Current Events > Bill Maher: Cryptocurrency is a ponzi scheme

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Rob Cesternino
05/02/21 7:17:11 PM
#1:


https://www.youtube.com/watch?v=HaJpYjO136o

The only people calling crypto a ponzi scheme or monopoly money are boomers like Bill. Don't be like Bill.

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#2
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Mezcla
05/02/21 7:18:15 PM
#3:


who's at the top of the scheme then?

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Antifar
05/02/21 7:18:24 PM
#4:


When that stupid asshole is right, he's right

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berlyman101
05/02/21 7:19:07 PM
#5:


he's getting close to a realization here, but it's no more a ponzi scheme than any other currency.

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BeantownHero
05/02/21 7:19:59 PM
#6:


he's literally just a old man caricature at this point

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pogo_rabid
05/02/21 7:20:33 PM
#7:


"ratings are slippping, how can I get people to pay attention to me again"

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ZMythos
05/02/21 7:20:48 PM
#8:


Bill Maher can shut his dumb fucking mouth.

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ScazarMeltex
05/02/21 7:24:29 PM
#9:


I mean, he's right.

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hockeybub89
05/02/21 7:25:13 PM
#10:


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TheVipaGTS
05/02/21 7:25:59 PM
#11:


Hes literally not wrong lol. Now take it how ever you want, but especially with dogecoin, its just a modified modern day ponzi.

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Heineken14
05/02/21 7:28:39 PM
#12:


Just to get off topic a little, but it's always amusing when Bill rants against nneeerrrrrds! Like, come-on bro, calm down, you'd get a wedgie just like them. You're not a cool dude. Lol
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Master Kazuya
05/02/21 7:37:14 PM
#13:


The clapping after everything he said was so dumb. Regardless of it being a ponzi or not, he was coming at this in some weird bitter angle like "this money isn't real, the youth doesn't know what's real" and would get applause for it

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What_
05/02/21 7:41:43 PM
#14:


This got me thinking: do you think snow White banged all those dwarves?
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Dakimakura
05/02/21 7:42:31 PM
#15:


Yeah, cryptocurrency is a plague upon the planet for sure.

This shit needs to end now

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NinjaWarrior455
05/02/21 7:43:24 PM
#16:


He's definitely right, but so is every currency.

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catboy
05/02/21 7:44:00 PM
#17:


ScazarMeltex posted...
I mean, he's right.

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fan357
05/02/21 7:47:44 PM
#18:


Thats why Im only buying Dogecoin. A meme of a scam had to work.

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CARRRNE_ASADA
05/02/21 7:48:15 PM
#19:


So you only get richer if more people join and buy in....does sound like a ponzi scheme, cause youre not even buying something with intrensical value.

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s0nicfan
05/02/21 7:49:15 PM
#20:


https://www.youtube.com/watch?v=lC5lsemxaJo

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Proto_Spark
05/02/21 7:49:50 PM
#21:


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
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Smashingpmkns
05/02/21 7:50:23 PM
#22:


We're going to be using Dogecoin to purchase insulin in a few years.
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CoorsLight
05/02/21 7:57:50 PM
#23:


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

American currency doesn't suck up a ton of energy

Well yes, capitalism is a horrible leech on the earth, I know, but at least most of that leeching is ostensibly done as part of an exchange of some other good/labor that has some useful non-monetary value, rather than very literally using that energy to make money
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AssAssasin69
05/02/21 8:02:02 PM
#24:


The carbon footprint part is very true

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Reis
05/02/21 8:04:11 PM
#25:


Antifar posted...
When that stupid asshole is right, he's right

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ChocoboMogALT
05/02/21 8:05:17 PM
#26:


A Ponzi scheme (/pnzi/, Italian: [pontsi]; also a Ponzi game)[1] is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[2] The scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds.
The problem with Ponzi schemes is that they hide risk and losses. Crypto has some characteristics of a ponzi scheme, but the risk is bare naked and nothing is hidden. If you buy into a ponzi scheme that fails, you made a bad investment that was misleading, if you buy into crypto that fails, you're an idiot.

