In-reply-to » I see I'm not doing any work today, so rest day. Watching YouTube day. The cryptocurrency industry collapsed because the idea at its core is a Ponzi scheme. It doesn’t matter how you implement the Ponzi scheme in software. The only way to accrue value is to bring in more people who are willing to pay more money for the currency than what you paid for it. That’s the literal definition of a Ponzi scheme and is inherently unstable (it crashes the moment the of rate of incoming new users slows down).

Love it or hate it, institutionalized fiat currency has value because the issuing country has people with guns who will drag you off to a metal box if you don’t use the currency in the intended ways (unless you’re super rich I guess). That aside, cryptocurrency stupidly throws away many thousands of years of accumulated human knowledge about how currencies work and don’t work. For that reason alone it’s stupid and untrustworthy.

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