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Topic	Bill Maher: Cryptocurrency is a ponzi scheme
SevenTenths 05/03/21 10:35:47 PM #61:	Proto_Spark posted... He doesn't seem to know that American currency isn't backed up by anything either. So his justification for what's wrong with crypto also applies to US Currency It's backed by the American economy. Crypto and covid makes it so easy for people to let the world know they have no idea what they're talking about but they saw a tweet once that told them what they wanted to believe. EndOfDiscOne posted... There is no underlying business activity Just like a ponzi scheme, do you not know what a ponzi scheme is? EndOfDiscOne posted... no distribution of profits real or imagined And completely false. Crypto only has value by people buying in and you only get return if someone believes there are still more suckers out there. There is no product, no jobs, and no way to exchange it for food, shelter, or anything meaningful without first getting someone to give you a real currency for it. --- If you do things right, people won't be sure that you have done anything at all. I Like Toast Alt - https://mikelikesthis.net/ The Blog Is back <cite>SevenTenths posted [p:953527411] in Bill Maher... [t:79437757]...</cite> <quote>Proto_Spark posted... </cite> <quote>He doesn't seem to know that American currency isn't backed up by anything either. So his justification for what's wrong with crypto also applies to US Currency</quote>It's backed by the American economy. Crypto and covid makes it so easy for people to let the world know they have no idea what they're talking about but they saw a tweet once that told them what they wanted to believe. EndOfDiscOne posted... </cite> <quote>There is no underlying business activity</quote> Just like a ponzi scheme, do you not know what a ponzi scheme is? EndOfDiscOne posted... </cite> <quote>no distribution of profits real or imagined</quote>And completely false. Crypto only has value by people buying in and you only get return if someone believes there are still more suckers out there. There is no product, no jobs, and no way to exchange it for food, shelter, or anything meaningful without first getting someone to give you a real currency for it. --- If you do things right, people won't be sure that you have done anything at all. I Like Toast Alt - https://mikelikesthis.net/ The Blog Is back</quote> ... Copied to Clipboard!
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