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creativerealms
05/02/21 8:05:51 PM
#27:


He's not right often but he's right now.

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H0LD_Austin_Era
05/02/21 8:06:05 PM
#28:


You mean the world runs on lies? Nothing new. The stock market is way over priced big time. Sales aren't as high but valuation is.

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#29
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K181
05/02/21 8:07:55 PM
#30:


He's a douche, but the whole thing is a series of continuous pump and dumps.

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ChocoboMogALT
05/02/21 8:14:53 PM
#31:


Also, watching that video: Maher doesn't understand fiat currency and very basic stocks?

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theAteam
05/02/21 8:16:59 PM
#32:


Master Kazuya posted...
The clapping after everything he said was so dumb.

This was the biggest thing I got out of that segment. They had to have that big blinking "applause" sign, right?

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Jiek_Fafn
05/02/21 8:22:47 PM
#33:


ChocoboMogALT posted...
The problem with Ponzi schemes is that they hide risk and losses. Crypto has some characteristics of a ponzi scheme, but the risk is bare naked and nothing is hidden. If you buy into a ponzi scheme that fails, you made a bad investment that was misleading, if you buy into crypto that fails, you're an idiot.
This
By his logic everything you invest in is a ponzi scheme. He's just throwing around terms.

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Lorenzo_2003
05/02/21 8:25:15 PM
#34:


berlyman101 posted...
he's getting close to a realization here, but it's no more a ponzi scheme than any other currency.

Sort of true.

When the dollar was backed by gold and you could at least attempt to hold somebody accountable for that, then it wasnt a scheme like crypto is now. It doesnt mean I wont still hold on to what I have now in crypto and invest when I can, though. Just be aware, I guess.

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Beveren_Rabbit
05/02/21 8:25:55 PM
#35:


can you make a good profit you just spend a $100?
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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.

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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.

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NeonOctopus
05/02/21 8:36:18 PM
#37:


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Unsugarized_Foo
05/02/21 8:37:40 PM
#38:


Imma get an NFT of this clip of him saying that


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Beveren_Rabbit
05/02/21 8:38:50 PM
#39:


you only make a profit if you spend $1000's?!
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Lorenzo_2003
05/02/21 8:39:19 PM
#40:


NeonOctopus posted...
Nah, but NFTs are definitely a ponzi scheme tho >_>

NFTs kinda hurt my brain a little, but I dont want to be a hater.

if some people make money with it, then OK.


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twitterfriends
05/02/21 8:46:33 PM
#41:


When we ascend to the next level transcension dont stop and carry boomers like Bill along with us, theyll just spit in our face and insult us.

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EndOfDiscOne
05/02/21 8:50:46 PM
#42:


Do this many people not know what a Ponzi scheme is? Bitcoin is not one. Its people buying/mining and selling assets, simple as that. Its all visible to the public. There is no underlying business activity, no distribution of profits real or imagined, etc.

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Dakimakura
05/02/21 9:25:25 PM
#43:


twitterfriends posted...
When we ascend to the next level transcension dont stop and carry boomers like Bill along with us, theyll just spit in our face and insult us.

We are going to need to transcend to another plane of existence if we keep killing the Earth at the same rate.

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1337toothbrush
05/03/21 1:59:12 AM
#44:


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
You're right, it's not like the US dollar is backed by the largest superpower in the world or anything.

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Master Kazuya
05/03/21 7:41:50 AM
#45:


1337toothbrush posted...
You're right, it's not like the US dollar is backed by the largest superpower in the world or anything.

The US dollar is backed by China?

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BlingBling22947
05/03/21 10:43:49 AM
#46:


nobody fucking with his old ass

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#47
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itachi15243
05/03/21 10:46:49 AM
#48:


Master Kazuya posted...
The US dollar is backed by China?

Isn't China in some weird position where if we didn't owe them so much they'd be the third largest power or something?

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VigorouslySwish
05/03/21 10:51:54 AM
#49:


notice how NONE of the critics are discussing crypto's amazing function of not having the govt involved in your money?

I wonder why that could be hmmmm.......

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MrToothHasYou
05/03/21 10:59:07 AM
#50:




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