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.
I’ll watch it. I hope it’s not 2 hours of opinion but actual dive into btc source code that shows something that I guess everyone(including banks and investment firms) has missed.
edit: This matches exactly what I said that scammers have taken an opportunity but btc was not created as a scam as was stated…so IS this a waste of 2 hours where btc is not the target but just a bunch of other coins and nft?
If only there was a 2 hour long video that goes throughout everything including nfts
https://youtu.be/YQ_xWvX1n9g?si=bZc0DZc4zE_TGdPg
Immediately in the first few minutes he describes in detail how btc was not designed as a scam. Thank you for proving my point
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.
I’ll watch it. I hope it’s not 2 hours of opinion but actual dive into btc source code that shows something that I guess everyone(including banks and investment firms) has missed.
edit: This matches exactly what I said that scammers have taken an opportunity but btc was not created as a scam as was stated…so IS this a waste of 2 hours where btc is not the target but just a bunch of other coins and nft?