Proof of Work is Proof of Ponzi

[misterkel]

Bitcoin is NOT a Ponzi scheme. A ponzi scheme claims some type of income from another source which does not actually exist - it is based on fraudulent information. It then tricks investors into purchasing based on this non-existent income stream, paying past investors on that basis. Whatever it's faults, no one claims Bitcoin is a source of income - only a potentially appreciating asset.
Moreover, it would be impossible for Bitcoin per se to operate on that basis because of the radical transparency of the blockchain - every transaction is visible to everybody.

The moment a person calls BTC a Ponzi, they demonstrate a lack of knowledge of both things.

 

[Pekelo]

Bitcoin is NOT a Ponzi scheme.

Technically it isn't but practically it is. Fanboys promise us the Moon pricewise, it needs to be adopted by more and more people aka fresh incoming money. Just to keep the price even everyday it needs 13.5 million bucks coming in. Every fucking day...

And obviously the early birds get paid first. So say what you want, it does walk and talk like a ponzi, even if it isn't.

 

[dozu888]

Technically it isn't but practically it is. Fanboys promise us the Moon pricewise, it needs to be adopted by more and more people aka fresh incoming money. Just to keep the price even everyday it needs 13.5 million bucks coming in. Every fucking day...

And obviously the early birds get paid first. So say what you want, it does walk and talk like a ponzi, even if it isn't.

this is right on... as in my original post, the design of the PoW is the proof of Ponzi.

 

[dozu888]

meanwhile - threads like this will show up more and more all over the net and more people will gradually realize they bot into the ponzi and will try to get out.

the price action is saying the same. the bounce off the 6800 ish level is getting weaker and weaker as people now just looking at each other and see if the other guys will hit the dump button and go for the exit.

There is just no scenario for this thing to go up anymore.... too much dumb money in it.

https://www.dailyfx.com/sentiment

the dumb retail is very long, while the house is way short..... a certain death sentence this is.

the house always wins.

 

[dozu888]

but if the instrument you are accepting for payment is an alternative to fiat based currency which has an unlimited supply - A supply which is created by electronic entry at the will of a FED chair - and the chair has been known to crate trillions at will without any monitoring or control from the govt until years later or maybe never. - which store of money is more a fraud? ( I imagine many other countries privately run central banks operate the same way... with private citizens getting to create fiat money at will.)

And I am not sure that bit coin is a ponzi if the supply really does cap.

so then you have a limited supply currency vs an unlimited supply.
Eventually the central banks will have to make the politicians shut down these superior stores of value.

which goes back to the point of my initial post.

limited supply, that's fine.... but why does Satoshi and the early whales deserve to get them for pennies per? see this is where the sheeple don't have a brain to think.... at least when they go to work and earn a pay check the scheme is much more fair... a $ earned today supposedly buys the same stuff with a $ earned 10, 20 years ago... yes of course there is inflation, but wages go up as well.

so the bitcoin scammers tell the sheeple, the current system is no good, because the dollar has lost 97% of its value.... and the sheeple just buy this argument without a brain to think either... yes 97% value is lost, but how much higher is wage today when the dollar was first used? much much higher than a 30 fold increase.

so the scammers brain wash the sheeple with these apparently flawed arguments... and having already pocketed the lions share, literally, 4% of addresses own 90+% of the coins, then push the price much higher, and let the sheeple pay much higher price to fight for the crumbs.

this is not a traditional form of ponzi... but it achieves the exact same effect - the late comers pay the bill for the early comers.... a massive wealth transfer to the top of the pyramid.

why are people so blind ? that's why they are called sheeple.. I guess.

 

[Pekelo]

but if the instrument you are accepting for payment is an alternative to fiat based currency which has an unlimited supply

Cryptos are also unlimited. Only morons believe any crypto is limited. Every crypto can be forked or copied aka unlimited supply.

 

[dozu888]

Cryptos are also unlimited. Only morons believe any crypto is limited. Every crypto can be forked or copied aka unlimited supply.

I wonder how many bitcoin owners know - anyone of them can issue JohnDoeCoin tomorrow, all 21 million of them, without the proof of work part lol.

