| > crypto isn't a ponzi scheme... That's inaccurate. Most fiat currencies today are characterized with the same elements as those of ponzi schemes, its slower over time, but nevertheless it is the same elements with the central bank printing money from nothing. Crypto can be suborned into any existing ponzi scheme easily by allowing exchanges of these fiat assets and leverage from any of those fiat systems. Those crypto systems which have ballooned as a result of that would then accurately and appropriately be considered ponzi schemes, even though its just a small leg of the entire ponzi scheme. There is no effective way for an individual to tell inflows and outflows from the system, and any financial banker is aware of frauds that can create the illusion of price action through the use of leverage, and collusive wash-sale contracts (similar to options). That is how gold and metals commodities are largely suppressed. Without visibility, those frauds don't come to light, but visibility is a tradeoff when it comes to privacy, especially in 0 trust environments. Edit: If you are going to downvote, at least do the courtesy of explaining why. If you do not, it simply looks like some brainless person using a bot is trying to censor people, and any intelligent reader will see that for what it actually is. Put another way, use your words, or look like a shill. |
> Crypto can be suborned into any existing ponzi scheme easily by allowing exchanges of these fiat assets and leverage from any of those fiat systems.
>Those crypto systems which have ballooned as a result of that would then accurately and appropriately be considered ponzi schemes, even though its just a small leg of the entire ponzi scheme.
This can happen to literally anything else that isn't prohibited from being traded using fiat currency.
>There is no effective way for an individual to tell inflows and outflows from the system, and any financial banker is aware of frauds that can create the illusion of price action through the use of leverage, and collusive wash-sale contracts (similar to options). That is how gold and metals commodities are largely suppressed.
I assume you're talking about the price in non-crypto currency that was paid for the crypto? if so yes, you can't really tell the inflows and outflows, but that is also true for everything that can also be traded outside centralized exchanges(including stocks), and commodities are even worse given most of them will be traded outside any exchange for industrial use and with even less transparency. I don't see the argument against crypto here inherently.
Yes, crypto can be used for scamming, this is a post discussing exactly one of those cases, but that's no different from anything else. It has a real tangible value in a world where you can be effectively cut off from global financial processing if 3-4 US companies -that got quite opinionated after the patriot act- decide they don't want to do business with you. Until payment processors aren't held to the standards of common carriers, crypto is imperative.