1Yr
I don't have any Bitcoin and consider most cryptos to be scams or gambling products, but the comparison with a Ponzi scheme also seemed rather strange to me. Sure, you need enough people to fundamentally "participate" in something like this, but not like a Ponzi scheme. You don't gain (directly) from others buying coins and/or generating new customers (new buyers). In a Ponzi scheme, most of the money is earned through commission or participation in the payments of others. Only the top layers of the system win. This is not the case with Bitcoin. Of course, you win or lose with the fluctuations in the value of the coin. But anyone can basically make a profit if they buy at exactly the right time.
•
33
•1Yr
FunFact: I could now pay for my dream printer with Bitcoin at my favorite 3D printer manufacturer. 🥲
•
11
•Deleted User
1Yr
Comment was deleted
1Yr
@Madhatter5566 Why do you need new users all the time? For the euro or other currencies, you only need enough existing users and exchange rates between the currencies.
It's a means of bartering like any other. Whether shells, stones or dollars/euros or even Bitcoin.
It's a means of bartering like any other. Whether shells, stones or dollars/euros or even Bitcoin.
••
@Madhatter5566 As I wrote in the article, you don't need that :)
••
Deleted User
1Yr
Comment was deleted
1Yr
@Madhatter5566 Well, but why should you only rely on official state currencies? That's part of the idea behind Bitcoin, that it doesn't run via the state. After how many wars did real assets suddenly become a currency? After just about every one where you couldn't get anything for the state currency. And this currency is usually not even worth the paper it was printed on. Btw, you basically don't need a new user if you can also pay your coffee bean supplier with Bitcoin. Otherwise, you always have the option of exchanging the Bitcoin back into a state currency. Or just exchange the required price in official currency.
••
Deleted User
1Yr
Comment was deleted
1Yr
@Madhatter5566 Yes, your trading partner must recognize the currency. But in your example with Russia and the US dollar, he also has to recognize it. But does the US dollar have no further value just because it cannot be used to pay in Russia? No. Bitcoin is not yet a globally recognized currency. But it's not completely out of the question that this won't happen. Precisely because more and more regular stores are already making it possible to pay with it. Every payment method and every payment processor such as Klarna or Paypal - or even the Visa card - started somewhere - and those who said that it would never catch on. (As has often been said about the Internet). And it is precisely the Internet that makes global success possible in the first place.
••
Deleted User
1Yr
Comment was deleted
@Madhatter5566 I think you're thinking far too collectivist when it comes to this. You don't want to use Bitcoin and don't see any point in it? That's completely legitimate.
But if other people want to do that and trade with it, then that's also possible on a completely individual social level.
See for example
https://www.derstandard.de/story/2000130355239/afghanistan-per-bitcoin-zum-ticket-in-die-freiheit
If the cafe accepts Bitcoin, it's because they want Bitcoin. Why would anyone want Bitcoin? Well, because of its properties as a decentralized, censorship-resistant, absolutely scarce commodity.
Let people do their thing. Everyone is responsible for their own actions.
As far as the white paper is concerned, Bitcoin fulfills exactly what it says - but also much more.
The Bitcoin blockchain is just the base layer, there will be many other layers on top - similar to the internet.
But if other people want to do that and trade with it, then that's also possible on a completely individual social level.
See for example
https://www.derstandard.de/story/2000130355239/afghanistan-per-bitcoin-zum-ticket-in-die-freiheit
If the cafe accepts Bitcoin, it's because they want Bitcoin. Why would anyone want Bitcoin? Well, because of its properties as a decentralized, censorship-resistant, absolutely scarce commodity.
Let people do their thing. Everyone is responsible for their own actions.
As far as the white paper is concerned, Bitcoin fulfills exactly what it says - but also much more.
The Bitcoin blockchain is just the base layer, there will be many other layers on top - similar to the internet.
••