[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 168 KB, 1366x768, gamblecoin.jpg [View same] [iqdb] [saucenao] [google]
3806044 No.3806044 [Reply] [Original]

Can somebody explain to me how Bitcoin isn't a giant ponzi game? Because I know that fiat isn't a ponzi but cryptocurrencies looked like one to me.

>> No.3806057

1. Kill yourself, animefag

2. You use the currency to buy goods and services. The more useful it is for that purpose, the more people will want it, the more the price goes up.

>> No.3806062
File: 19 KB, 236x480, 9dbfd48c2f84a92d59a427b801772d4f--chipmunks.jpg [View same] [iqdb] [saucenao] [google]
3806062

>>3806044
https://pastebin.com/ZUxTmR99
1. BITCOIN HAVE LIMITED QUANTITY, IN DIFFERENCE FROM TULIPS, DOLLARS AND Ethereum
2. GOLD EXACTLY SAME A PYRAMID SCHEME AS A BITCOIN BUT ALREADY ABSORB ALL IN

>> No.3806061

>>3806057
anime website

>> No.3806094 [DELETED] 

>>3806061
>HURR DURR IM A RETARD MOMMY BABABABABA FFLOOOPFFFRRRBBBBBFTTTTTTTT OHOHOHOOHOHO AHHHHHHH BRAAAAAAAAAAAAAAAAAAAAAAAAAAA OOOOOR OOOOOF

>> No.3806158

>>3806044
its ponzi but dollar bills are bigger ponzi.

>> No.3806194

>>3806044
1. What is a Ponzi scheme?

2. Explain how this is different than a small startup company that people can buy into at a low price and sell at a higher price if that company becomes more successful and valuable.

>> No.3806218

>>3806057
Bitcoin is fundamentally a shitty currency though. It's more a store of value. And a good one at that. Only neck beards are using bitcoin to buy and sell things.

>> No.3806223

>>3806044
All currency beyond bartering could be considered a ponzi scheme. Fiat is the biggest ponzi scheme in history.

>> No.3806367

>>3806218
If it was exclusively a store of value, it wouldn't be that unfair to call it a ponzi scheme though.
It's more than that though, and as it becomes more practical to use it will get more market adoption and increase in value. Sure, it has some disadvantages right now, but it also has unique advantages over fiat

>> No.3806377

>>3806194
>What is a Ponzi scheme?
scammers/lucky merchants who got in early, they are at the top of the ponzyramid.

>Explain how this is different than a small startup company that people can buy into at a low price and sell at a higher price if that company becomes more successful and valuable
Cryptocurrencies are just a numbers game backed by an icon with no assets to be exchanged with. You trade food because that is a necessity for survival. Food cannot be produced so easily. Cryptocurrencies can be produced easily in a single click of your mouse. Cryptocurrencies is not a necessity for human survival. A fiat needs wood and other chemicals in order for it to become paper. A physical coin needs precious metals for it to turn into physical coin. Precious metals are requires human capability to mine. Precious metals also require special conditions and a looong time for it to grow. Wood comes from a tree that sips carbon dioxide and in return recreates it into oxygen which is a necessity for human survival. What about cryptocurrencies? Hm?

>> No.3806388
File: 7 KB, 249x250, 1484811746670.jpg [View same] [iqdb] [saucenao] [google]
3806388

>>3806044

>> No.3806422

>>3806377
1. Checked

2. Keked.
>What is Proof of Work?

>> No.3806431
File: 40 KB, 600x485, 6bb32eaebfdd1e90d45f504da78ddaa4.jpg [View same] [iqdb] [saucenao] [google]
3806431

>>3806377
>Crypto is a scam, but fiat isn't because it's made from wood

>> No.3806465

>>3806377
They need a global network of computers and programmer time to work.

>> No.3806508

>>3806044
>fiat isn't a ponzi
Read a fucking book you stupid niger! And not your keynesian bullshit. Grab yourself some M. Rothbard.

>> No.3806527

>>3806044
What anime is that? it looks fun.

>> No.3806538

>>3806061
not an anime board

>> No.3806556

>>3806431
I don't know why I couldn't stop laughing at this.

>> No.3806563

>>3806094
>>3806538
retards

>> No.3806577

>>3806044
>>3806508
Start here
https://www.amazon.com/What-Has-Government-Done-Money/dp/1610166450

>> No.3806585

>>3806422
>What is Proof of Work?
Your gpus cannot function without precious conducting metals.

>>3806465
>They need a global network of computers and programmer time to work.
And? Does a pebble have a value?

>> No.3806603

>>3806527
Boku no Kakegurui

>> No.3806620

>>3806585
Economic value is subjective. I can value your pebble more that I value my pen therefore we trade.

