The author mentions extended examples of Bitcoin operating exactly as intended as both a medium of exchange or value transfer that circumvents a failing fiat currency or geopolitical issues connected to economic instability, and as a store of value to decouple possible future purchase power needs from a bad / volatile fiat currency.
Then in the immediate next paragraph they assert, unmotivated and unsupported, that this makes Bitcoin a Ponzi scheme..
It baffles me the mental gymnastics people go through to criticize and dismiss cryptocurrency. Some people have just made up their minds against it, and even when they personally are writing paragraphs of examples of its legitimate, intended use, the confirmation bias that it can only mean “Bitcoin bad” is still so strong.
when the "real" economy is a ponzi scheme tilted to re-enrich the rich instead of a rising tide that lifts all boats, then why not gamble your earnings? It's the poor man's TINA.
A Ponzi scheme is different than an economy where there's regulatory capture due to industrial complexes; creating a Ponzi scheme that's immutable, decentralized, and global doesn't make it a better replacement - Elon Musk recently tweeted: "Bitcoin is almost as bs as fiat money"
Then in the immediate next paragraph they assert, unmotivated and unsupported, that this makes Bitcoin a Ponzi scheme..
It baffles me the mental gymnastics people go through to criticize and dismiss cryptocurrency. Some people have just made up their minds against it, and even when they personally are writing paragraphs of examples of its legitimate, intended use, the confirmation bias that it can only mean “Bitcoin bad” is still so strong.