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Since I feel like this could be misunderstood:
1) my definition of a Ponzi scheme was "a scheme where early adopters benefit of late adopters" - NOT necessarily a fraud (although it can be)
(cont) https://twitter.com/hasufl/status/1296463883830534144
1) my definition of a Ponzi scheme was "a scheme where early adopters benefit of late adopters" - NOT necessarily a fraud (although it can be)
(cont) https://twitter.com/hasufl/status/1296463883830534144
2) all forms of money share this attribute, but differ from Ponzi schemes in that:
- there is no central operator to facilitate the flow of funds from late adopters to early adopters
- it happens directly as the tokens change hand on the free market at increasing prices
(cont)
- there is no central operator to facilitate the flow of funds from late adopters to early adopters
- it happens directly as the tokens change hand on the free market at increasing prices
(cont)
3) a scheme where "early adopters benefit from late adopters" does NOT have to pop, as expectation of future gains is replaced by present utility due to network effect. that is argued in the bubble theory of money, which I strongly subscribe to.
(fin)
(fin)
