CoinDesk finally comes clean

Pekelo said:
Funny thing is, 10 years ago one of the major selling point of cryptos was the opposite of this, 100% secrecy. Mind you, neither is true.

For grammarians like you, I invented the word cponzi, just so you can feel good about investing in cryptos...
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Eek man. I’m not going to change your mind, but don’t you think it’s possible that you are missing something (or many things)? This went from $0 to 1T in 12 years, the greatest returning asset pretty much ever, don’t you think the market may be on to something and maybe your hate toward it is unwarranted?

to address some of these “cponzi” claims. I’m talking about bitcoin here..


1. A pyramid scheme meaning paying old investors with new investor money. How is this that again?

2. Totally false. New money doesn’t need to come into bitcoin for the network to work at all. It’s true that new coins are rewarded for winning miners to secure the network, is this what you mean? This is confusing.

3.holy fuck you think there is no use case or “intrinsic value” of something that gives half the world property right they never had, that can settle instantly all around the world, that can’t be hacked or cheated, that has absolute scarcity? If you believe that I can’t help ya I guess

I’d just say try to have an open mind, your future net worth will thank you :)
 
It is a matter of time coin purse and many other cyperpocurrenry will become worthless no matter how clean they are.
Why? Because crypto currency supply is infinite.
 
maxinger said:
It is a matter of time coin purse and many other cyperpocurrenry will become worthless no matter how clean they are.
Why? Because crypto currency supply is infinite.
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I don’t understand this at all. It’s true there is no cap on new crypto, but there is on certain protocols/coins.

Most of these cryptos won’t work, just like stocks.

An analogy is there is infinity share of potential new stocks, but only finite shares of AAPL. Does the fact that there is no limit on new shares of overall stocks effect the price of AAPL? Please explain.
 
Please God, give me a worthy debating opponent, just once please! [praying is over]

GlobalMacro90 said:
1. A pyramid scheme meaning paying old investors with new investor money. How is this that again?

2. Totally false. New money doesn’t need to come into bitcoin for the network to work at all. It’s true that new coins are rewarded for winning miners to secure the network, is this what you mean? This is confusing.

3.holy fuck you think there is no use case or “intrinsic value” of something that gives half the world property right they never had, that can settle instantly all around the world, that can’t be hacked or cheated, that has absolute scarcity? If you believe that I can’t help ya I guess

I’d just say try to have an open mind, your future net worth will thank you :)
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What you call hatred I call objective evaluation. Slight difference. :)

When a thing goes from worthless to any value, the gain is always going to be in the gazillions. Plenty of things like that.

1. Cryptos are pyramid in a way that early investors make money buy new investors coming in, pushing the price up and selling to them. Pretty obvious...

2. New money needs to come in, otherwise price would fall. It is because miners constantly sell. If nobody buys those everyday new coins sold (not all new coins, but some) price would collapse. Pretty obvious.

3. I didn't say no use case, I said much lower than the current evaluation. You really believe that a copyable, not widely used for purchases Bitcoin really is worth 49K? Pretty obvious.

So go back to high school, study Debating 101, learn about cryptos and come back. Until then, sayonara...
 
Pekelo said:
Please God, give me a worthy debating opponent, just once please! [praying is over]



What you call hatred I call objective evaluation. Slight difference. :)

When a thing goes from worthless to any value, the gain is always going to be in the gazillions. Plenty of things like that.

1. Cryptos are pyramid in a way that early investors make money buy new investors coming in, pushing the price up and selling to them. Pretty obvious...

2. New money needs to come in, otherwise price would fall. It is because miners constantly sell. If nobody buys those everyday new coins sold (not all new coins, but some) price would collapse. Pretty obvious.

3. I didn't say no use case, I said much lower than the current evaluation. You really believe that a copyable, not widely used for purchases Bitcoin really is worth 49K? Pretty obvious.

So go back to high school, study Debating 101, learn about cryptos and come back. Until then, sayonara...
More...


1. ^USD and Gold^ are pyramid in a way that early investors make money buy new investors coming in, pushing the price up and selling to them. Pretty obvious...

2. New money needs to come in, otherwise price would fall. It is because miners ^and printers^ constantly sell. If nobody buys those everyday new ^USD or Gold^ sold (not all new coins, but some) price would collapse. Pretty obvious.

3. I didn't say no use case, I said much lower than the current evaluation. You really believe that a copyable, not widely used for purchases ^USD or Gold^ really is worth ^$1 or $1800^? Pretty obvious

excuse my poor editing, but hopefully my argument comes across :D
 
Guys, I am not debating high schoolers, if you want to pick a fight, fight with CoinDesk! :)

But if you guys want find a real good example of ponzi, the well beloved US pension system is a perfect example.
 
Pekelo said:
Guys, I am not debating high schoolers, if you want to pick a fight, fight with CoinDesk! :)

But if you guys want find a real good example of ponzi, the well beloved US pension system is a perfect example.
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are you calling me a high schooler? if so, them's fightin' words! to me the btc debate comes down to one simple idea: we're facing inflation, some predict even hyper-inflation. btc is a fixed supply. it's easy to transfer anywhere, it can be used to buy goods and services, etc. if everyone says, "hey, i don't want to lose my life savings because central banks are printing like maniacs, i think i'll buy some btc" - it becomes not only a store of wealth like gold, but also spendable like dollars, or yen, or turkish lira (as bad as btc has done as of late, i think the turkish lira did worse). and yes, it will appreciate in value.
 
Pekelo said:
Guys, I am not debating high schoolers, if you want to pick a fight, fight with CoinDesk! :)

But if you guys want find a real good example of ponzi, the well beloved US pension system is a perfect example.
More...

Not sure why you are making personal attacks? Your points are pretty easy to counter

1 This is literally anything. For anything old investors benefit when new ones come in. What is the difference here?

2. Do some research. The amount of new coins created is tiny compared to daily volume. Also not all new coins are sold, look the amount public bitcoin miners keep on their books. Also I’m failing to see the difference with anything else. Isnt it true of there are no new buys for literally anything the price falls?

3 ok we disagree on the valuation based on use case. That’s fine. It’s my view that bitcoin doesn’t even need to be used as a traditional currency to 10x from here. Gold market cap is 20x bicoins right now, and bitcoin does gold stuff better than gold in my opinion (cheaper to store, similarly uncorrelated, non sovereign, more divisible, more secure, faster and has absolute programmable scarcity)

look you don’t have to agree and I’m sure you won’t, but I would move to know your fundamental reason why you think 49k (950BB or so) is so unreasonable. Petty insults don’t count by the way.
 
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