
Bitcoin Is the Total Opposite of a Ponzi Scheme – Here’s Why - ForFreedom
https://decentralize.today/bitcoin-is-the-total-opposite-of-a-ponzi-scheme-heres-why-4d795f0ed
======
tbirrell
IDK about that. Perhaps its not a ponzi scheme, but it is still a remarkably
bad idea (right now at least). From my perspective, it is not fiat currency
that is massively devalued suddenly, its bitcoin being absurdly expensive. How
do I know this? Well, because I can still get a gallon of milk or loaf of
bread for ~$3. If I put that $3 into bitcoin, I'd get some fraction of a coin
(roughly 0.0001). Which is all well and good until the bubble bursts, and
suddenly milk is worth 0.1 bitcoins. Did milk suddenly become 1000x more
valuable? No, bitcoin lost value.

This is something I don't understand about people who say they "cashed out of
fiat currency". Fiat currency is still what everything is valued by. The value
of a gallon is milk is relatively stable. Compared to this, fiat fluctuates a
little, and bitcoin is a drunk on a rollercoaster.

Maybe bitcoin is not a ponzi scheme, but it can still bankrupt you. And when
it is all said and done, what's the difference?

~~~
quotha
Ok, but you know at one point milk only cost ~$0.25. So your fiat currency
became massively devalued over time.

