Cryptocurrency

[northernladyuk]

Calm down petal.

By that definition, any investment in any new startup would be a Ponzi scheme. New investors buy stocks at a low price, more people buy in and then the ones who put money in at the start sell for a nice profit... Crypto is no different in this regard.

There are a number of alt-coin scams going round and there have been fraudulent ICOs of course...

A new startup is not a 'non-existent enterprise'.

[northernladyuk]

Then keep paying your taxes to support people who cannot afford their homes and be happy. You are literally propping up the wealth of home owners with your taxes. Rather incredible really.

For as long as a private entity controls your wealth it is a glorified Ponzi scheme.

Have you been spending a bit too much time on the Internet?

[FrontEnder]

A new startup is not a 'non-existent enterprise'.

Neither is bitcoin/blockchain/cryptocurrency...

[northernladyuk]

Neither is bitcoin/blockchain/cryptocurrency...

Bitcoin creates nothing but a certificate. If a startup just produced share certificates what would we call it? Anyway, can't argue with the kool aid addicts, so keep on at it.

[Lance]

Then keep paying your taxes to support people who cannot afford their homes and be happy. You are literally propping up the wealth of home owners with your taxes. Rather incredible really.

For as long as a private entity controls your wealth it is a glorified Ponzi scheme.

A Ponzi scheme, by its very definition, cannot create new cash. It relies on people volunteering more cash which is used to pay the earlier people. A Ponzi scheme WILL fail when the cash-outs are greater than the cash-ins.

What you describe won't fail as more cash can always be printed. You're describing monetary policy. It's many things but not a Ponzi scheme.

[FrontEnder]

Bitcoin creates nothing but a certificate. If a startup just produced share certificates what would we call it? Anyway, can't argue with the kool aid addicts, so keep on at it.

I'm far from a bitcoin devotee... There is a middle ground between "it's a ponzi scheme" and "It'll replace FIAT currency/banks/the illuminati".

Blockchain clearly has plenty of uses. I kind of see bitcoin/crypto more as a replacement for banks than a replacement for FIAT currency. You pay money into a bank, you put a lot of trust in that bank to keep an accurate ledger of what is in your account.

Plenty of examples of banks losing peoples money. Blockchain removes the trusted 3rd party from the equation.

[scooterscot]

A Ponzi scheme, by its very definition, cannot create new cash. It relies on people volunteering more cash which is used to pay the earlier people. A Ponzi scheme WILL fail when the cash-outs are greater than the cash-ins.

What you describe won't fail as more cash can always be printed. You're describing monetary policy. It's many things but not a Ponzi scheme.

Tax payers are volunteering more cash are they not?

The BoE is volunteering more cash on your behalf to prop up the perceived overall wealth?

It is the same thing by another name.

[Lance]

Tax payers are volunteering more cash are they not?

I don't volunteer as such. It's the law. A Ponzi is against the law.

Just forget about comparing monetary policy to a Ponzi. It's a bad comparison and you're not making it a good one by persisting with it.

[TheGreenBastard]

I don't volunteer as such. It's the law. A Ponzi is against the law.

Just forget about comparing monetary policy to a Ponzi. It's a bad comparison and you're not making it a good one by persisting with it.

The mechanism is similar, legality is something else.

[scooterscot]

I don't volunteer as such. It's the law. A Ponzi is against the law.

Tell that to Google, Apple, Starbucks, etc... in fact me. I decided to stop paying UK taxes altogether. Has the penny dropped yet?