Bitcoin – is it a Ponzi Scheme or not?
by mwfolsom | November 22, 2020 12:06 pm
Folks:
I’ve been reading Kuppy’s AdventruesInCapitalism for years and he recently posted two article you may want to read if you are interested in Bitcoin or any of the Alt Coins –
https://adventuresincapitalism.com/2020/07/28/my-favorite-ponzi-scheme/
https://adventuresincapitalism.com/2020/11/16/my-favorite-ponzi-scheme-part-ii/
While I’m not sure if I think Bitcoin is a “Ponzi Scheme” I do think his arguments that Bitcoin has a long, long way to run are sound. The idea that Fidelity[1] is launching a Bitcoin fund boggles the mind, see: https://www.bloomberg.com/news/articles/2020-08-26/fidelity-launches-inaugural-bitcoin-fund-for-wealthy-investors
The image of Fidelity out there “Hoovering up” bitcoins is something to consider – if the Bloomberg[2] article is correct, each investor would start off by buying 5+ Bitcoins at today’s prices. As Kuppy says – that fund will have to have Billions of dollars in it to be a success. Consider this – at about 20K$ a bitcoin that is 50 Bitcoins per million or 50,000 per billion. Is this nuts or what?
I see this site as a fairly level headed group of folks so I’m wondering what others think.
Mike
long – Grayscale Bitcoin Trust (GBTC)
long – Bitcoin via direct purchase
- Fidelity: https://www.stockgumshoe.com/tag/fidelity/
- Bloomberg: https://www.stockgumshoe.com/tag/bloomberg/
Source URL: https://www.stockgumshoe.com/2020/11/microblog-bitcoin-is-it-a-ponzi-scheme-or-not/
I fully agree that crypto’s will thrive in the future as the governments can’t really control them. People will trust in their value holding up. Blockchain is like a perfect tracking system for anything.
It is common knowledge bitcoin was developed by the NSA. They have whitepapers on it in the 1990s. IMO it is a USECASE for what they really have in mind. Fedcoin. Bitcoin is/was useful in the campaign for public adoption. Once the public has become comfortable with cryptos, bitcoin will simply be eliminated, as will most other cryptos.
Do you really believe for 1 millisecond the government is going to relinquish it number one power “Control of the currency”? If you do, you need to brush up on your history cause that will never happen. EVER. Just like most laymen think bitcoin is anonymous , is the way people think the Internet is anonymous. Never was, never designed to be.
Bitcoin is built like the internet, to give the appearance of anonymity, when in fact both were designed from the ground up to be tracked. Once the roll-out of Central Bank digital coins is ready. Poof. There goes bitcoin and all the other cryptos. This rollout will be worldwide. It may have value on the black market, but not any real world applications.
For the same reason they want to ban cash, is the same reason they will ban cryptos. CONTROL. In fact they fear cash more than cryptos. Cash is far harder to control than cryptos. They will get more push-back banning cash. Governments and Central banks have all the money in the world. These people are evil psychopaths, money is meaningless to them. They want CONTROL. Power.
If you want a example of the people in charge go watch Star Wars and the Sith Emperor. That is what we are dealing with. People just like that dude. They want power over everything. Fedcoin will give them that. Power to track EVERY transaction in real time. OMG. Didn’t get the vaccine? NO FEDCOIN FOR YOU. Post something bad on FB? NO FEDCOIN FOR YOU. Hey you kinda fat and ordered a pizza at dominos? LESS FEDCOIN FOR YOU. Just try to imagine it. I shudder at the thought.
I really would like to be more positive, but in the past 30 years I have seen little resistance to what is coming. In general many people have lost the ability to critically think for themselves. Overall I don’t think this will change. I hope it does, but I’m pessimistic.
Charly42
Well said wendlefly .
But how about if someone declares a war, and nobody is coming?
Travis, I am really very sorry for not realizing that I should not list my email address! I value your inputs that require many hours of your personal research (Thinkolator). I did believe that you would require my email address for Direct Reponses in case that you might be addressing any of my personal inputs.
It’s fine to put your email address into the email box — just not in the text of your comment — if it’s in the comment text, that means everyone on earth can see it and you’ll be spammed to death.
OK, Thanks for the clarification Travis.