Is cryptocurrency a ponzi scheme?.
For example, a currency is defined as a medium of exchange. A "means" to trade goods and services, said medium must have an agreed upon and stable value other wise it has no inherent value or meaning.
However 99% of people do not use bitcoin as a currency. They buy it as an investment hoping someone else is crazy enough to pay more than they bought it for, hence the volatility. So we should be clear bitcoin is inherently just another form of gambling or ponzi scheme not a real currency.
So let's be honest with ourselves, bitcoin has literally no value or meaning other than gambling that someone else is willing to pay more for something with no inherent value.
Here is an interesting theory, what if the energy/fossil fuel companies paid someone to create bitcoin. Think about it, the cryptocurrency miners use more energy than most countries. Hundreds of terawatts of electrical energy goes in and nothing but heat comes out. It's literally a complete waste of terawatts of energy continually driving up the price of electricity.
We could ask who has the most to gain?. It sure as hell ain't the average person it's the energy companies and the speculators.
AC
I think it's a perfect financial pyramid, but it's not typical. All you have to do is want to withdraw money in larger amounts and you'll see that the only option is to sell it to someone else. This creates a problem that someone else now only has virtual money. If you have problems, no one will help you. There is no bank where you keep it. No intermediary will pay you real money for cryptocurrency. The only reason it still works is because there are always new people willing to buy. If everyone wanted to get their real money back today, the rate would drop to zero and no one would get anything and everyone would lose everything. This is a very dangerous situation and no one even wants to know about it because the thought of it is scary. Will it happen? Possible. But when? It's simple: when the world bank announces its currency and only it will be possible to buy and sell and pay.
Quote from: Allcanadian on 2024.08.02, 16:48:16
Hundreds of terawatts of electrical energy goes in and nothing but heat comes out.
Here is decision for your, to use that heat for heating rooms in winter. :)
Is it true that Bitcoin is being persecuted by the authorities in the US ?
Just another fiat item. No tangible worth in reality. Sad part, no mining, no transaction verification and therefore no payments. The pile of cards will fall flat.