>> No.3806635

>>3806377
More than 90% of the worlds fiat is digital

>> No.3806698

>>3806620
That's true. Cryptocurrencies may have a value less than that of a pebble. My post may have a value that could be backed by 6.99 billion people. The world may not owe your cryptocurrencies anything even a single pebble.

>> No.3806701

>>3806585
Btw, you know what happens when FED enters the market? They play F E D notes and everyone goes nuts. That tells you smth ehh?

>> No.3806747

>>3806635
>More than 90% of the worlds fiat is digital
Digital fiat is backed by physical fiat. Bitcoin isn't physical, so rather it is a system of casting stones at the greater fool, that is.

>> No.3806750

>>3806698
6.99 billion economically and financially illiterate morons that drool over a welfare-warfare state. Yeah nice!

>> No.3806789

>>3806747
You wot m8???? We will be in complete barter economy. And with what you are backing it? Government edicts? Or that magic wood of yours?

>> No.3806793

>>3806377
Imagine being this retarded

We get it. You missed out on gains and continue to because you're a scared little Brainlet.

>> No.3806799
File: 145 KB, 600x465, 1463477362237.jpg [View same] [iqdb] [saucenao] [google]
3806799

>>3806747
>Digital fiat is backed by physical fiat.

>> No.3806819

>>3806747
The digital fiat is not backed by physical fiat. It is backed by the concept of fiat.
Most fiat is not backed by any physical goods but by the government that makes it.

>> No.3806834

>>3806044
Fiat is basically a ponzi scheme dummy.

>> No.3806835

>>3806747
>Digital fiat is backed by physical fiat.
>actually believing this
I'm sure you think every bank has the exact amount of every dollar ever deposited into it too, huh?

>> No.3806860

>>3806799
>>3806747
And physical fiat is backed by the underlying digital technologies like SWIFT that allow you to trade monies all over the world very quickly with security, sort of like, uhh Bitcoin.

>> No.3806861

>>3806044
>Because I know that fiat isn't a ponzi
Kek
The whole economy is just one big ponzi scheme with extra steps

>> No.3806874

>>3806747
Btw 90% of the fiat would not be digital if it was backed by physical fiat - if that was the case then 100% of fiat would be physical..

>> No.3806889

>>3806834
>>3806044
Life is a ponzi scheme. Someone gave birth to you to create value for them, then you give birth to someone else to create value for you.

>> No.3806900

>>3806860

What does it cost to make a dollar or a euro? What does it cost to make a Bitcoin?

>> No.3806914

>>3806062
ethereum has a max cap, and will be deflationary after some upcoming updates to its network.
seriously don't get the hate for Ethereum, its not even a bitcoin comeptitor

>> No.3806919
File: 49 KB, 570x407, il_570xN.584564403_1e8t.jpg [View same] [iqdb] [saucenao] [google]
3806919

Unironically this has more value than your useless fiat.

>> No.3806924

>>3806900
It costs about 1k to make a bitcoin depending where you live just in electricity

>cost to make a fiat
Well. the amount of dollars printed in that run divided by the salaries of the people who decided to print it- oh wait...

>> No.3806962

>hurr durr this retard thinks fiat is better than cryptocurrencies
The truth is that I want to buy some cryptocurrencies but you guys are being assholes after I presented a solid argument. All I want is a solid comeback. Please.

>> No.3806971
File: 101 KB, 1000x670, 1.jpg [View same] [iqdb] [saucenao] [google]
3806971

>>3806044
Gold's value is from its demand, and is backed by the fact that it is a physical asset

Bitcoin's value is from its demand, and is backed by the fact that it has a decentralized ledger.

Fiat's value is because governments issue it, and is backed by the government except when it isnt, and then in that case your shit out of luck, should have invested in crypto like we've been telling you.

>> No.3807001

>>3806962
>solid argument
How old are you and what's your job?

>> No.3807006

Anyways, when should we sell with this latest bitcoin surge?

>> No.3807060

>>3806962
>t to buy some cryptocurrencies but you guys are being assholes after I presented a solid argument. All I want is a solid comeback. Please.

The truth is cryptos are a ponzi scheme with plenty of room left to expand (probably). Now either deal with that and make money or don't.

>> No.3807130

>>3806962
I think that "90% of worlds fiat is digital" is a pretty solid comeback to your "wood takes a looong time for it to grow"...
But it is hard to come any further if you dont answer and seriously think that the digital fiat is just a reference number to a dollar bill in some vault

>> No.3807133

>>3807060
They aren't a Ponzi scheme, they can hardly be considered a bubble. Bitcoin is considered overvalued, because in the future it may be obsolete. But it still can perform its role: anonymous currency exchange overseas with confirmation. Do you know the true value to Bitcoin? I don't.

