Quote:
Originally Posted by Wayne 962
But (and someone can correct me if I'm incorrect in this assumption), any ponzi scheme is a closed-loop system. I.E. for every dollar put in, someone else takes a dollar out. Yes, the "artificial" worth of something like Bitcoin, etc. can create a virtual "trillion dollar" valuation of the aggregate of all coins, but at the end of the day, for every "dollar" (or other fiat currency) put in, there is someone taking it out.
-Wayne
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You're right, calling it a Ponzi is too legitimate. Crypto is not even a closed loop Ponzi, since it is generated out of thin air. There are thousands of worthless cryptos.
I can create a new cryptocurrency today, create 50 million tokens, buy 3 of them for $1 each, and viola, $50 million marketcap out of thin air. There is far less real money money in the system than the marketcaps suggest.