I said Ponzi, not snowball. Does it make a difference who has the power? No debtor means no profit, which is why they are so heavily advertised. Bitcoins have neither intrinsic value nor are they consumed, so they would be worthless as soon as nobody buys any more. That's why there are cryptobros advertising how great Bitcoin is.
Can you imagine a normal asset where they advertise that it's going to go up? If I know that gold is going to go up, I'll buy it myself. I certainly wouldn't tell anyone that gold will rise, because then the price will rise due to demand. I advertise when I want to sell myself.
And unlike other assets, with bitcoins I only have.... actually what? It's not a currency, I have no company share, I have no resource that is needed for anything. I only have the hope that the value will increase, and that can only happen with advertising. Advertising how awesome Bitcoin is. to sell them again myself.
Can you imagine a normal asset where they advertise that it's going to go up? If I know that gold is going to go up, I'll buy it myself. I certainly wouldn't tell anyone that gold will rise, because then the price will rise due to demand. I advertise when I want to sell myself.
And unlike other assets, with bitcoins I only have.... actually what? It's not a currency, I have no company share, I have no resource that is needed for anything. I only have the hope that the value will increase, and that can only happen with advertising. Advertising how awesome Bitcoin is. to sell them again myself.
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Yes, of course it does. Who is ripping people off with Bitcoin? Who is making absurdly high promises of returns?
According to your logic, every tradable asset should be a Ponzi. What if I buy a gold bar and can't find a "subsequent debtor"? What if I buy shares that nobody wants to buy from me for a higher price?
I would recommend that you do a little research into Bitcoin. There is hardly any other topic where people have such a firm opinion with maximum cluelessness. If you want, I can even give you some book recommendations.
If not, you don't have to invest in Bitcoin or deal with it.
According to your logic, every tradable asset should be a Ponzi. What if I buy a gold bar and can't find a "subsequent debtor"? What if I buy shares that nobody wants to buy from me for a higher price?
I would recommend that you do a little research into Bitcoin. There is hardly any other topic where people have such a firm opinion with maximum cluelessness. If you want, I can even give you some book recommendations.
If not, you don't have to invest in Bitcoin or deal with it.
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@stefan_21 Well, those who advertise it and then sell it. Nobody advertises Bitcoin for anything else. It's nothing more than a Ponzi scheme.
Most tradable assests are not inherently worth zero.
Gold is consumed. Silver is consumed.
Shares you hold a part of a company. That has a value. With certain risks, of course.
Nobody says that a Ponzi scheme doesn't bring returns. But like one, you always have to look for new debtors. Advertising. Unlike if you had an insider tip about a share. Then you buy, don't advertise.
Most tradable assests are not inherently worth zero.
Gold is consumed. Silver is consumed.
Shares you hold a part of a company. That has a value. With certain risks, of course.
Nobody says that a Ponzi scheme doesn't bring returns. But like one, you always have to look for new debtors. Advertising. Unlike if you had an insider tip about a share. Then you buy, don't advertise.
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@Madhatter5566 You don't know the Bitcoiners very well. Hardly anyone wants to sell their Bitcoin and get euros from it. Why should you exchange good money for bad money?
The issue of intrinsic value is also complete nonsense. Value is ALWAYS subjective. You can't draw conclusions from yourself to all other people.
I see enormous value in Bitcoin as a democratically regulated, censorship-resistant, decentralized and absolutely scarce money.
As I said, accept the offer and get to grips with it. There is much more to it than you might initially think. I also labeled it a scam for years - until I lowered my ego and looked into it.
And if you don't want to do that, that's fine too, but then you can't complain in a few years' time 😉
The issue of intrinsic value is also complete nonsense. Value is ALWAYS subjective. You can't draw conclusions from yourself to all other people.
I see enormous value in Bitcoin as a democratically regulated, censorship-resistant, decentralized and absolutely scarce money.
As I said, accept the offer and get to grips with it. There is much more to it than you might initially think. I also labeled it a scam for years - until I lowered my ego and looked into it.
And if you don't want to do that, that's fine too, but then you can't complain in a few years' time 😉
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@stefan_21 But then you wouldn't be advertising now, you'd be exchanging your bad money for good money, wouldn't you? So advertising and Cryptobros would be exactly what you wouldn't like.
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@Madhatter5566 Well.... 97% of my wealth is in Bitcoin. Did you read my post? How was that an advertisement? Where am I saying people should buy bitcoin?
And yes I don't like "cryptobros", but that's because there's a huge difference between bitcoin and "crypto".
And yes I don't like "cryptobros", but that's because there's a huge difference between bitcoin and "crypto".
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@stefan_21 That's right. Say yes, you profit from advertising. For an otherwise completely worthless piece of "paper". All the hype around it doesn't help.
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@Madhatter5566 If you dismiss humanity's hardest asset as worthless, then I can't help you either.
As if my contribution is responsible for the price being where it is.
If I were you, I'd ask myself whether you really think you're smarter than Larry Fink and Blackrock... or VanEck... or Fidelity...
Or even Michael Saylor.
But you figured it all out and figured out it's a Ponzi, congratulations🤝
As if my contribution is responsible for the price being where it is.
If I were you, I'd ask myself whether you really think you're smarter than Larry Fink and Blackrock... or VanEck... or Fidelity...
Or even Michael Saylor.
But you figured it all out and figured out it's a Ponzi, congratulations🤝
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@stefan_21 Yep, Ponzi. Worthless asset, completely overpriced. Just because it works for the time being doesn't make it any better.
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@Madhatter5566 Then we agree that we don't agree😉 We'll see who's right in the next few years.
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@stefan_21 Just because Ponzi works doesn't mean it's not Ponzi.
But do look for a debtor. Good luck
But do look for a debtor. Good luck
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