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RE: 2018 Sharing Is Caring: Time To Make People Rich And End Poverty Around The World!!!!
I don’t buy the cryptocurrencies are like a Ponzi scheme argument. It’s made by banksters and governments (most recently, India) but it’s a weak and deceptive argument. A true Ponzi scheme requires that Pool of People A are getting a return on investment thanks to new funds coming in from Pool of People B who themselves will only get a return on their investment thanks to new funds coming in from a future Pool of People C.
So the vast majority of cryptos are a pure speculation play, without the characteristics of a true Ponzi scheme.
It’s more than a little bit ironic that governments play the Ponzi card. In the United States for instance, Social Security is basically a Ponzi scheme, as are Treasuries.
Is this like state governments saying that they are against gambling when they run lottery systems?
Hypocrisy comes in many forms.
That's a fair argument, I guess saying it's like a Ponzi scheme belittles the inherent value of the technology.