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re: Crypto...how is this not a elaborate Ponzi/pyramid scheme?
Posted on 5/25/25 at 11:29 am to LemmyLives
Posted on 5/25/25 at 11:29 am to LemmyLives
I only have play money on there. Over a year, average about 4 to 5 business days.
0
Posted on 5/25/25 at 11:32 am to lepdagod
Posted on 5/25/25 at 11:40 am to Privateer 2007
quote:
If I have stock in say Dow chemical.
I own a tiny portion of company.
A company with intellectual property.
With assets like production units which generate profit.
Stock in legit companies is nothing like Crypto.
Crypto is based upon nothing.
No physical assets.
seven lines of bullshite
you're comparing a stock to an entire currency
I guess UNO does not offer economics classes
Posted on 5/25/25 at 12:51 pm to Hateradedrink
quote:
It’s no more a pyramid scheme than any other investment except maybe land
You clearly don't know what a pyrmaid scheme is and don't know jack about investments.
Assets that generate money like profitable firm's stocks, commodities that are a store of value historically and can be used commercially, jewelry, art and land are never going to be "ponzi/pyramid.
A virtual equation of 1s and 0s that someone invents has no value unless everyone agrees to use it and someone really really powerful agrees to back it with something- army, gold, tax revenue. Which is why only countries with track records of stability can have their currency hold value. That paper is only worth something when there's a big reliable backing behind it.
With all these online crypto equation/tokens, there's really nothing there.
Posted on 5/25/25 at 12:57 pm to lepdagod
Crypto is the same as if you wrote “YOLO Coin” in a piece of paper… then your friend says he’ll give you a million dollars for it, then he loans to to you. Now you both have $1mil. It’s not real but since you believe it, it is
Posted on 5/25/25 at 1:04 pm to lepdagod
What is money? Basically it’s an idea backed with the confidence it has value. In that regard there’s no difference between a $100 bill and Crypto.
The idea used to be that US currency was backed by gold reserves. I think we can all agree that if there actually is still any gold in Fort Knox it wouldn’t cover a fraction of the currency in circulation. So that’s a myth but there is still faith in the us government.
That said I won’t touch crypto or bitcoin as those can go up in smoke in a heartbeat.
The idea used to be that US currency was backed by gold reserves. I think we can all agree that if there actually is still any gold in Fort Knox it wouldn’t cover a fraction of the currency in circulation. So that’s a myth but there is still faith in the us government.
That said I won’t touch crypto or bitcoin as those can go up in smoke in a heartbeat.
Posted on 5/25/25 at 1:12 pm to PoppedRiser
quote:Nothing there with dollars either.
With all these online crypto equation/tokens, there's really nothing there.
Once upon a time in my former life the dollar was backed by silver & gold stored somewhere (maybe Beverly Hills according to the song).
quote:I simply don't believe this. They print money at will(ad nauseum). BUT that's a discussion in need of a thread of it's own.
That paper is only worth something when there's a big reliable backing behind it.
Posted on 5/25/25 at 1:52 pm to castorinho
quote:
Now do the US dollar.
This. The dollar is only worth something because people believe it is. Not connected to physical assets anymore. It’s purely promise based assets that are owned by a private bank with minimal actual govt control.
Sounds a lot like a made up value to me.
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