Viewing a response to: @clayop/is-bitcoin-a-ponzi-too-a-simple-explanation-about-where-does-money-come-from-for-dummies
To truly understand finance realize EVERYTHING is a Ponzi scheme. Social Security is a Ponzi scheme. Benefits are currently being paid by issuing debt and selling it to other countries. The payouts currently available to retirees won't be available to future ones. They'll be too busy paying back the debt. The dollar is a Ponzi having lost 98% of its value in the past 100 years while effectively stealing the value of saver's deposits by inflation along the way. Everything is a Ponzi it's just that some Ponzi's are 'official' and universally accepted and some are not. Not to say that's a bad thing just that it needs to be recognized to be profitably utilized. If the dollar is a Ponzi and Steem is pegged to the dollar there's no way Steem couldn't be a Ponzi as well. Again, not saying that's good or bad, just pointing out that's the way things work. One could even say the crashing of the housing market or something similar is a generational Ponzi collapsing. Our economic system runs and reloads Ponzi schemes continuously by its very design.
| author | gphx |
|---|---|
| permlink | re-clayop-is-bitcoin-a-ponzi-too-a-simple-explanation-about-where-does-money-come-from-for-dummies-20160820t091308714z |
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I see your point, but I would avoid extrapolating the term ponzi to include all of finance. A true ponzi isn't sustainable from the get-go. And you need to ante up cash to get in. EVERYBODY I KNOW said BTC was a ponzi. I'd ask them, can you explain what a ponzi is? THEY COULD NOT. It was just the easy common thing to say to appear knowledgeable. Cryptos are all making money from thin air. Some create value better than others. Like the Fed, dollars from nothing. Doesn't mean either is a ponzi. Social Security? DIFFERENT STORY!! Definitely a ponzi. I remember a 'debate' I was having with Tone Vays about steem in the YT comments section of the World Crypto Network. I said cryptos all create money from thin air, from nothing. He said that was ridiculous! BTC is given value from the electricity used to produce it. My response was, so with no exchanges in operation BTC would be worth almost $600 today... because.... electricity? Not expanding the user base? As demand for BTC increases, price increases. Duh. If demand collapsed tomorrow, the BTC price would plummet down to under $20. Eventually $0.05. And the exchanges play AN ENORMOUS ROLE is giving value. His reply was "ok".
| author | matherly |
|---|---|
| permlink | re-gphx-re-clayop-is-bitcoin-a-ponzi-too-a-simple-explanation-about-where-does-money-come-from-for-dummies-20160820t173529572z |
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What gives the US dollar value? Wood pulp? The ability to print more? What gives the USD value is the same thing that gives anything else financial value, perception. The government being able to print more dollars at will is a negative, a debasement of the currency. Cryptocurrencies with limits on how much can be produced don't have this problem. Ironically you've done a good job of describing some of the problems inherent to fiat currencies which some have turned to cryptos to avoid.
| author | gphx |
|---|---|
| permlink | re-matherly-re-gphx-re-clayop-is-bitcoin-a-ponzi-too-a-simple-explanation-about-where-does-money-come-from-for-dummies-20160821t023646585z |
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| author | oululahti |
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