well so then you can make value out of thin air after all
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Replying to @BitcoinBiology @arthur_affect and
Money definitely derives its value from trust rather than anything tangible. Seriously, say I start punching the dirt until I dig half a mile, and then give myself a "dirtbuck" for the effort. You gonna accept my fancy dirtbuck for a dollar?
4 replies 2 retweets 19 likes -
Replying to @eggynack @arthur_affect and
this is, fundamentally, not how bitcoin works https://bitcoin.org/bitcoin.pdf
1 reply 0 retweets 0 likes -
Replying to @BitcoinBiology @arthur_affect and
I know how you get a bitcoin. The question is how you get that bitcoin to have value, and the answer is you get a lot of people to agree it has value. That's literally all there is. Succeed, and you have a money. Fail, and you have nothing.
2 replies 2 retweets 14 likes -
Replying to @eggynack @BitcoinBiology and
That's literally why Bitcoin's value fluctuates so incredibly. People trust that Bitcoin will hold (or increase) its value, so they invest or divest accordingly.pic.twitter.com/ZUsJpwpwFk
2 replies 0 retweets 4 likes -
Replying to @TheShyWoof @eggynack and
Thats not the reason, its actually programmed to do exactly this. Ask yourself why.
3 replies 0 retweets 0 likes -
Replying to @BitcoinBiology @TheShyWoof and
Okay, I'll do it now: "Why?" Hmm, my brain thought it over, and answered, "Because it's an obvious Ponzi scheme designed to appeal to the kind of person who's attracted to Ponzi schemes"
3 replies 2 retweets 29 likes -
Replying to @arthur_affect @TheShyWoof and
must be the first open source ponzi scheme, like nobody could actually know what its doing...
2 replies 0 retweets 0 likes -
Replying to @BitcoinBiology @TheShyWoof and
No, we know what it's doing and we know it's a Ponzi scheme You understand that the definition of a Ponzi scheme doesn't require any element of actual deception right, a lot of them straight up tell you they're Ponzi schemes It's exploiting a flaw in human nature
1 reply 2 retweets 32 likes -
Replying to @arthur_affect @BitcoinBiology and
Satoshi's manifesto openly explains how Bitcoin is a Ponzi scheme (he doesn't use that phrase but he gets very excited about incentivizing Ponzi-like behavior, it's how he hoped to push people to recruit)
1 reply 2 retweets 13 likes
Hell someone actually created an Ethereum contract that was blatantly a Ponzi scheme and *called it PonziCoin* and people still put $20k into it before it was banned from exchanges
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Replying to @arthur_affect @BitcoinBiology and
i really hope
@davidgerard is seeing this hilarious trainwreck1 reply 0 retweets 2 likes -
Replying to @iridienne @arthur_affect and
"yeah uh i don't care about your fiat definitions of basic words I started throwing around like 'money' uh"
0 replies 0 retweets 3 likes
End of conversation
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