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.
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.