People are so blind it's unreal.

 

[johnarb]

which goes back to the point of my initial post.

limited supply, that's fine.... but why does Satoshi and the early whales deserve to get them for pennies per? see this is where the sheeple don't have a brain to think.... at least when they go to work and earn a pay check the scheme is much more fair... a $ earned today supposedly buys the same stuff with a $ earned 10, 20 years ago... yes of course there is inflation, but wages go up as well.

so the bitcoin scammers tell the sheeple, the current system is no good, because the dollar has lost 97% of its value.... and the sheeple just buy this argument without a brain to think either... yes 97% value is lost, but how much higher is wage today when the dollar was first used? much much higher than a 30 fold increase.

so the scammers brain wash the sheeple with these apparently flawed arguments... and having already pocketed the lions share, literally, 4% of addresses own 90+% of the coins, then push the price much higher, and let the sheeple pay much higher price to fight for the crumbs.

this is not a traditional form of ponzi... but it achieves the exact same effect - the late comers pay the bill for the early comers.... a massive wealth transfer to the top of the pyramid.

why are people so blind ? that's why they are called sheeple.. I guess.

Have you considered shorting CME bitcoin futures? Your confidence on a short trade is very high and even if I'm long bitcoin, I think you can make some $$$ by shorting.

https://www.newsbtc.com/2018/05/26/analyst-says-bitcoin-may-drop-5500-new-upside-q3-q4-2018/

 

[dozu888]

Have you considered shorting CME bitcoin futures? Your confidence on a short trade is very high and even if I'm long bitcoin, I think you can make some $$$ by shorting.

https://www.newsbtc.com/2018/05/26/analyst-says-bitcoin-may-drop-5500-new-upside-q3-q4-2018/

I may have replied else where... I don't trade this... don't need to trade everything I see. by a similar token the house is also very short on Gold... another death sentence.

- the btc short may have more convincing fundamentals, but the stuff is too thin and subject to manipulation; $130b market cap is nothing, especially if you consider 90-95% of the coins are concentrated on a few hands, meaning if the whales start to dump, the $130b can quickly disappear.... so on the other hand short squeezes can come out of nowhere.

- the gold short is only slightly less convincing fundamentally... after years of pushing by many metal salesmen with similar arguments behind the BTC, the general public has been well brain washed and piled up on the metal. I think technically it will be an easier trade as the market is much bigger than btc.... a $6t market cap is much more difficult to manipulate/squeeze.

I just read your link.... not much there... these price targets mean nothing... volume profile is hog wash.

if gold crashes it will have find a floor somewhere... if btc crashes, who knows. it is literally a puff of thin air.

 

[johnarb]

I may have replied else where... I don't trade this... don't need to trade everything I see. by a similar token the house is also very short on Gold... another death sentence.

- the btc short may have more convincing fundamentals, but the stuff is too thin and subject to manipulation; $130b market cap is nothing, especially if you consider 90-95% of the coins are concentrated on a few hands, meaning if the whales start to dump, the $130b can quickly disappear.... so on the other hand short squeezes can come out of nowhere.

- the gold short is only slightly less convincing fundamentally... after years of pushing by many metal salesmen with similar arguments behind the BTC, the general public has been well brain washed and piled up on the metal. I think technically it will be an easier trade as the market is much bigger than btc.... a $6t market cap is much more difficult to manipulate/squeeze.

I just read your link.... not much there... these price targets mean nothing... volume profile is hog wash.

if gold crashes it will have find a floor somewhere... if btc crashes, who knows. it is literally a puff of thin air.

Yea, definitely don't trade everything out there, however, I re-read your post a couple of times and you're saying bitcoin is made up of nothing. Forget adoption, forget network hash rate, forget acceptance, forget Goldman Sachs, CME, CBOE, Nasdaq, TSX, ICE/NYSE, Coinbase, Gemini, etc. etc. Bitcoin has 0 value.

Ask yourself, why would there be a short-squeeze? According to you there is no justifiable demand whatsoever for bitcoin, so you can short as much as you want and sleep soundly at night.