Cryptocurrency Is Not A Ponzi, Even Though BTC Resembles One!
Crypto is a misunderstood concept, and difficult to claim it isn't rightfully so.
The enormous speculation surrounding cryptocurrencies is the major reason. The surrounding centralized platforms emerging in a casino economy, exchanges that encourage gambling behaviors, trading with leverage, derivatives, and a vast army of shill-accounts on social media, applied to support certain cryptocurrencies, without a basic understanding of the technology or utility.
Although, price speculation is the side-effect and not the fundamental reason cryptocurrencies exist.
Innovation in the crypto field and outside of BTC, is quite remarkable, yet the approach of BTC maximalists, whales, and current BTC developers raises many questions.
Crypto Innovation Vs BTC Maximalists
Bitcoin forked in 2017, and Bitcoin Cash (BCH) is the chain that follows the logic of utility. BCH is also an asset, one that offers everything Bitcoin was, with one slight difference.
It scales and it can meet mass adoption.
Scaling Bitcoin was a major issue back in 2015, although the result was predetermined. The scaling debate changed nothing since the early developers striving for bigger blocks were silenced, censored, and condemned in channels controlled just by one anonymous individual, Theymos.
For BTC maximalists, every innovation in this field is a scam and they make this clear any time possible.
Bitcoin Cash is the primary threat and is fought vigorously by elements that constitute an army of anti-BCH propaganda, spreading hatred with malicious intent.
BTC maximalists don’t simply stop at BCH, as with their approach they cancel all innovation produced in the cryptocurrency field so far.
According to this cultist narrative, everything else except BTC is a scam!
Is Ethereum a Scam? According to Maxis: Yes!
Ethereum, that delivered massive innovation which expands beyond the cryptocurrency scope, is just another scam according to the BTC maximalists.
This simplicity in the approach of maxis and the denouncing of superior to BTC technology should be considered as a red flag. It is aiming to reduce the funding of innovation since it will serve the BTC whales maintain their overwhelming dominance.
Anyone entering this field today, should be vigilant and not embrace the easy but also dangerous path of embracing maximalism, but research deeper instead and question the motives of these people.
BTC today resembles Bitconnect, in terms of promotional activities, the promise of vast returns if only the investor applies blind faith and becomes a "hodler", and also includes various economic illiterate arguments.
The price of BTC is always the main case, and any time comparison between BTC and BCH is made, the price difference is the best line of defense the BTC maximalists consider. No technical aspect, no fundamentals, just the price.
Can you put a price on freedom?
Bitcoin has freedom as a core value. Bitcoin is also technology, though, and as technology evolves, old technology is overwhelmed by new innovations. This is called progress.
In these terms, BTC is against progress itself.
It is not a comparison of apples and oranges as the BTC maximalists always claim.
It is simple as that.
Better technology will always render weaker technology obsolete.
Until perhaps 2013-2014, Bitcoin could accommodate the needs of the few thousand users it had. But the scaling issues were always there. The fees were expected to rise significantly and this happened twice in Bitcoin's history.
Today BTC is a blend of Bitcoin Core devs, Wall Street funds, talking-heads, and social media manipulators, followed by thousands of shill-accounts or bots, promoting a certain narrative.
This narrative emanates from the top, which is Blockstream, the Bitcoin Core devs, and those that still are controlling the main Bitcoin (BTC today) media (bitcointalk, bitcoin.org, r/bitcoin).
Crypto Is Not a Ponzi, yet, BTC is following the Bitconnect approach
Crypto is not a Ponzi scheme, but powerful figures that control the BTC narratives make the whole field look like one. The inability of Tether to bring transparency and the fact that the same figures unquestionably support Tether and USDT raises questions.
(source)
And this example of a deal between Blockstream and the Bukele government of El Salvador is perhaps an issue the public is still ignoring:
We don’t need an advanced financial degree to understand this deal is rotten to the core.
The term "Banana republic" describes El Salvador, since state capitalism and plutocracy of a predominant elite are exploiting the national resources at the expense of the overwhelming majority of the population.
An authoritarian government, that gambles the taxpayer's wealth, and now with ties to BTC whales that prepared the
I wonder, if the El Salvador citizens understand the terms of this deal, and accept the taxes they pay to be gambled into a bet that BTC will reach $1 million in the next five years according to Samson Mow, or 10 years according to Adam Back.
In Conclusion: The Market Does Not Decide Once And For All
The price go up certainty and predictions of vast wealth summarize a Ponzi scheme promotional activity and stem from the top levels.
There are projects within the crypto realm that follow a professional approach. A few of them depend on centralized development and servers, and others are striving to achieve both decentralization and scalability.
It is still early to tell that the market has decided, and only a financially illiterate would think the market is deciding once and for all.
The market is not static in deciding this was it and is not tired of the following innovation. It’s like saying we reached a limit in technological progress, so there is nothing else to be achieved. Oh, wait, I’m comparing apples and oranges again?
This is simply ridiculous. This is also the logic, narratives, and quotes of the BTC maximalists. The market conditions is not a constant value. It is only temporary leaning towards one end but immediately moves to the next big thing.
BTC is a previous big thing by the way, and not the next one.
Cover Photo: on Pixabay (modified)
Tweet: (jack)
Fees chart: (BitInfoCharts)
Image (source)
Tweet by Back: (source)
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Well I didn't know there are BTC maximalists... 🤔 Afaik crypto can be like a Ponzi if it doesn't have any solid use to those who invest in it. Some cryptos or even DEX tokens are just like having pooled savings (or what we call "online paluwagan" but that usually ends up as scams and get reported to the NBI).
It's the same way like when those who hype and promote it to get a lot of people to invest and cause the pump at the beginning can withdraw their money at the highest price. The rest that's left will be scratching their heads at their loss and wait for another pump (IF there will be) where they will then be the next ones to withdraw and "get rich". Those who catch the tail end of the hype are always the losers. Sucks but it can happen. Most people lose money with those kinds of crypto/tokens.
At least stocks is supposedly regulated. I dunno I'm not a financial expert but that's just part of what I see/observe. It is why crypto is still not going to be mainstream except maybe the stable coins.