I think the fundamentals and the money printing and all that sound very good for Bitcoin. However the people who shill Bitcoin are serial ponzi shillers. They shilled Block Fi, they shilled Celsius and many others. Those are the people that buy into ponzi schemes. Tether prints fake money and props up the price. People are interested in Bitcoin because price is going up. So it's not like traditional ponzi scheme where you get guaranteed returns, but people are expecting returns on price going up. So Bitcoin by itself is just a ledger, but Tether makes it's price (the main area of interest) a ponzi scheme. If Tether was legit, why don't they get audited? Why doesn't Craig Wright prove he is satoshi using the keys? Because he can't. And there is something Tether doesn't want us to know. And yes, we can't know for sure. To be honest i've tracked crypto for a very long time and it never even crossed my mind; i always thought of it as a speculative bubble and the uprise and crashes seemed normal. It's only this last pump from 40K to 70K that made me realize something is really really off there. Now i looked into it, done my research and figured out the entire cryptocurrency in the current state is a giant ponzi scheme.
A Ponzi scheme is often ran by a central figure. It’s new money paying off old money, but for the most part there is a central figure directing the flow. Who is the central figure or organization that’s heading the bitcoin Ponzi scheme? A bubble imo is not a Ponzi. can we at least agree it’s not a Ponzi?
Bitcoin is not a ponzi because it's just a decentralized network. But it's price is as it's majority driven by Tether which claim to be 1-1 to USD, yet they print them out of thin air and refuse an audit of their financials. Even if tether is a fraud, Bitcoin will continue to work, but your Bitcoins will be worth a fraction of what they are worth now. This is why it's the greatest financial fraud in the history of mankind. It's not a simple ponzi scheme, but an obfuscated one through Tether. Needless to say, this is still an assumption. We will only know once Tether either collapses or once they get a full financial audit.
Between Taleb and Peter Schiff, I"m not sure which one is more embarrassing to listen to year after year. I mean, these guys just keep burying themselves deeper and deeper and deeper.
Well since all Ponzis eventually collapse, then you should short BTC and just wait patiently for your financial windfall. If you really believe it's a ponzi, then that should lead to you understanding that a substantial short position here will be the most incredible short trade of all time.
That quote makes no sense. Markets can only be irrational if they are acting contrary to the sentiment or catalyst.