Deception: Bitcoin the Ponzi
As Bitcoin continues to subsume aspects of the global monetary system, in parallel we continue to see commentators parading as “experts” clinging on to their cliched anti-Bitcoin positions.
What you find, when you are arguing with someone who has lost their “logical munitions'”, is that their best strategy is to fall back on obfuscation —
CUE: “Bitcoin is a Ponzi scheme!”
Deceptive blanket assertions such as this should be rejected with haste as they are a complete and utter waste of your valuable time.
Why is Bitcoin not a Ponzi?
We know Ponzi schemes do not survive if their inner workings are transparent as they rely on fraudulent deception and secretive strategies.
Bitcoin is radically transparent. It is an open source protocol based on a hard-coded monetary policy.
We know Ponzi schemes prevent their victims from escaping, trapping them with the promise of high an overly consistent returns and sometimes even preventing withdrawal of liquidity.
Bitcoin is a free market, and just that.
Bitcoin itself does not promise returns and market participants can enter or leave the market with more enter/exit freedom than any other market in the world (24/7: 365).
So, the “expert” is really just hiding from the essential conversation to be had regarding storing of people’s economic value, decentralization, immutability of property rights, scarcity and the myriad of technological advantages of sound internet money.
How many so-called experts do we need to listen to that have failed to put in the time to understand both what money actually is and how this technology actually works? It is offensive.
Bitcoin is not deceptive, but “experts” labelling it a Ponzi scheme are.