The original Ponzi Scheme created by Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi (what a name!) involved buying international stamps and using a loophole to get free money.
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The original Ponzi Scheme created by Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi (what a name!) involved buying international stamps and using a loophole to get free money. It's incredibly annoying and boring to even explain how it worked and that was part of the point.
Any nerd who cornered the guy got a pile of homework and a long technical explanation on how he'd found a way to get free money that *technically* made sense. Sort of.
So much for your FUD, I'm a genius.
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The original Ponzi Scheme created by Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi (what a name!) involved buying international stamps and using a loophole to get free money. It's incredibly annoying and boring to even explain how it worked and that was part of the point.
Any nerd who cornered the guy got a pile of homework and a long technical explanation on how he'd found a way to get free money that *technically* made sense. Sort of.
So much for your FUD, I'm a genius.
Stable coins and crypto in general have similar features. There are long technical descriptions why crypto isn't just printing fake money. No, you are just not intelligent or patient enough to understand the technology of the blockchain.
But the instinct to call it "printing fake money" is mostly correct. The technical bit is a maze to keep critics distracted and to make any criticism too technical for the average retail investor to follow.
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Stable coins and crypto in general have similar features. There are long technical descriptions why crypto isn't just printing fake money. No, you are just not intelligent or patient enough to understand the technology of the blockchain.
But the instinct to call it "printing fake money" is mostly correct. The technical bit is a maze to keep critics distracted and to make any criticism too technical for the average retail investor to follow.
There are crypto success stories. People who have made their fortune in real dollars trading digital tokens. It can happen. But, where exactly did the money come from?
From all the people who lost money for the most part. That's the only way to win. To get in early with inside information and get out before the crash.
Do you have inside information? Do you want to get money by making others play the sucker? Or will you be the sucker?
Why not just join a poker game instead. It's more honest.
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There are crypto success stories. People who have made their fortune in real dollars trading digital tokens. It can happen. But, where exactly did the money come from?
From all the people who lost money for the most part. That's the only way to win. To get in early with inside information and get out before the crash.
Do you have inside information? Do you want to get money by making others play the sucker? Or will you be the sucker?
Why not just join a poker game instead. It's more honest.
@futurebird it’s unfortunate that the main use of distributed ledger technologies and blockchain specifically has been in grift and cons. There are beneficial and low-resource uses, especially in supply chain efficiencies and provenance, and in decentralized identifiers and verification of people but more importantly, of things. But these uses have mostly fallen away.
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There are crypto success stories. People who have made their fortune in real dollars trading digital tokens. It can happen. But, where exactly did the money come from?
From all the people who lost money for the most part. That's the only way to win. To get in early with inside information and get out before the crash.
Do you have inside information? Do you want to get money by making others play the sucker? Or will you be the sucker?
Why not just join a poker game instead. It's more honest.
@futurebird
Also a poker game (or a ponzi scheme) is mostly zero-sum, the money just gets shuffled aroundIn crapto, a lot of the money actually goes up in smoke, mostly via electricity consumption
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@futurebird it’s unfortunate that the main use of distributed ledger technologies and blockchain specifically has been in grift and cons. There are beneficial and low-resource uses, especially in supply chain efficiencies and provenance, and in decentralized identifiers and verification of people but more importantly, of things. But these uses have mostly fallen away.
This is how they nerd snipe us into NOT talking about what's really going on in clear stark terms that the general public can understand.
Of course there are interesting use cases and possible good applications. And I love talking about encryption and keys, and public ledgers and game theory and networks of trust.
But now my uncle has fallen asleep because I'm talking about math and he's going to buy some coin next week because "well even my nerdy niece talks about this stuff."
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F myrmepropagandist shared this topic
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@futurebird
Also a poker game (or a ponzi scheme) is mostly zero-sum, the money just gets shuffled aroundIn crapto, a lot of the money actually goes up in smoke, mostly via electricity consumption
Poker is "green" gambling!
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The original Ponzi Scheme created by Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi (what a name!) involved buying international stamps and using a loophole to get free money. It's incredibly annoying and boring to even explain how it worked and that was part of the point.
Any nerd who cornered the guy got a pile of homework and a long technical explanation on how he'd found a way to get free money that *technically* made sense. Sort of.
So much for your FUD, I'm a genius.
@futurebird I keep thinking about the old wildcat banks in the US. Back when each bank issued their own currency.
Yeah, that worked well.
It's just a variation on an old American practice. You would give the bank your cold hard cash, and they would give you bank notes. Essentially currency tied to the solvency of the bank. It freed the bank up from having to give you the actual cash in your checking account, more or less. Currency that could be exchanged for dollars at an exchange rate.
Geographic limitations meant the fault of a bank was mostly local.
Crypto will be world wide.
