Comp Sci prof who doesn't think much of crypto

[virtusa]

1) It is not a Ponzi scheme. Period.

"A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi schemes are named after Charles Ponzi. In the 1920s, Ponzi promised investors a 50% return within a few months for what he claimed was an investment in international mail coupons."

2) The market price determines the value of Bitcoin and ETH which is controled by the demand of buyers or the fear of sellers.

3) There is no reason that we could not see the price go back up to previous highs in a year from now even if it were to fall another 50% from now. As long as you don't trade on margin, you should be able to handle the wild swings. The point of being an "Elite Trader" is to have an edge that allows you to trade profitably.

The definition of Ponzi is over 100 year old. The world has changed a lot so the defintion should be adapted.
Just like a car from 100 years ago does not match a car from today. Same for all 100 year old products.
Crypto's are the newest versions of improved ponzi schemes. There is no underlying value with crypto's, so the price is what people want to pay for air. If a crypto crashes, there is nothing to liquidate, no assets, nothing. And air is for free, so you cannot sell it to recover your crypto losses.

 

[M.W.]

Exactly. The system was designed this way to give the impression of rising wages and prosperity when in reality all this has done is widen the economic gap between rich and poor. Wages have not kept pace with consumer prices. The American and Canadian consumers in real time are worse off than ever before, deeply in debt. All the while the elites like Musk extract hundreds of billions for inferior cars that sell in count at a fraction of the other global car makers. All in the name of profit maximization. Oil prices have come down 24% yet gasoline prices have not moved an inch. I am well aware of the delayed effect of refining oil yet someone here is squeezing the public to death and it is all masked by inflation to give the consumer the false sense of security because their savings accounts and wages increase a measly 2-3% per year.

This is true, for a debt based system that is always designed to turn the general population into slaves. Of course you always need to be increasing the money supply if you intend to keep people in debt forever. But as we see, the closer you get to the end game, the more dollars you need to print just to keep the gears turning. Once people stopped being able to work enough to supply their own dollars, governments needed to step in and start giving those dollars away, just to keep the system working.

The whole thing is collapsing right before our eyes. The elite of course love to keep 99% of the population in the debt cycle since the wealth always flows up to them, but once it implodes, which is what is happening now, a new system will have to take its place, and hopefully this will be based on hard money and hopefully the transition isn't too long and too bloody.

 

[virtusa]

where is the demand for bitcoin?

There are still enough idiots who want to take a gamble. Only problem is: who will have the crypto's when "the music stops to play"?

 

[virtusa]

Groovy. Keep buying with both hands while supplies last!

That's what Baron did.

 

[Frederick Foresight]

Exactly. The system was designed this way to give the impression of rising wages and prosperity when in reality all this has done is widen the economic gap between rich and poor. Wages have not kept pace with consumer prices. The American and Canadian consumers in real time are worse off than ever before, deeply in debt. All the while the elites like Musk extract hundreds of billions for inferior cars that sell in count at a fraction of the other global car makers. All in the name of profit maximization. Oil prices have come down 24% yet gasoline prices have not moved an inch. I am well aware of the delayed effect of refining oil yet someone here is squeezing the public to death and it is all masked by inflation to give the consumer the false sense of security because their savings accounts and wages increase a measly 2-3% per year.

 

[virtusa]

A single BTC will be worth over $1M before 1/1/2030, but do not stress yourself with it too much

Here are some old threads and maybe you'll see some of your friends expressing the same doubts on how high the price of a single BTC will be worth in the future which is currently our present time


https://www.elitetrader.com/et/threads/bitcoin-thread-anyone.221836/page-19

https://www.elitetrader.com/et/thre...itcoin-believers-still-comfy-about-it.288985/

The thread below made that kind of statements too. Let's see below where we are now as we are a few years further.

Your statement has as only purpose to push people to buy and they can never attack you as you will say:"wait till 1/1/2030." That's the optimal answer to cover a scam and give it a few years of time. Ponzi systems need to buy time as much as possible, to maximize their profits. When the time is gone, people go to jail. Like Madoff.

With a theoretical lineair growth till 2022, all the periodical returns are behind around 75%.
The underperforming of BTC grew systematically and BTC was never able to beat the lineair growth.
Today the value of 1 BTC should have been $257,979.22, but is in reality 92.10% behind. So there is $237,597.57 missing for each coin.
BTC needs a miracle to reach the 10MM by 2028.
The, over 4 years, weakness and inability to even beat the lineair growth tells everything.

 

[virtusa]

Why do you think a currency has to be inflationary? Its a complete lie. Every currency has of course always been inflationary, but look at how it always ends... worth nothing! The reason for making currency inflationary is so that the regime, culture or state issuing it can steal from the users.

The past year, crypto's (-75%) stole 20 years of inflation in one year. That's more criminal than inflation.

 

[M.W.]

A bag of true and completely false information. For example, wealth is not always inherited, it is often times self-made. What is true is that the tax and corporate system greatly favors elites at the expense of the middle class which leads to a society that is out of balance. The only way to prevent riots and a revolution is to manipulate the masses into thinking the American dream is alive and well and that anyone who works hard can make it. That is not true. Riches, especially enormous riches, are a very complicated combination of pure luck, hard work, smarts, and good timing. Not everyone who works hard gets rich.

 

[Frederick Foresight]

For example, wealth is not always inherited, it is often times self-made.

He didn't suggest otherwise. He just pointed to its snowballing effect.

I cannot find a single fault with his presentation.

 

[NoahA]

The past year, crypto's (-75%) stole 20 years of inflation in one year. That's more criminal than inflation.

Give it time to settle. Its still all very early. But when it does settle, the entire world will be using the guaranteed honesty of the network and the price for this will be very high indeed.