Re:Bitcoin falls under $16,000
by imtringued on Thursday November 10, 2022 @02:15AM
(#33543246)
>At this point, it is a pyramid scheme the same way US dollar is a pyramid scheme
Yeah the dollar is a pyramid scheme. It has the same construction flaws as Bitcoin. You can withdraw it from the markets and just hoard it which causes deflation. The central bank then allows commercial banks to increase the money supply instead of increasing the circulation velocity. The problem with newly created money: it can be hoarded too, resulting in an infinite doom loop.
Yeah the dollar is a pyramid scheme. It has the same construction flaws as Bitcoin. You can withdraw it from the markets and just hoard it which causes deflation. The central bank then allows commercial banks to increase the money supply instead of increasing the circulation velocity. The problem with newly created money: it can be hoarded too, resulting in an infinite doom loop.