Re:Bitcoin is a Ponzi
by nootropicat on Sunday October 10, 2021 @10:57AM
(#28818916)
Non-programmers can be easily bamboozled by marketing: for example they may sincerely believe bitcoin stores energy in some magical way.
For a dev there's no such excuse - they know for a fact bitcoin isn't backed by anything and all energy used for mining is irrevocably gone, and that no mechanism exists for bitcoin holders to earn transaction fees (because miners are a separate entity). There's no escape from knowledge that bitcoin is a negative sum game - which means claiming it's anything but a new version of a ponzi is a deliberate lie.
> Telling people bitcoin has value, while being a developer (thus smart enough to know it's worthless)? Scammer.
There is little about being a programmer that qualifies you to declare Bitcoin a scam, or not a sacm. There is a set of programmers opposed to cryptocurrency that believes that their background qualifies them uniquely - that is hubris.
People don't need to understand any code to understand that Bitcoin is a spreadsheet.