Comp Sci prof who doesn't think much of crypto

[M.W.]

You did not demonstrate at all that cryptos are not a Ponzi scheme, just rehashed the definition that was provided in the original link at all. Neither ponzis or no ponzis preclude an asset from going up or down in value. You seem to lack a basic understanding of supply and demand but rather repeat the empty claim that cryptos are not ponzis. The article intelligently lists the reasons why the author classifies cryptos as Ponzi.

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.

 

[M.W.]

You just completely negated and contradicted the Ponzi definition you provided just one post above, lol. How did you make it to become a Moderator?

No, the way it works is you buy Bitcoins on an exchange and transfer the funds to a wallet like Trust wallet on your smart phone.

A Ponzi scheme is when someone you barely know asks you for money which you give them and they use some of that money to pay out previous investors till the scheme falls apart.

 

[M.W.]

Go read up on "liquidity". This game only works until there is a liquidity bottleneck which we have seen with multiple cryptos exchanges and operators. The game only continues until the music stops.

No you can then transfer it back to an exchange, and then sell it at market price. Once its sold you transfer the money from the exchange into your bank account.

The main reason not to leave the coins in an exchange till you sell them is if the exchange goes bankrupt, they can lock up your funds.

However, if the exchanges are more regulated in a year from now, it may be safe to leave the coins there just like you can leave stocks say in Etrade since your account is insured.

 

[M.W.]

OMG, with a stock you buy ownership in a company and have voting rights. With cryptos you buy bragging rights and declare to everyone that you are a degenerate gambler. Your comparison with stocks or commodities completely failed at its root. I bet you did not study even an hour of basic economics.

No you don't. It's just like if you bought 100 shares of Microsoft on a stock exchange. The price is the current market price. You can sell at market price, it is filled by the exchange, you don't need to start calling around and asking people if they want to buy your Bitcoin.

 

[deaddog]

See you're deflecting again, deaddog

Just to be clear, you understand how Bitcoin is traded, but you keep lying about how it is traded, so that makes you a lying piece of shit, deaddog??

And now you want to deflect to other discussion issues to bury the fact that you are a lying piece of shit, deaddog??

Bitcoin is a store of value and will be worth over a million $ in the future and you'll still be a lying piece of shit, deaddog


View attachment 288934

View attachment 288935

 

[Frederick Foresight]

Bitcoin is a store of value and will be worth over a million $ in the future

I'm assuming you're referring to all the Bitcoins put together, of course. But only for a moment in time.

Remember the old joke about the guy who fell out of a high-rise window. As he was dropping fast past the 6th floor, he thought, "So far, so good." As he passed the 5th floor on his way down to the concrete below, he thought, "So far, so good." And so on...

 

[deaddog]

There are tons of people "refruting" that claim. lol. At this point I could write a book about it but it would fall on def ears in this forum so I won't bother. The technical implications of bitcoin are covered extensively and you can read about it anywhere. But the punchline is that the supply is falling (yes, really) and always will. I've seen other assets do this, such as pink diamonds, and the price is explosive. Most people are accustomed to assets like stocks, metals, real estate, lumber, etc. With all of these supply can increase as demand increases. Bitcoin won't behave like those other assets.

You will also notice that the biggest critics of crypto know the least about it technically. They can't tell you how blockchain works. This is precisely the pattern I remembered with the Internet in the 1990s. Old men who thought they knew everything couldn't talk to you about it, yet they were certain no one would ever use the Internet for anything other than a toy.

Can't argue with not knowing about it technically. I understand that blockchain is software. It was developed and refined. No one controls it. My concern is what is to stop someone from coming up with a better software that puts bitcoin out of business. Something faster, more secure, less centralized and easier to use, that meets and exceeds the todays technology.

Now the answer I usually get is if you think that is possible just go ahead and do that. It ain't going to be me. But technology is changing so fast it wouldn't surprise me to see it happen. When I stop seeing promotions that warn me if I don't get it now it will be too late. the type of stuff I expect from a penny pump and dump.

It seems that fiat is a problem because of centralization, yet it seems like you need to have fiat to value bitcoin. I wonder if anyone has thought it through how the world will function without fiat. Imagine having to take a pay cut because the value of the currency is rising too fast.

 

[johnarb]

I'm assuming you're referring to all the Bitcoins put together, of course. But only for a moment in time.

Remember the old joke about the guy who fell out of a high-rise window. As he was dropping fast past the 6th floor, he thought, "So far, so good." As he passed the 5th floor on his way down to the concrete below, he thought, "So far, so good." And so on...

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/

 

[MKTrader]

It's usually peasants who need to artificially elevate themselves by ridiculing academics. While I like to differentiate case by case, generally I strongly agree with your stance. Can't compare some 5 or even 10 year coder, regardless of how experienced, with an accomplished researcher in academia who underwent at least 10 years of training, obtained a PhD, published dozens of papers, and potentially collaborated on groundbreaking innovation, spoke and shared research at respectable conferences, and fiercely competed with other candidates on a worldwide basis for the top slots to obtain tenure. The guy in the original link obviously belongs to the group of highly accomplished academics, and needless to say anyone in compsci at UC Berkeley or Harvard. It's laughable how lowlifes who live the dreadful life in the IT rat wheel have a way to piss on everyone else so they themselves appear better than what they are. And funny how some full stack coding monkeys attempt to denigrate those who wrote and invented entire computer languages or thought about solving difficult problems not just for years but for decades.

No, but it's usually imbeciles with inferiority and hero-worshipping complexes who write long, rambling paragraphs to justify their fantasy worlds. Go back to academia or whatever rent-seeking racket you extract an income from. You're a doomed trader from the start.

 

[gwb-trading]