The Wolf of Wall Street says Bitcoin is a scam

Discussion in 'Crypto Assets' started by Nobert, May 13, 2020.

  1. Pekelo

    Pekelo

    This is true, but why not both? :)
     
    #61     Apr 18, 2022
  2. Aisone

    Aisone

    Perhaps the distinction is conceptually vs. in practice. Bitcoin isn't a scam conceptually, but has become a scam in practice imho. Many (most?) other cryptos are both.
     
    Last edited: Apr 19, 2022
    #62     Apr 19, 2022
  3. Pekelo

    Pekelo

    It kinda is. For it to work, it needs:

    -constantly increasing userbase
    -huge increase in value
    -constant incoming investment capital

    They are exactly the same requirements for a working pyramid scheme. So...
     
    #63     Apr 19, 2022
  4. Aisone

    Aisone

    That's 'in practice', referring to what needs to happen for everyone to profit from it. In concept, it's simply a tool that began with various capabilities and goals. However I don't know of any foundational bitcoin concept that suggests it should always be worth more than where it's trading at. Enter scam.
     
    #64     Apr 19, 2022
  5. Pekelo

    Pekelo

    It comes with the territory and with the intended usage. When BTC was at $5 and only 3 MM existed, they could only use it to pay for 15 MM worth of products and services. Obviously to be able to function as real money, 1 BTC had to grow huge. So it is not spelled out in its white paper, but it is a necessary conclusion.
     
    #65     Apr 19, 2022
    virtusa likes this.