.01% of Bitcoin holders hold 27% of all Bitcoin

Re:.01% of Bitcoin holders hold 27% of all Bitcoin by amelius on Saturday May 21, 2022 @03:43PM (#31461104)

You're technically correct. But I think the label Ponzi scheme is colloquially used for a broader concept where initial players gain and later buyers lose. Buying stuff and investing in stuff is semantically very close. But you're right.

Yes, most people (even kids!) now use cryptocurrencies for speculation. Which is just a lottery in disguise, except now it funds criminal activity and harms the climate. And the winners somehow have bragging rights which means more advertising. This is a very sad development.

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Re:.01% of Bitcoin holders hold 27% of all Bitcoin by ch4s3 on Saturday May 21, 2022 @06:36PM (#31462683)

> But I think the label Ponzi scheme is colloquially used for a broader concept

Yes, incorrectly. It does nothing to clarify the topic and obscures the risks of actual Ponzi schemes.

> harms the climate

This seems dubious at best. It seems like a lot of mining is happening on hydro and solar power, and only shifts to carbon intensive electricity when the price is booming.

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Re:.01% of Bitcoin holders hold 27% of all Bitcoin by amelius on Saturday May 21, 2022 @07:53PM (#31463409)

> This seems dubious at best. It seems like a lot of mining is happening on hydro and solar power, and only shifts to carbon intensive electricity when the price is booming.

You're still warming the planet. And total energy use is so large that even carbon intensive part is significant.

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Re:.01% of Bitcoin holders hold 27% of all Bitcoin by landemva on Saturday May 21, 2022 @10:30PM (#31464372)

What is the comparison of BTC energy use v. top-5 global militaries?

And military engines delete emission controls.

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