Urbandreamer wrote:But back to words. YES I will argue that we can't just chose to use them how we feel. BJ's description of a Ponzi scheme fits fiat. If we chose to claim that bitcoin is a Ponzi scheme because it meets that description then YES by that argument we must claim the same of fiat!
Can you provide another argument that makes Bitcoin a "Ponzi" scheme?
I think this article
from the English version of El País
provides a reasonable stab at answering the final question.
Here are a few quotes to whet the appetite:
We are going to have to disagree.
I recommend that others follow your link and read the article rather than judging by the quotes. Other statements in it would seem to suggest that the opinions have been reached without the knowledge that is attributed.
For example a "pool" (in this case a mining pool) is not a single entity. Indeed if we are specific to mining pools it's a collection of people who own mining equipment who "pool" their expenses and profits to smooth out the cash flow. Individuals may move between pools, join or exit.
His comment about buying from a miner is particularly egregious. If you buy from a gold or iron miner, the money goes out of the system to doesn't it? Or food from from Nestle? Or pay for a taxi? How does choosing to pay for a product or service cause "money to leave the system"? The only thing that I can see that matches his description is "buying" fiat from the state while they are creating more of it. Even then some might argue that the act of providing and regulating money IS a service we should pay someone (the state) for.
I'm sure that he would disagree, because fiat IS MONEY and bitcoin IS NOT, in his mind. It's a ponzi scheme because.... Well those miners aren't people ... are they, to judge by his words? Well yes they are. There are many people who own a rig or two. Are not some of them companies? Well yes they are "companies" (the word means people who join together), who have share holders and pay profits to their owners. Well it's a ponzi scheme because "The only way to get money out of bitcoin is by selling it to someone else". Isn't that true of £'s $'s or other money? But bitcoin isn't money, in his mind!
Anyway I STRONGLY recommend following the link provided and judging the mans word's yourselves.
PLEASE ignore the fact that he and others have signed a letter to congress. What that letter says isn't mentioned and no link provided. I would suspect that it's the one https://concerned.tech/
that caused this https://www.financialinclusion.tech/
letter in response. However as we can't directly attribute the letter mentioned, they could have said anything. Things that we agree with or disagree with, we don't know.