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by armada651 497 days ago
I sleep better at night knowing my savings aren't part of a massive Ponzi scheme that's going to one day leave lots of working class people holding the bag as the savings they invested in bitcoin are transferred to the wealthy insiders.
2 comments
robocat 497 days ago
If you own a house you are part of a Ponzi scheme in most developed nations.

Japan already has houses worth $0 because Japan has run out of population growth to keep the demand for houses growing.

The same issue will occur in other countries that have low population growth. In New Zealand we have been importing people so house prices have been appreciating. However my impression is that other countries are competing for immigrants (NZ seems to be slowly relaxing our filters).

Also if you ever had a mortgage then you had a leveraged investment (often dangerously leveraged).

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armada651 489 days ago
Yes and that is absolutely a problem, houses should go down in value as they are used just like your car does. The fact that we've learned nothing from all the previous real estate bubbles and continue to use houses as investment opportunities is pure insanity.
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agapon 497 days ago
> If you own a house you are part of a Ponzi scheme in most developed nations.

Not unless you explicitly choose to. If you own a house to have a roof above you, to have a comfortable and safe place for you and your family, if you love and care about that place, then that's what you are getting out of the house. Its monetary value changes are "just" a side story.

But if you buy a house purely as an investment, then yeah.

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robocat 497 days ago
It's part of a Ponzi scheme either way. Even if not an investment, you have to buy it, and it will eventually be sold.
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kalnins 497 days ago
People don't own the house just to sell it for more later on. Some live in them.
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genem9 497 days ago
Wait until you learn about social security.
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armada651 489 days ago
Social Security is a Ponzi scheme by design, that's not a bug it's a feature. All participants are aware that they are paying into social security to redistribute that wealth to vulnerable individuals.

People are not paying into bitcoin expecting to redistribute their wealth to the insiders.

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