Bitcoin is a "ponzi by proxy"

GlobalMacro90 said:
bitcoin is the worst thing to possibly use if you are a criminal. Get a clue
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so they are sitting all on cash ? I mean before they can wash their money they need to transfer it somehow and cash payments are limited in many countries.
 
orbit23 said:
It doesn't scale, there is no development, LN is effectively useless, the users and holders are largely mentally retarded.
Main Bitcoin developer breeds cats in cages and eats them.

The most recent use case are inscriptions which is basically just a proof that it's all just a joke.

It's only been going up so far, but all ponzis eventually collapse and the large majority is left holding a worthless bag. Bitcoin will continue to work, and work even better than it does now(cheaper fees), but it's value could and is likely to plummet significantly.


In my mind the Bitcoin ETF will EVENTUALLY get approved and that's the highest achievement possible; it doesn't get better than this. Ofcourse until it's approved it can get delayed and manipulated at will.
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hard to know where to start here. it was always the case that the core layer one bitcoin blockchain would not be used primarily for everyday transactions. It’s similar to the fact that we don’t use Fedwire to buy coffee, why the hell would you do that. It was always going to be the case that a layer two was needed to scale bitcoin transactions, which several are currently in development. Lightning has its challenges, but it certainly isn’t useless, in fact, it is gaining adoption around the world and there will be other layer two solutions (read competition) coming.

your other arguments about people being retarded and eating cats has no weight and is not worth me responding to.

look at the amount of bitcoin wallets over time. Look at the amount of money transacted/settled on the bitcoin block chain over time.

These metrics only go up essentially you were just choosing to ignore them.
 
TrAndy2022 said:
so they are sitting all on cash ? I mean before they can wash their money they need to transfer it somehow and cash payments are limited in many countries.
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why would a criminal make a permanent record of a transaction that will forever sit on anybody’s computer that runs the bitcoin software? Use ur head
 
GlobalMacro90 said:
why would a criminal make a permanent record of a transaction that will forever sit on anybody’s computer that runs the bitcoin software? Use ur head
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...lack of better choices (until the money is white washed completely) ?

I mean, they cannot use cash everywhere because it is not allowed to pay huge sums in cash. And normal bank accounts to pay are even worse for them. So yes, Bitcoins are still their favorite. That is why it is still a criminals currency. But do not ask me too much :D, I just read it elsewhere.
 
orbit23 said:
Bitcoin by itself is definitelly not a ponzi, as there is no promise of returns. It's just a blockchain.

But the only reason(or one of the main reasons) why people believe in Bitcoin is because the price is going up. Basically nobody knows how Bitcoin even works, it's status of development, status of decentralization, architecture, etc... Probably less than 1% of the participants have a good understanding of it.

Because if you were able to understand any of that, you would have understood that it's a complete joke.

The only reason why Bitcoin is where it's at is because the price is going up, consistently.

And why is the price going up? Is it because the people keep buying? Probably not. We have stablecoin called Tether that i believe employs very few people(very similar to how Madoffx ponzi operated; it was the company with the highest capital managed per employee and Tether is very similar in that fashion).

Tether is not regulated and can print Tethers at will without proof of backing. And there is proof they have done so in the past.

And even if Tether was not a ponzi, they are participating in highly regulated activites(money transmitting and whatnot) without any kind of licenses. Even if Tether was backed by a dollar for every Tether, what they are doing is still highly illegal.

Apparently it is VERY hard to take money out of Tether(as you can not redeem); instead you exchange tethers for USDC and redeem USDC through Circle.

While Bitcoin is not a ponzi, Tether is VERY likely a ponzi and they are likely not backed by a dollar for every Tether. So Therefore Bitcoin is a "ponzi by proxy". Bitcoin is not a ponzi, tether is a ponzi and tethers are used(or were used in the past) to prop up the price of Bitcoin.

That's it, that's the post. Bitcoin is most likely a "ponzi by proxy". Fake tether money has been injected into the market("fake it till you make it") until real people started buying. Upon FTX collapse the institutions bought into Bitcoin and are shilling on national television and unloading their bags at high prices on the retail; moms and pops.
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spot on. Been saying it for years.
 
orbit23 said:
Bitcoin by itself is definitelly not a ponzi, as there is no promise of returns. It's just a blockchain.

But the only reason(or one of the main reasons) why people believe in Bitcoin is because the price is going up. Basically nobody knows how Bitcoin even works, it's status of development, status of decentralization, architecture, etc... Probably less than 1% of the participants have a good understanding of it.

Because if you were able to understand any of that, you would have understood that it's a complete joke.

The only reason why Bitcoin is where it's at is because the price is going up, consistently.

And why is the price going up? Is it because the people keep buying? Probably not. We have stablecoin called Tether that i believe employs very few people(very similar to how Madoffx ponzi operated; it was the company with the highest capital managed per employee and Tether is very similar in that fashion).

Tether is not regulated and can print Tethers at will without proof of backing. And there is proof they have done so in the past.

And even if Tether was not a ponzi, they are participating in highly regulated activites(money transmitting and whatnot) without any kind of licenses. Even if Tether was backed by a dollar for every Tether, what they are doing is still highly illegal.

Apparently it is VERY hard to take money out of Tether(as you can not redeem); instead you exchange tethers for USDC and redeem USDC through Circle.

While Bitcoin is not a ponzi, Tether is VERY likely a ponzi and they are likely not backed by a dollar for every Tether. So Therefore Bitcoin is a "ponzi by proxy". Bitcoin is not a ponzi, tether is a ponzi and tethers are used(or were used in the past) to prop up the price of Bitcoin.

That's it, that's the post. Bitcoin is most likely a "ponzi by proxy". Fake tether money has been injected into the market("fake it till you make it") until real people started buying. Upon FTX collapse the institutions bought into Bitcoin and are shilling on national television and unloading their bags at high prices on the retail; moms and pops.
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I hate to tell you this, but Bitcoin was going up for years before Tether was even circulating.
 
Baron said:
I hate to tell you this, but Bitcoin was going up for years before Tether was even circulating.
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Tether came out in 2014. Until then BTC was in 100s and less, just like shit in video games. Once they started printing free money and using them to buy crypto all took off to crazy levels.

remove fake money and the world will be shocked how low crypto will tank.
 
BTC isn't a ponzi. It's digital gold.

As for getting rich by passively holding it as the price soars to 100k, 1,000k and beyond... good luck with that. I wouldn't be at all surprised to see BTC underperform both US stock indices and bonds on a 10-year horizon, and with much more vol.
 
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