAIN.
Ser, the term "Ponzi" was merely stigmatized because the originator was a scammer. But TECHNICALLY it describes how in order to exit the system with some profit, NEW MONEY must enter that system. Do you understand?
Bitcoin is a naturally-occurring Ponzi LIKE Gold, NOT a scam like those Ponzi Schemes that has a nefarious entity on top. There's a difference, ser.
Maybe best to avoid any misleading information towards name calling of bitcoin you or other people should stop calling it as Ponzi since that word give bad impression to people since it associate with frauds or anything illegal that you can imagine.
Just call bitcoin as bitcoin and don't use other term to describe it since you don't know what came up on the people's mind especially when you call it a Ponzi like asset. This is also the reason why I don't call bitcoin as crypto since it mislead people again to other scam project saying that they are the next bitcoin. To many confusion spreading around and to many newbies in the scene so to avoid giving problems to those people we should call bitcoin its known name and don't compare it with other asset.
I'm sorry if you didn't get the context. I'm NOT calling Bitcoin a "Ponzi Scheme" because it's NOT that. Bitcoin is a Naturally-Occurring Ponzi. It's "Ponzi-Like", like Gold, it's NOT a Ponzi Scheme like those scams you read about in the news.
If you actually study and understand the market dynamics of Bitcoin and Gold, it does have a resemblance to a naturally-occurring Ponzi-Like process. - That creates a feedback loop from investors and speculators' positive projections/expectations which causes price surges WITHOUT a nefarious entity and WITHOUT fraudulent behavior.
I'm NOT saying that the market is a scam, ser. If you don't understand or didn't get the context, then I'm sorry.
When even people hear the word Ponzi they refer it to be a scam investment and that is what it is where by you invest today and make some million dollar tomorrow because through this information has most persons lost a reasonable amount of money, and using that word Naturally-Occurring Ponzi is what I don't understand those that knows what Ponzi scheme is who has interest to invest in Bitcoin might decide not to invest because they will think is a scam investment due to the word Naturally-Occurring Ponzi honestly it could be misleading.
I accept that the term has negative evocations, and I also accept that the term might be the wrong term to use, BUT we're merely talking about Bitcoin's market dynamics, NOT Bitcoin the network itself AND how that market currently is- with its feedback loops and how it is very speculative in nature - it has "Ponzi-like", but naturally-occurring, characteristics.
The other point why is, currently, Bitcoin is being purchased and HODLed by us more as a commodity that will have higher value later, rather than something that we actually need/use today
It's also laughable that many people are not trying to get the context.
Bitcoin in it's nature don't have a Ponzi nature, I have done a lot of ponzi and in a Ponzi scheme the information is that you invest your money and get 10x your money back within a very short period of time which could be a week or two, but when it comes to bitcoin investment the information is invest and hodl and it takes years and there's no assurance of getting 10x your profit because is volatile however one can get even more than that when you hodl longer, Bitcoin is not a scam but Ponzi scheme are just scam, no Ponzi scheme last long, a lot of them don't even stay up to a year before they crash and they make away with people's money however Bitcoin has been in existence for 16 years now and still counting.
Putting Ponzi with Bitcoin together is not right because they don't have have anything in common.
You are wrong for saying Bitcoin is a commodity that will hodl in other to have higher value later, rather than something that we actually need/use today, now same way we save our dollar and other currency in a bank in other to use it later that's same way we do for Bitcoin we need and also use Bitcoin just like we use other currency, no one will hold Bitcoin forever at a point in time when one feel he or she has accumulated enough he can start using his or her Bitcoin to solve some financial challenges or to open businesses, some supermarket and other places accept Bitcoin as a means of payment and people are already using it for that purpose so saying we hodl Bitcoin and we don't actually need it or use it is very wrong because we actually do.
We are just saying you should not use Ponzi together with Bitcoin to drive home your context because it will be passing a wrong message to many.