Bωockchain

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bwockchain is not a technology of the future, buttcoin is a scam.

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tracyspcy@lemmy.ml

A higher price for Bitcoin does not make it any less of a Ponzi. Don’t forget. (lemmy.ml)

submitted 8 months ago by tracyspcy@lemmy.ml to c/bwockchain@lemmy.ml

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[–] zaph@sh.itjust.works 2 points 8 months ago (1 children)

Here you go again assuming just because something is a bad investment it's a ponzi scheme.

Also you need to understand that I am not speaking about crypto in general, which is concerning you don't make the distinction, because they're not all even remotely the same. You're out of your damn mind if you think you can refer to Etherium or a Stablecoin in the same breath of legitimacy as bitcoin .

This is you missing my point entirely.

Early investment in bitcoin meant you could buy things with bitcoin. Not a ponzi scheme.

[–] Ptsf@lemmy.world 1 points 8 months ago

It's actually you missing the point entirely. Just because you can trade your shares in it does not make it a legitimate investment, nor do I believe all investments need generate revenue. Investment is risk and loss is part of that.

Now, since you're inclined to continue to be deluded, from the Wikipedia definition: "Named after Italian businessman Charles Ponzi, this scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits".

Bitcoin is not a currency. It's design does not allow for it to be one longterm. It has a built in expiration date and cash flow drain with no legitimate business activity that generates value aside from new investors. The only way one generates value from bitcoin is new investors. The only way your coin is worth more money is new investors. That is what makes it a Ponzi scheme. Just because you can trade shares of your Ponzi scheme to others for their money does not make it an investment.