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| Topic | Bill Maher: Cryptocurrency is a ponzi scheme |
| untrustful 05/02/21 8:34:57 PM #36: | He's not wrong, but he's not right either. Yeah, bitcoin mining is a waste of electricity. Yeah, cryptocurrency holders basically pass the buck to buyers who have to pass the buck to future buyers who continue the cycle over and over for eternity. Yeah, the algorithms banks tried to use for mortgages resulted in the 2008 financial crisis. He doesn't even touch on it, but the anonymity of crypto has helped facilitate the hostage taking of information through malware and the like. BUT Yeah, cryptocurrency produces money from thin air, but anyone who superficially brushed with the history of banking would know that banks make money from thin air too. The differences he points out between money and crypto when he mentioned apple stock doesn't mean money is given value from apple stock, but the other way around. Money made from thin air by the banks is loaned out "in the hope" something productive comes out of it for the economy. Just because he read articles on cryptocurrency, and had it explained to him by others doesn't mean no one understands cryptocurrency, it just means he's ignorant. It's true cryptocurrency is almost entirely used for speculative reasons, but there has been productive things that came out from it. Blockchain technology being the most famous example. ___ Anyway, yeah I'm no fan of crypto myself, but I'm not gonna pretend it's a totally imaginary thing when it has bankrupt so many people who jumped in without any concern for the consequences. --- My Mario Maker Levels https://supermariomakerbookmark.nintendo.net/profile/untrustful?type=posted ... Copied to Clipboard! |
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