Re:Bitcoin is a Ponzi
by wpietri on Thursday October 07, 2021 @12:15AM
(#28781805)
It is absolutely not finite. Coinmarketcap.com lists 7048 cryptocurrencies, with 96 of them having nominal values over $1 billion.
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OP mispoke and meant the supply is finite.
It's not finite. The supply of cryptocurrencies is effectively infinite. There's almost no barrier to entry. In the closest historical equivalent, the wildcat banking era, at least you had to have state-chartered bank. [1] But what's it take to launch a cryptocurrency these days? Is it anything beyond a tech guy, a marketing guy, and a a credit card with a little room?
The supply in different cryptos is infinite, but the supply of any particular crypto may or may not be infinite. In the case of bitcoin which was the topic of discussion, it's finite. To say it's not is plainly false. Your (clear) bias is blinding you.
Bitcoin is no longer the only cryptocurrency, and is competing for investor money with all the rest. If all of those were basically unused, I'd say you had a point. But since that's not the case, I stand by my view that "people that trade their fiat currency", as mentioned in the post I'm replying to, are a crucial part of the analysis.
You don't really need a room to do it...