Dogecoin etc

[Foz]

I don’t think he gives a shit

[Mito Man]

Well if he actually cared about the environment he could sell Bitcoin and use the profits from it to fund environmental charities (it's still up $10,000 a coin from Feb). But he's holding on. He's been pumping up Dogecoin for months but there were actual sustainable alternatives he could have picked.

[ZedLeg]

I was recently reading something about scammers increasingly using cryptos for pump and dump schemes. I wouldn't be surprised if Elon was working on that premise.

[Foz]

Having done a lot of research on crypto recently yes, pump and dump rug pulls are alarmingly common.

Horner there are opportunities, but it’s complete gambling.

[Sundayjumper]

Is Musk manoeuvring to introduce his own currency ? Just imagine the Tesla fanboi circle jerk if that happens

[Broccers]

Doge 38 last night, 54 this morning. Lots of people getting rich and poor, manipulation of desperation.

[Shlergen]

Made some money yesterday on Ada & Matic. Pulled out early (oh er), could have been a lot better.

Matic is up 30% in 24 hours, it'll be interesting to see where it goes. BTC not doing so well.

[Broccers]

Did anyone get in early in on the Fuck Elon Musk coin?
https://www.ft.com/content/ab2793db-2b4 ... 5fe0be8d4a

[Carlos]

The last 3 posts alone scream at me these "currencies" must be a ponzi scheme.

[Sundayjumper]

The last 3 posts alone scream at me these "currencies" must be a ponzi scheme.

That's what I've been saying all along.

[Mito Man]

Fair enough if you think its a scam or gambling but not sure how it's a Ponzi scheme? Doesn't meet the definition or characteristics of a Ponzi scheme.

[V8Granite]

CumRocket has been a roller coaster, it’s mentally draining

They have merchandise now but I don’t think it’ll be school run attire

Dave!

[Rich B]

The last 3 posts alone scream at me these "currencies" must be a ponzi scheme.

Ponzi, pyramid or whatever, it's not really a currency is it.

[V8Granite]

The last 3 posts alone scream at me these "currencies" must be a ponzi scheme.

Ponzi, pyramid or whatever, it's not really a currency is it.

They are magic computer dollars.

They don’t exist till the very last minute.

Dave!

[Carlos]

Fair enough if you think its a scam or gambling but not sure how it's a Ponzi scheme? Doesn't meet the definition or characteristics of a Ponzi scheme.

If someone new doesn't keep pumping money in, the scheme and its perceived value collapses, that's the very definition of a Ponzi scheme.

Like that Football Index collapse recently i'm struggling to buy into the concept that you can make up money/currency/value on the interweb.

I hope it isnt the next house of cards but there have been many many over history where something seems to good to be true and people still buy in. There has been literally dozens of billion dollar schemes yet people still buy into something that can't be explained.

[Mito Man]

Fair enough if you think its a scam or gambling but not sure how it's a Ponzi scheme? Doesn't meet the definition or characteristics of a Ponzi scheme.

If someone new doesn't keep pumping money in, the scheme and its perceived value collapses, that's the very definition of a Ponzi scheme.

Like that Football Index collapse recently i'm struggling to buy into the concept that you can make up money/currency/value on the interweb.

I hope it isnt the next house of cards but there have been many many over history where something seems to good to be true and people still buy in. There has been literally dozens of billion dollar schemes yet people still buy into something that can't be explained.

If someone new doesn't keep pumping money in, and no one withdraws money, the value remains the same. The transactions are all freely available to see - its just free market economics in that regard. I'd say a key attribute of Ponzi schemes are guaranteed returns which is clearly not the case with crypto when they can go up or down 50% in a day.

[Sundayjumper]

See also: Greater Fool Theory

https://www.investopedia.com/terms/g/gr ... theory.asp

[Mito Man]

Greater fool theory would be more accurate however time will tell. The last paragraph is apt, and since then we have the large American investment banks gearing up to offer blockchain funds to clients.

[Carlos]

Fair enough if you think its a scam or gambling but not sure how it's a Ponzi scheme? Doesn't meet the definition or characteristics of a Ponzi scheme.

If someone new doesn't keep pumping money in, the scheme and its perceived value collapses, that's the very definition of a Ponzi scheme.

Like that Football Index collapse recently i'm struggling to buy into the concept that you can make up money/currency/value on the interweb.

I hope it isnt the next house of cards but there have been many many over history where something seems to good to be true and people still buy in. There has been literally dozens of billion dollar schemes yet people still buy into something that can't be explained.

If someone new doesn't keep pumping money in, and no one withdraws money, the value remains the same. The transactions are all freely available to see - its just free market economics in that regard. I'd say a key attribute of Ponzi schemes are guaranteed returns which is clearly not the case with crypto when they can go up or down 50% in a day.

If no-one is buying it has no value regardless of what the index says as you have no means of converting to a real life currency !

[Mito Man]

If someone new doesn't keep pumping money in, the scheme and its perceived value collapses, that's the very definition of a Ponzi scheme.

Like that Football Index collapse recently i'm struggling to buy into the concept that you can make up money/currency/value on the interweb.

I hope it isnt the next house of cards but there have been many many over history where something seems to good to be true and people still buy in. There has been literally dozens of billion dollar schemes yet people still buy into something that can't be explained.

If someone new doesn't keep pumping money in, and no one withdraws money, the value remains the same. The transactions are all freely available to see - its just free market economics in that regard. I'd say a key attribute of Ponzi schemes are guaranteed returns which is clearly not the case with crypto when they can go up or down 50% in a day.

If no-one is buying it has no value regardless of what the index says as you have no means of converting to a real life currency !

In that regard yes, but the price is set by the value of the last coin sold.