Tweetstorm: Satahoshi's references from @AnilSaidSo
https://dt.gl/tweetstorm-satoshis-references/ #bitcoin
@sl1200 @Decentralize_today why is bitcoin a ponzi scheme but not, say, gold or land ownership?
福神龍 @anon00110 @Decentralize_today @sl1200 also, if it could be demonstrated that bitcoin has productive value, would your argument cease to be valid?
@anon00110 @Decentralize_today @sl1200 i personally find bitcoin to have significant utility value entirely independent of price movement/speculation, and was using it long before it was worth much of anything.
We attribute a value to Bitcoin by consensus and that consensus only depends on Bitcoin producing large profits in a short time. It is not a currency, it is not an asset and it does not serve as a store of value. And, moreover, every day proves that Bitcoin is not limited because any of us can create our own currency or even a meme like DOGE, SHIB, ASS, MILF... and they all have the same objective value, they are all just software.
If Bitcoin does not produce me a 10x I will buy any other currency, being aware that they all work as Ponzi schemes. I'm a cynic, I know all cryptocurrencies are scams but I invest in them to make huge profits in a short time. Then with those profits I buy gold, silver and shares of serious companies. Obviously I don't buy Tesla shares or funds like ARK.
@sl1200 @anon00110 @Decentralize_today you have several errors in this post:
- there is no such thing as "objective value". all value is subjective.
- even if they have little/no objective value (not a thing), the fact that they are "just software" and that their software is *not identical* means that they would necessarily have *different* value based on their different implementations.
- the consensus of bitcoin's value does not depend on bitcoin producing large profits in a short time.
