• TheImpressiveX@lemmy.ml
    50·
    6 months ago

    Personally, I’d say Bitcoin is a negative-sum game.

    In order for one person to win, thousands of people have to lose. If that was all it was, Bitcoin would be merely a zero-sum game. However, Bitcoin mining also uses up valuable resources like electricity and processing power, so there’s still a loss.

    Calling Bitcoin a Ponzi scheme isn’t wrong, though.

      • Mesophar@lemm.ee
        17·
        6 months ago

        Right, their comment basically is “A Ponzi scheme is when a company does it, but Bitcoin isn’t a company, so when Bitcoin does it it isn’t a Ponzi scheme!”

        Ok, but they never denied they were doing it…

  • GoddessOfGouda@lemmy.world
    40·
    6 months ago

    I think crypto is dumb as hell but by this logic, how are any speculative assets not Ponzi schemes then? I’d argue that by definition, it’s not a ponzi. How could it be? What entity is controlling and organizing the flow of money in such a way that investors are repaid FIFO? Not only that but there’s zero guarantee based on position in line that you’ll make any amount of money relative to that position — a guarantee you’d likely have in most Ponzi schemes.

    Idk. There are a lot of reasons to hate blockchains and bitcoin but trying to label it as something is fundamentally is not seems counterproductive and disingenuous.

    • hydroptic@sopuli.xyz
      24·
      6 months ago

      Yep. While I’m also no fan of cryptocurrencies, calling them Ponzis is just silly. People love repeating these slogans without actually understanding what they mean

      • I Cast Fist@programming.dev
        10·
        6 months ago

        Less ponzi and more hot potato. Right now, the potato is piping hot, so a lot of people are pumping up because HOLY SHIT 71k DOLLARS!!! YOU SHOUD BUY NAO BECAUSE IT’S ONLY GOIN UUUUUUPPPPPP

        A crash is inevitable, a bunch of whales are just biding their time and nobody knows the next floor price

        • Fosheze@lemmy.worldEnglish
          6·
          6 months ago

          You’ve just described the stock market and capitalism in general. Ironically a digital curency is one of the few places where unlimited growth is actually possible. Not that BTC is a good idea of course.

      • 4am@lemm.ee
        2·
        6 months ago

        bro this is the enshittification of Ponzi schemes fr fr also your eclipse glasses are fakes for sure AI made them

  • some_guy@lemmy.sdf.org
    6·
    6 months ago

    If you lost money on crypto, I’m sorry. But I also don’t feel that bad for you. The signs were there and people have been screaming about them for years.

    • tracyspcy@lemmy.mlOPM
      8·
      6 months ago

      I cannot agree, we should try to help people to avoid ponzi. It is hard for people to resist marketing campaigns and opinion leaders trying to involve more people into ponzis