dirtyferret
Posts: 884 +1,250
damn you, you beat me to it!If that's true, Mitch McConnell will do everything in his power to ensure it will exist forever.
damn you, you beat me to it!If that's true, Mitch McConnell will do everything in his power to ensure it will exist forever.
I think the biggest reason that calling it a Ponzi scheme is so way off is that they out-and-out lie to you. They come through early just to hit them with the crushing blow that the scammers knew was coming all along.Beyond that, I don't know enough about it to make an intelligent response but I would think that this is the parallel that people are using to compare the two.
I can definitely understand the sentiment, but it comes with not understanding the technology. Ultimately, everything works the same. The one that bought a Pokemon card in the early days will be better off than the one buying it now. And the one buying it now, will likely be better off than the one buying it in 20 years. There are two things in this world. Things that increase in value over time, and things that decrease in value over time.I'm not entirely sure about the validity of calling it a Ponzi scheme but there is one thing that it has in common with Ponzi:
The people who get in earliest get the money of the people who get in latest and the people who get in latest lose their shirts.
Beyond that, I don't know enough about it to make an intelligent response but I would think that this is the parallel that people are using to compare the two.
Well, Bitcoin has been around since the beginning IIRC and is the most stable of the CryptoCurrencies. Perhaps there are others that have lied to people and fleeced them which would make them compare them to Ponzi schemes.I think the biggest reason that calling it a Ponzi scheme is so way off is that they out-and-out lie to you. They come through early just to hit them with the crushing blow that the scammers knew was coming all along.
With bitcoin, I bought as many as I wanted, when I wanted to, and sold them when I felt it was right.
I've followed Bitcoin since 2010, from 2010 to 2018 I was as hardcore a nocoiner and skeptic as Jackson Palmer is now, though that was as much due to social pressure as anything else.Ending involvement in crapto does not mean ending study of it. The article clearly states that he has studied it for years.
What's a born-again leftist?I've followed Bitcoin since 2010, from 2010 to 2018 I was as hardcore a nocoiner and skeptic as Jackson Palmer is now, though that was as much due to social pressure as anything else.
And that, at the end of the day, is the main thing that sustains skepticism of crypto: social pressure. Because it's an idea whose day has come and all the stupid accusations of being a Ponzi scheme or a fad are not going to even dent it. No surprise that the enemies of ideas like born-again leftists like Palmer and conmen like Trump are opposed to it.
Keep howling into the void.
The kind that talks about criticizing capitalism but who avidly follow and retweet billionaires on twitter and wants to censor everyone else.What's a born-again leftist?
I don't want to be rude but how much money is in transit cuz of crimes? Have you ever seen anybody paying drugs by card? crime is everywhere but the diff is the crypto is traceable while the cashflow ha no control ...Crypto miners are nothing but facilitators for drug dealers, paedophiles, terrorist funding and any other dregs of society scum you want to name.
The thing is, when those who do not make as much as the ultra rich cannot afford to pay the ultra rich what they ask for whatever the item they are selling is, then that will be a great equalizer. Their money will be worthless because they will be the only ones to have money.The people who make the rules are the same people who benefit from capitalism. It's unsustainable for normal people, but those who make the rules don't care about normal people. They don't care if you can't afford rent, they don't care if you can't afford food, they got money put aside for welfare and it's such a large number they'll throw it out to shut anyone up, even though it's only pennies for each person who can't afford to live and can't afford to get more education to get out of poverty.
Look at the Math - 63900% of "no value" or "nothing" is still "no value" or "nothing."Look at the facts.
2010 - 2021 USD has lost 21%
2010 - 2021 BITCOIN has gone up 63900%
Tell me again how good your USD is...
Until it is, if it ever is, widely accepted, it will be, as I see it, an idea that has not found its place - if it ever does; it is your opinion that it is widely accepted. There is a difference between having an opinion and truth.I've followed Bitcoin since 2010, from 2010 to 2018 I was as hardcore a nocoiner and skeptic as Jackson Palmer is now, though that was as much due to social pressure as anything else.
And that, at the end of the day, is the main thing that sustains skepticism of crypto: social pressure. Because it's an idea whose day has come and all the stupid accusations of being a Ponzi scheme or a fad are not going to even dent it. No surprise that the enemies of ideas like born-again leftists like Palmer and conmen like Trump are opposed to it.
Keep howling into the void.
I can't speak for others, but I don't follow people like Musky or other billionaires. IMO, they have nothing that would be worth my following them. Heck, I have never even had a "social" media account on twieeter or fakebook for that matter. I've got better things to do with my time. Maybe this represents some aggravation on your part with how their every utterance sends the world of crapto into a frenzy?The kind that talks about criticizing capitalism but who avidly follow and retweet billionaires on twitter and wants to censor everyone else.
"Widely accepted" is a goalpost that is constantly on the move. The fact I can use BTC and Dogecoin on Newegg and Paypal right now is apparently still not "widely accepted," nor the fact that it is legal tender in El Salvador this year. There is never a point when you will consider it widely accepted because you're irrationally opposed to it and erecting post facto justifications why.Until it is, if it ever is, widely accepted
I've personally dealt with addictions and in general, it is well-known that every addiction has a driving force behind it that include various things such as lack of social contact, guilt, and any number of other factor that contribute. Until the addict deals with the base reasons for an addiction, they are not likely to overcome their addictions.Of course you can't see the drive because you don't have it and neither do I. I had it explained to me once by my mom (who is a retired parole officer with a degree in psychology). She said that it was an irrational psychological condition similar to workaholism or compulsive gambling.
