from Hacker News

Bitcoin Is a Ponzi

by geraldbauer on 1/21/21, 11:48 AM with 22 comments

• by alexmingoia on 1/21/21, 1:04 PM

  Criticizing Bitcoin investment for speculation rings hollow when the majority of equity investment is speculation. Very few people invest with the intention of never selling. The news has a daily ritual of reporting the rising and falling of stock prices.

• by audunw on 1/21/21, 1:34 PM

  There's some nice articles linked in the bottom there. I liked this one: http://www.tr0lly.com/bitcoin/bitcoin-is-not-a-literal-ponzi...

  I'm curious why the revelations around Tether hasn't led to Bitcoin crashing yet. I would definitely have sold if I had any (well I did, I mined a bit in the very beginning, but that's lost). Is it that others haven't heard about it, or is it that they don't believe that Tether will take down Bitcoin with it?

  It seems like it may have stalled the growth of BTC for now though.

• by russelg on 1/21/21, 1:02 PM

  This reads schizophrenically.

• by aww_dang on 1/21/21, 12:01 PM

  There are fair criticisms of BTC here. However the author is confused if he assumes that Austrian economists are not critical of BTC. Allowing Krugman to define what libertarian views are is suspect to say the least.

  https://mises.org/library/bitcoin-money-myth

• by G3n0t on 1/21/21, 1:27 PM

  The article does not contain many well founded arguments. However, I'd like to ask this question: Is an asset price inflation a Ponzi scheme? In other words: Would Bitcoin critics describe a housing bubble in which many people suddenly start investing in real estate as a Ponzi scheme?

  Then I would agree even as a HODLER.

• by smitty1e on 1/21/21, 6:58 PM

  This conversation is distinct from blockchain as a technology, no?