>> No.3807144
File: 11 KB, 236x250, 1504934141467s.jpg [View same] [iqdb] [saucenao] [google]
3807144

>>3806962
You asked if Bitcoin was a ponzi, everyone said no.
You said it doesnt have value because there is no value behind code.
everyone said >proof of work
your still here bitching about not getting a >solid comeback

Your answer: Bitcoins value is from its decentralized ledger. Your welcome.

Bitcoin is not a ponzi scheme, take 2 fucking seconds to actually understand the system before saying digital fiat is backed by physical when we've been running the fractional reserve system for fucking years who the fuck are you get the fuck off biz you dont need to buy bitcoin and get rich.

>> No.3807198

>>3806377
>merchants who got in early, they are at the top of the ponzyramid.


congrats, you just described any item that can gain value over time

>inb4 antiques are a ponzi scheme

>> No.3807204

>>3807060
However cryptos, like most ponzie schemes, may deflate to nothingness. Cryptos fork 2x, inflate faster than fiat, it will just collapse. Crypto is a system on the path to collapse and poverty, and you will be dragged alongside it.

>> No.3807268

>>3807006
Nobody?? I don't wanna be that /biz/ new fag who has to make a whole new thread for a question that doesn't need a whole thread.

>> No.3807273

Until crypto is built from wood its pretty much worthless.

>> No.3807278

>>3807204
I'll jump off early. Just let me 100x all of my money.

>> No.3807303

>>3807204
You mean like Venezuelas fiat deflated and is now worth less than computer game gold?

>> No.3807341

>>3807204
>>3807303
..or do you mean like the UK fiat lost 20% of its value beacause they no longer will be a member of EU?

>> No.3807348

>>3807204
if you believe that, short btc

>> No.3807350

>>3807204
shit like this is why you dont lead a happy and fulfilled life op, id like to tell you it would get better...but for you, it really wont.

>> No.3807356

I think so long as the internet exists BTC will have some value. But once the internet gets rekt somehow bye bye, shouldve invested in gold and silver fags

>> No.3807368

>>3807356
Yes, because people are going to be making golden bullets and eating gold when the apocalypse hits

>> No.3807379

>>3807268
possibly 50% approaching 5k and reevaluate if we break 5k resistance.

>> No.3807384

>>3806377
>A fiat needs wood and other chemicals in order for it to become paper
Are you saying that $100 bill takes x100 more wood than $1 bill?

>> No.3807391

>>3806044
Fiat is worse than a ponzi

>> No.3807397

>>3807368
at some point, people will need to trade their goods for other goods

there was never a point in time where the APOCALYPSE lasted for a sustained amount of time. the crisis usually lasts 3 months to a year. After that people will need mediums of exchange because not everyone wants to trade their food for your skateboards or whatever the fuck you have

>> No.3807403
File: 21 KB, 380x377, 1504934837861.jpg [View same] [iqdb] [saucenao] [google]
3807403

>>3807356
>once the internet gets rekt somehow
alright this guy is fucking trolling lmao

>> No.3807410

>>3807379
Don't know the lingo perfectly, but I assume you're saying sell half of my bitcoin around when it hits 5k ?

>> No.3807411

>>3806431
It ain't money if you can't wipe your ass with it

>> No.3807421

>>3807410
basically to take an ultra safe route, sell 50% when were around 4900-4975 area your call, then hold the other 50% for the other side of 5k in case we make a crazy run up to 6k or 8k. could always bounce right off 5k and head back down to 3.5k hence why you sell 50%

>> No.3807426

>>3807397
I think gold and silver are a great hedge, but I don't think it's wise to go ham with them just hoping for a temp collapse so they spike . I used to always think the end was just around the corner, but I don't anymore. Get prepped with food, water, etc though

>> No.3807442

>>3807421
Thanks anon

>> No.3807506

>>3807268
at 4998

>> No.3807783

Why are so many incapable of understanding that assets can also be digital?

Bitcoin's value is derived from the fact that it exists on an immutable ledger and has come to be seen as a store of value. It can also be cashed out into fiat, which is an attractive value-add.

Stop thinking about spending Bitcoin in the traditional sense of money transfer. You will likely be spending fiat for the foreseeable future, backed up by crypto.

>> No.3808184

>>3806603
God bless

>> No.3808302

>>3806835
>>What is gold and collaterals

>> No.3808725

>>3807356
> But once the internet gets rekt somehow bye bye, shouldve invested in gold and silver fags
Pretty sure you'd be fucked by the guys who invested in guns and bullets in such a scenario.