For me, the fact that they are trying to fill their souls with something, at least implicitly if not explicitly, implies a lack of the very same something that they are trying to fill it with.It's like, they have a hole in their soul that they keep trying to fill with money but no matter how much they rake in, they're only happy for a short amount of time. Then they go chasing their fix the way any other addict would. The difference here is that their addiction harms others more than it harms themselves. You can imagine them as homicidal maniacs. They have no morals to speak of and their addiction kills others instead of themselves.
I agree, it is hard to have empathy for those who appear to have none, expressions of empathy toward them just might be a means for them to understand and adopt empathy into their lives.Yep, they sure are. I have to admit though, it's impossible for me to feel empathy for someone who I know has no empathy of their own.
Ok, gotcha. I call those people "fake leftists" because real leftists aren't really pleased that billionaires exist because we see them as a symptom of economic disease. You know, now that I think about it, Mr. Spock is a leftist because he clearly ascribes to Bentham's Utilitarianism:The kind that talks about criticizing capitalism but who avidly follow and retweet billionaires on twitter and wants to censor everyone else.
It's a co-legal tender in El Salvador. So, you cite three examples and that is widely accepted? How many times that number of places accepting it are places/countries that do not accept it?"Widely accepted" is a goalpost that is constantly on the move. The fact I can use BTC and Dogecoin on Newegg and Paypal right now is apparently still not "widely accepted," nor the fact that it is legal tender in El Salvador this year. There is never a point when you will consider it widely accepted because you're irrationally opposed to it and erecting post facto justifications why.
What makes the value of the US Dollar "real"...?Look at the Math - 63900% of "no value" or "nothing" is still "no value" or "nothing."
Yet barter still exists and some would still accept chickens for chairs.What makes the value of the US Dollar "real"...?
And something that I don't think you grasp is that money is a technology. It is a technology to solve the problem of transferring value. There is no good way to discern how many chickens a chair is worth for example. So a medium of exchange was invented.
It cannot be manipulated? Talk to Musky about that.It started very primitively, with rocks etc. Issue? They are not equally beautiful or the same size, anyone can find a rock, fake a rock, break a rock etc.
Then it advanced to metal coins. Issue? Not easily divisible, and, people would slowly grind off the metal to create additional coins.
Then it advanced to paper representing metal coins. Issue? Easy to be copied, and the divisibility problem still remained.
Then it "advanced" into multiple paper copies for the same metal coin, basically solving divisibility. Issue? The ones in control of printing the paper would print too much, and not everyone could get their metal coin back.
Then it developed into paper with literally nothing backing it... The issue of the infinite printing is still there.
And now it has transcended into autonomous digital technology accessible from anywhere that cannot be manipulated. Issue? Unknown.
The argument that correlation equals causation is a fallacy. https://getproofed.com/writing-tips/false-cause-fallacy-correlation-not-equal-causation/#:~:text=The false cause fallacy occurs when we wrongly,something is not the same as causing it.When you see money as technology, which it actually is, then maybe, you can understand the value of crypto, and especially Bitcoin. Saying it has no value shows a lack of understanding of what value, currencies and money are.
The fact that USD is printed on paper and has an entire economy standing behind it's value. Crypto has yet to be printed and no one is standing behind it to protect it's value. I think you have been told this before by others and continue to ignore.What makes the value of the US Dollar "real"...?
The fact that USD is printed on paper and has an entire economy standing behind it's value. Crypto has yet to be printed and no one is standing behind it to protect it's value. I think you have been told this before by others and continue to ignore.
So because crapto is technological gives it its value? Because a Rube Goldberg machine uses technology does that make it valuable, too?What makes the value of the US Dollar "real"...?
And something that I don't think you grasp is that money is a technology. It is a technology to solve the problem of transferring value.
Funny, how you argue that some would accept chicken for chairs, and propagate this as some legit form of exchange, but at the same time, countries and companies adopting and accepting Bitcoin is "not widespread enough".Yet barter still exists and some would still accept chickens for chairs.
Did Musk manipulate the Bitcoin blockchain?It cannot be manipulated? Talk to Musky about that.
You have zero idea what you're talking about. My statement has literally nothing that implies anything remotely close to correlation equaling causation.The argument that correlation equals causation is a fallacy. https://getproofed.com/writing-tips/false-cause-fallacy-correlation-not-equal-causation/#:~:text=The false cause fallacy occurs when we wrongly,something is not the same as causing it.
And you completely ignore the constant rebuttals. So something must be printed for it to have value...? Considering I have not printed your reply, your reply has no value at all.The fact that USD is printed on paper and has an entire economy standing behind it's value. Crypto has yet to be printed and no one is standing behind it to protect it's value. I think you have been told this before by others and continue to ignore.
That is not what I said. I said that all money is technology. And just like technology evolves, so does money, and Bitcoin/Crypto are the latest most advanced forms of money. And if you actually read my posts, you would have noticed I explained how Bitcoin is sound money and DogeCoin is . So not all crypto is good money, and not all crypto is worthless.So because crapto is technological gives it its value? Because a Rube Goldberg machine uses technology does that make it valuable, too?
Well he cited only three, that is true but... PayPal is an international payment method that is accepted by major vendors all over the world. If PayPal is willing to convert crypto-coins into hard currency then I would have to agree with Terzaerian that calling it "widely-accepted" is accurate. It's widely-accepted because PayPal is widely-accepted. If it weren't for PayPal, I'd agree with you.It's a co-legal tender in El Salvador. So, you cite three examples and that is widely accepted? How many times that number of places accepting it are places/countries that do not accept it?
Why do you seem so intent on my acceptance of it as "widely accepted"? Honestly, since you profess as an avowed crapto supporter and you know it is unstable, its my opinion that there is fear of it involved in your involvement with it.