Discussion in 'Time Locked Progression Servers' started by HoodenShuklak, Jun 15, 2021.
Doge or etherium?
Thank you for the financial advice.
All cryptocurrencies are is an elaborate technology-based Ponzi Scheme masquerading as a proof of concept.
(only most of them are ponzi schemes)
Must be a patch day.
Or you could buy a cryptocurrency mining company. I'm in MARA, GBTC, BFARF.
/chuckle, only most.
Every cryptocurrency is a Ponzi scheme.
These "currencies" only serve to make prior investors rich at the cost of new investors. A handful of investors get rich by promoting these currencies, often by narcissists like Elon Musk, the personification of someone who got rich on the backs of others. Then the crypto crashes and everyone else gets wiped out.
Cryptocurrencies are the textbook definition of a Ponzi scheme.
Cryptocurrencies are often promoted on forums as part of a scheme, where unsuspecting users will be contacted to join the scheme.
Not only are cryptocurrencies Ponzi schemes, they are actively used to fund Ponzi schemes themselves, especially coins like Ethereum.
The SEC together with the FBI is cracking down hard on people promoting cryptocurrency. Let that be a warning, ponzi schemes have a minimum jail sentence of 3 years, and average of 15 years.
Not even remotely true. You can argue they "aren't real", that they are used for criminal enterprises, that they aren't regulated, or any number of legitimate arguments. To argue they are a Ponzi scheme, though, is way off the mark.
A Ponzi scheme is where someone takes money from people claiming it's an investment. Then they spend the money primarily on themselves. Then they have to take in more money to cover the first investors' interest payments. And on and on until it collapses under its own weight. Bernie Madoff, obviously is one of the most famous. So given that, who is this Wizard of Oz moving the chess pieces around in, say, Bitcoin?
Ah, good - just what I was looking for on this video game forum, a discussion on investments and the viability of cryptocurrencies and their real world application.
They aren't exactly the same as a Ponzi Scheme but they certainly hold many similarities.
All you are doing is buying into a system that ultimately needs for you to con an ever-growing number of people as you can into buying into it for it to be sustained, its a pyramid of uncertainty with no ties or anchors to things like GDP, inflation etc - of course proponents claim this makes the crypto safer, that's a lie.
Getting into it late you just became a sucker for someone else's escape from their risky investment gamble and necessitating you to hope you can do the same. Who ends up paying the piper though? Whoever is left holding the currency when it collapses - everyone else involved already made like bandits & left.
Smells like boomer in here.
The idea of a true Crytpo CURRENCY is a good, but to act as a currency it needs stability, you don't 'invest' in currencies, at best you speculate in them. As long as Bitcoin can swing 10+% in a day you will never get wide adoption of it as an accepted method of payment.
So as a currency it fails on a lack of stability. As an investment it fails on a lack of fundamentals, there is no value generation, and as Skuz mentions, the only way to profit on Crypto currently is to find a bigger fool to buy it for more than you paid.
I'm no more likely to trust a Bitcoin to hold value than I am to trust a casino to have my financial interest at heart.
Is this financial advice?
Its whatever you want it to be, including an orange with fluffy dice hanging from it.
When did this forum become an "Off Topic" forum where people can post joke threads?
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