I don't know what makes you think based on my post that I don't know this history of the dollar or the federal reserve.
BTW, even if we assume arguendo that crypto is the future, that doesn't mean that bitcoin is the future. In 1999, google didn't exist, apple was nearly bankrupt, facebook didn't exist, netflix was mailing people DVDs, amazon only sold books. Today, most of the top tech stocks of that time don't even exist anymore.
masterofballs@wolfballs.com 2 years ago
Because you said the U.S dollar is not a ponzi scheme. I don't know anyone who understands the federal reserve that would make that claim.
I agree that bitcoin might not be the future coin but I personally would not use a government issued crypto if I had any other choice.
Bitcoin is terrible for anon transactions. I would prefer anonymous coins more and ones with cheaper network fees.
sj_zero@lotide.fbxl.net 2 years ago
A Ponzi scheme is an investment swindle in which early investors are paid with sums obtained from later ones in order to create the illusion of profitability. Given that, while you can say central bank managed currencies are a scam, they aren't this particular scam.
You will never be profitable investing in the US dollar. It's been a losing bet since the 1970s when Nixon ended the gold standard. That's why I say that by definition it can't be a Ponzi scheme. Things involved with a Ponzi scheme go up until the scheme goes up in flames.
What's going on right now is something far worse than a mere Ponzi scheme, if you ask me. A Ponzi scheme harms its investors, but anyone who isn't gambling is generally OK. the issues with central bank currencies are not just messing with the currencies but causing real distortions in world markets. The value of things in measurements other than dollars is going through the roof in a lot of things solely because all those fake dollars are trying to find a place to go because everyone knows the dollar is a scam and the worst thing you can do is hold them.