Same arguments from both sides, different day. So tired of the self-righteousness of both sides. The reality is that there are use-cases that are useful today with crypto. The reality is also that the vast majority of money in crypto is there for speculative reasons, not fundamental value. That's fine, it's a bet, stop caring about where people put there money. If you don't want to make a speculative bet, then don't. If you made a speculative bet and it paid off, no you are not a genius. No one cares, no one shows shit about fuck, let's all stop pretending and just understand that speculation != investment grade and allow for people who want to take significant risk on speculative bets.

This article is largely correct. You can argue that it's "not technically a Ponzi," but rather some other type of scam, but the semantics are not interesting.

The following excerpt is a point that many seem to miss.

> In fact, investors won’t — on average — be able to cash out for even as much as they put in. Much of that money went to cryptocurrency mining. Recent analysis shows that around $25 billion and growing has already gone to Bitcoin miners, who, by best estimates, are now spending $1 billion just on electricity every month, possibly more.

> That money is gone forever, having been converted to carbon and released into the atmosphere — making cryptocurrencies even worse than traditional Ponzi schemes. Most of the money lost in Bernie Madoff’s infamous Ponzi was eventually clawed back and returned to investors. Much of the money put into cryptocurrency, even if courts could trace back tangled webs of semi-anonymous cryptocurrency transactions, can never be recuperated.

Bitcoin was meant to be fiat money, but one without any central bank. Instead, it is being treated as a financial instrument where you make an "investment" and you can buy almost nothing with it.

If you're being sold Bitcoin or any other crypto as an "investment" where you might receive a "return", you're participating in a Ponzi scam.

If you're buying crypto so that you can use it to make a payment (e.g. Lightning payment to your favourite podcaster, or buying a pizza), then ok carry on.

Mostly but as long as you're not the one holding the last tulip, you can profit greatly. It does bother me to see how many young people are being taught it's an investment rather than a game of economic chicken. Then again, so much in our modern economy is that way that one can hardly blame them from not seeing the danger.

I'm bored with this topic. I've done a deep dive on it and it does nothing for me. I'm not a gambler or a gamer. It seems to be very exciting for those that are.

I really would love a browser plugin that removes all mention of crypto/web3/etc..

I am just so bored with reading about anything to do with the entire space, pro or con.

An inescapable argument about basically nothing. How do I opt out completely?

Even if I were to accept all of the fearful arguments against cryptocurrency, a prohibition of cryptocurrency would still be the greater evil in my view.

Even if it is 'irrational' as described by some behavioral economists, how can we accept that the behavioral economist who is accusing the consumer of irrationality is himself entirely rational.

The premise is nonsensical in my view. Differing actors employ their individual agency towards unique ends which cannot be evaluated from a position of imperfect information. Value is subjective.

The author makes the common mistake of conflating market manipulation with a Ponzi scheme.

This is unfortunate, because we've seen real Ponzi schemes that use crypto (Bitconnect, PlusToken, Onecoin) and it makes it harder to talk about them when "Ponzi scheme" gets so watered down.

Written in 2018?

I like permissionless ponzi schemes more than permissioned ponzi schemes.

So is social security and fractional reserve banking, yet no one is trying to stop those.