Bitcoin is still early

[uksho]

Luna / Terra (a top 10 largest, sometimes top 5 largest crypto) has gone totally belly-up...
https://www.forbes.com/sites/jonatha...h=62846e92248f

Let me ask the crypto-pumpers this:
If these things supposedly have a completely iron-clad secure and unalterable supply, can't be created, etc... then how do they "halt" the blockchain that makes them? Who has the power to do that? Why are they trusted? Hmmmm.
This is surely a glitch, right? Go buy as much Luna coin as you can? Lol.

It is an interesting month for crypto to say the least.
Bitcoin... get yer Bitcoin... the first big name... and the last of them to collapse?

🤔, Luna is on sale , ? Buy ?

[CordMcNally]

Luna / Terra (a top 10 largest, sometimes top 5 largest crypto) has gone totally belly-up...
https://www.forbes.com/sites/jonatha...h=62846e92248f

Let me ask the crypto-pumpers this:
If these things supposedly have a completely iron-clad secure and unalterable supply, can't be created, etc... then how do they "halt" the blockchain that makes them? Who has the power to do that? Why are they trusted? Hmmmm.
This is surely a glitch, right? Go buy as much Luna coin as you can? Lol.

It is an interesting month for crypto to say the least.
Bitcoin... get yer Bitcoin... the first big name... and the last of them to collapse?

Should one find it surprising when a Ponzi scheme collapses? This won't be the last one. Bitcoin itself isn't a ponzi scheme so it won't disappear like that.

[jacoavlu]

Luna / Terra (a top 10 largest, sometimes top 5 largest crypto) has gone totally belly-up...
https://www.forbes.com/sites/jonatha...h=62846e92248f

Let me ask the crypto-pumpers this:
If these things supposedly have a completely iron-clad secure and unalterable supply, can't be created, etc... then how do they "halt" the blockchain that makes them? Who has the power to do that? Why are they trusted? Hmmmm.
This is surely a glitch, right? Go buy as much Luna coin as you can? Lol.

It is an interesting month for crypto to say the least.
Bitcoin... get yer Bitcoin... the first big name... and the last of them to collapse?

been saying over and over it’s bitcoin, not crypto. The remainder range from tech securities-as-tokens to straight up ponzis and scams

[xraygoggles]

been saying over and over it’s bitcoin, not crypto. The remainder range from tech securities-as-tokens to straight up ponzis and scams

While I agree that the vast majority of "crypto" is scammy and all of DeFi are literal Ponzi schemes - aka the early investors are paid out (via yield or staking) by new investors, Bitcoin is also part of the same game.

Except it's not a Ponzi, since there is no yield or staking, but it is a pyramid scheme - the only way for the price to rise is if new participants buy in. You could call it adoption if you like, but that's what it is.

Need to be intellectually honest - else you lose credibility when explaining it to others.

[CordMcNally]

While I agree that the vast majority of "crypto" is scammy and all of DeFi are literal Ponzi schemes - aka the early investors are paid out (via yield or staking) by new investors, Bitcoin is also part of the same game.

Except it's not a Ponzi, since there is no yield or staking, but it is a pyramid scheme - the only way for the price to rise is if new participants buy in. You could call it adoption if you like, but that's what it is.

Need to be intellectually honest - else you lose credibility when explaining it to others.

There are people who try to manipulate BTC prices, just like the stock market but BTC isn’t a pyramid scheme. If so, I guess I’m supposed to be recruiting people.

[jacoavlu]

While I agree that the vast majority of "crypto" is scammy and all of DeFi are literal Ponzi schemes - aka the early investors are paid out (via yield or staking) by new investors, Bitcoin is also part of the same game.

Except it's not a Ponzi, since there is no yield or staking, but it is a pyramid scheme - the only way for the price to rise is if new participants buy in. You could call it adoption if you like, but that's what it is.

Need to be intellectually honest - else you lose credibility when explaining it to others.

i can mine bitcoin I don’t have to buy it from anyone if I don’t want

and if current holders sell their coins they’re out. Their only way back in is to mine or get coins from someone else

your definition of pyramid scheme is different than mine

[NapoleanDynamite]

Should one find it surprising when a Ponzi scheme collapses? This won't be the last one. Bitcoin itself isn't a ponzi scheme so it won't disappear like that.

Cord. YES!!!!

[NapoleanDynamite]

While I agree that the vast majority of "crypto" is scammy and all of DeFi are literal Ponzi schemes - aka the early investors are paid out (via yield or staking) by new investors, Bitcoin is also part of the same game.

Except it's not a Ponzi, since there is no yield or staking, but it is a pyramid scheme - the only way for the price to rise is if new participants buy in. You could call it adoption if you like, but that's what it is.

Need to be intellectually honest - else you lose credibility when explaining it to others.

I disagree....As Jaco mentions, Bitcoin requires energy to mine it.

But theoretically, let's accept your statement that Bitcoin is a Ponzi and game this out. If this statement is true do you know what is the biggest Ponzi in the world?

The US Dollar.

[jacoavlu]

I disagree....As Jaco mentions, Bitcoin requires energy to mine it.

But theoretically, let's accept your statement that Bitcoin is a Ponzi and game this out. If this statement is true do you know what is the biggest Ponzi in the world?

The US Dollar.

the dollar is not a Ponzi scheme. we may have opinions about problems with the dollar system, but you can't just use the term Ponzi for everything, that's lazy

[8arclay]

Just kidding. I just wanted to let you know we recorded a podcast interview with Jeff Ross this morning. It'll be out in a few weeks. You'll like it.

The Roastmaster!! Nice!

[NapoleanDynamite]

the dollar is not a Ponzi scheme. we may have opinions about problems with the dollar system, but you can't just use the term Ponzi for everything, that's lazy

I agree. I also agreed with you that BTC is not a Ponzi. I simply stated that if one wants to assume the premise that BTC is a Ponzi, then the Dollar is a bigger Ponzi.

So is the Yen, Yuan, Ruble, gold, shells etc and every other form of currency ever used. This would take us back to bartering which does not work on a macro scale.

[Tim]

But stablecoins were the safe place for high interest backed by crypto?

https://www.theverge.com/2022/5/12/2...-crash-bitcoin
Not a participant but thinking of flipping used cars. Those guys are making a killing.

[jacoavlu]

But stablecoins were the safe place for high interest backed by crypto?

https://www.theverge.com/2022/5/12/2...-crash-bitcoin
Not a participant but thinking of flipping used cars. Those guys are making a killing.

cmon Tim, now you're just parroting narratives you don't understand like everyone else.

UST / Luna has been basically known to be a Ponzi but plenty of greedy / dumb people get enticed by "yield" and in the end get rekt

not all stablecoins are the same. there's like a whole thread about it here, it's been discussed at length. USDC, GUSD, USDT chugging along just fine.

[CordMcNally]

But stablecoins were the safe place for high interest backed by crypto?

https://www.theverge.com/2022/5/12/2...-crash-bitcoin

This article posted yesterday evening is already out of date. Luna is no long trading at $0.40, it's at $0.00007.

[NapoleanDynamite]

This article posted yesterday evening is already out of date. Luna is no long trading at $0.40, it's at $0.00007.

At $0.00007 it is still over priced