Quote Originally Posted by OurManFlint II View Post
But its nothing like a ponzi.

Miners mine the bitcoin. Existential arguments aside for now, we assume IT is a thing, it is on the bitcoin ledger and thus now existing. The miner now has a thing, the miner goes to the market and sells it, and then that thing is bought, sold and traded and exists (again putting aside the question exist). A Ponzi is robbing peter to pay paul, where nothing exists i fail to see the similarity.
But why are people buying, selling and trading?

Imagine if you bought one bitcoin for Ł1,000 and you knew that it would still cost Ł1,000 in five years (hypothetical, ignoring inflation, etc). How much interest would there be in buying it today?

Probably very little. Most people only want it because they think it'll go up in value, and the only way that happens is if more new buyers increase demand.

That's the similarity with the Ponzi. When new buyers 'run out' the value drops as there's nothing to sustain it, which I think we're seeing now.

Like I said, I'm not shitting on it. Bitcoin will have an upward trend again.