this post was submitted on 21 Dec 2023
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He also says that in order for anyone to make money by trading actual dollars for bits on a blockchain and then back again, or by mining those bits by paying an absurdly large power bill (to say nothing of single purpose hardware that becomes useless within a few years) and then selling them to the next guy, one must somehow convince some other poor soul that those bits on that blockchain are now somehow worth more dollars than they were when one bought them to begin with. No cryptocurrency can exist without bagholders. Categorically.
Agreed. It's not inherently a scam nor a ponzi since this rely on lying about how much money you have to pay back everyone at once. Btc is similar to artwork. There is no intrinsic value to it unless everyone agrees it has. Work is done to complete both and both are unique. Both are finite. Only 21 million btc will ever exist and only x numbers of paintings by this dead person will ever exist. If enough people believe both are valuable then their values will rise.