Source: Is crypto just one big Ponzi scheme?
Yes. The differnce between fiat money and ponzi schemes is the paper/plastic US$, C$, etc, fiat money is backed up by the full force & credit of the US, Caanda, etc. Ponzi schemes have nothing to back up, leading to large number of base fools at the nth layer down when the only real oney in the first layery e or two when the money runs out.
bitcoins and other coins not backed up by real currency are backed up by the faith in the system. but ultimately that’s just faith in the system, so therefore no reasl backup. these are just like art, diamonds?, etc.
art? take the monal lisa. utility value: $1 as fuel for fire. estimated auction value: 1billion$. thje auction value is based on faith in the value of the mona lisa to the market of folks that will pay something for it.
diamonds? maybe. diamonds are not really as rarte as perceived. deebers? monopoly,. but since pople will pay the cartel prices, the market exists and is based only of the fiat that people will contine to pay for to “value” diamonds.
