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> I wish I'd put $1,000 into bitcoins then; I'd be a billionaire. I thought bitcoin was a Ponzi scheme. These are not mutually exclusive statements. Actually,
by ilya_m 1y ago
> I wish I'd put $1,000 into bitcoins then; I'd be a billionaire. I thought bitcoin was a Ponzi scheme.
These are not mutually exclusive statements. Actually, this is how Ponzi schemes work ; -)
(Somehow I never connected Bayer et al. and Bayer & Diaconis. Wow!)
- robertlagrant 1y agoIt's not a Ponzi scheme, because those have a specific definition. But it does sort of look like one. And all of the "meme" coins seem to be actual, if incredibly short-lived Ponzi schemes.
- archievillain 1y agoIt's a greater fool scam. https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theory Pyramid schemes, Ponzi schemes, MLMs, NFTs, Crypto, Memecoins... they're all greater fool scams. All based around playing "hot potato" with investments, where early adopters push the potato on later & greater fools. Memecoins are the most fascinating type of it because with other schemes, there's usually some veneer of legitimacy (i.e. you gotta actually try to scam somebody). I imagine at this point everybody involved with memecoins understands they're scam, and they're essentially just gambling instead of getting scammed. Although, effectively, gambling is its own type of scam.
- lawlessone 1y agoI think you add some stocks there too. Particularly meme stocks. Many people "investing" in crypto don't understand that stocks/shares give you have extra value because they pay dividends and give you voting rights for the direction a company takes.
- robertlagrant 1y agoYes, exactly.
- taneq 1y agoWell then it isn’t not one either. :P
- dummydummy1234 1y agoYeah, I thought bitcoin could never really be used as a currency because it is inherently deflationary, and therefore the price would only go up... I was not wrong...