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A comment on The biggest crypto lending company is a ponzi scheme. Parent comment

Re:The biggest crypto lending company is a ponzi scheme by arcticbull on Friday December 10, 2021 @11:42PM (#29518476)
> Stored wealth, memorized seed words and regenerated on the other side.

Of course its possible for one or two people to benefit but net net the Ukranians either (a) traded amongst themselves in which case the net welfare stayed the exact same or (b) they traded with people abroad in which case they could have chosen literally any asset on earth, many of which outperformed Bitcoin and other cryptos.

> There was also an interview with someone relying on BTC in Venezuela too because their currency is worse.

An anecdote is not a substitute for data, and Venezuela decided to dollarize, not bitcoinize. 66% of transactions in Venezuela are USD denominated now due to a groundswell of popular support. [1] They didn't bitcoinize. Because the dollar is better.

> You’re rounding by multiple years, especially if you consider ETH.

I'm rounding by a few months. That there are recent developments doesn't roll forward the clock on launch day. The iPhone launched at the same time as Bitcoin. That's what a killer product looks like.

[1] https://www.bloomberg.com/news/articles/2021-01-13/venezuela...

[ Parent | on HN ]
Re:The biggest crypto lending company is a ponzi scheme by fossuser on Saturday December 11, 2021 @12:32AM (#29518704)
It’s pointless to continue - you asked for “just one thing” then come up with reasons why the use case I gave doesn’t count. It wasn’t about trading, it was about being able to store value without needing trust in a central authority.

It’s hard to get dollars in Venezuela which is why this guy was relying on BTC. I never claimed BTC was superior to the dollar.

The iPhone is a product, Bitcoin (really blockchain and programmable money more broadly) is more akin to the web in 1996. It’s a protocol for money.

You can believe what you want, the nice thing about economic bets is it doesn’t matter.

[ Parent | on HN ]
Re:The biggest crypto lending company is a ponzi scheme by arcticbull on Saturday December 11, 2021 @03:12AM (#29519380)
You gave me a bad example haha. One Venezuela persons poor substitute for the USD they wish they could have is hardly a killer app. If you could come up with a good one you’d be wealthier than bezos.
[ Parent | on HN ]