Bitcoin: The Postmodern Ponzi Purchasing a bitcoin is buying an entry in an accounting database, an extraordinarily expensive collection of bits. It has no manifestation in the real world, produces nothing, has no assets, income, customers, cashflow or dividends. The net present value of bitcoin is zero and can never be non-zero. It’s value is purely from a form of recursive speculation, a delusion that more victims will come to speculate in the speculation thus perpetuating the scam and driving the speculated “value” higher. today cryptocurrency is nothing more than an ecosystem of thinly veiled gambling products Ponzinomics A term commonly used to describe crypto asset investment schemes which are is-negative-sum investments, which exist to enrich a pool of insiders, much like a Ponzi scheme, and yet rely on techno-obscurantism or crackpot economics to obfuscate or distract from the internal payout structure of the scheme.
Everyone gets bitcoin at the price they deserve. You will capitulate eventually. One place to start is to ask yourself what makes the dollar or any money not a ponzi scheme, since its only purpose it to trade away (to a victim?) for something of use in the future.
I always laugh whenever someone says "but it doesn't produce anything!" The ledger/network is the product. It's digital property and a transfer protocol backed by the energy and materials used to operate and secure it. People who don't do their homework conflate network effect with ponzi schemes.
I used to believe in BTC. And still hold my original small portion. I also used to goon HARD on MARA and still sometimes dabble in it (why not). Still impressed by Michael Saylor's conviction. BUT. I think it's a pee-pee game now. It COULD be something, if used honorably, but it feels manipulated. Especially when someone like Trump who historically bashed it is suddenly it's biggest fan. OKAY. That crazy dude who burned himself outside of Trump's trial was definitely CRAZY but he was somewhat on to something IMO. BTC is going to get ROCKED at some point when the people that are treating it like a ponzi scheme decide to eject. Then PLTR is going to put us all into work camps (luiz). At some point down the line, after the ponzi purge, perhaps BTC finds its true rooting. But right now it smells of pee-pee games and I wont touch it.
It already is 'something'. Namely the world's best asset/property. There will never be a more resilient or effective long term store of value out there. Everybody is against bitcoin before they're for it. People suddenly changing their tune about it is common. Maybe do a bit of reading and studying history. We've gone through many 'ponzi purges' and gigantic draw downs and extended bear markets. Bitcoin isn't going anywhere.
Interesting point in your 2nd response, since I am the opposite. I admire your conviction. And Saylor's. Whatever conviction I once had in BTC is gone now.
It's an odd time to be having a conviction crisis. Normally these happen during the doldrums of 2+ year bear market, not on the cusp of a bullmarket halving where new ATHs were hit during what should have been a normally quiet period. Nothing has changed about or with Bitcoin itself, so I don't know what you reasoning is.
It's going up forever, Laura. Anyone see Trump or RFK's speeches at BTC24 last week? This summarizes how I feel about each of them quite well.
I don’t pay attention to BTC prices typically but it being less than 50k caught my attention. It was close to 70k a few days ago!!
