crypto is short for "cryptography"
if you want a shorter word for "cryptocurrency", the word you are looking for is "ponzi"
@00dani at the same time, I'm wondering, what is the difference between a ponzi scheme and standard capitalism? The richest ones in a capitalist society are often the older ones, who have been for long in the system. And their wealth comes from newcomers entering the system. So, I may be missing something but it seems to match the ponzi definition 🤔
@00dani that's exactly what I think. The problem might not be with cryptocurrencies, but with the underlying system. Currencies, crypto or not, are just a tool for the underlying system, be it capitalism or something else
@bdubertret @00dani Capitalism makes Ponzi schemes possible, but what you’re describing there is just rentier capitalism - owning stuff (land, factories, businesses) lets you accumulate wealth by charging people to use it, which in turn lets you buy more stuff to rent out, and so on. But the foundation of it is actual things people need, unlike Ponzi schemes
@00dani the proper spelling is actually "cryptocurrenzy", which abbreviates to "ponzy" via "cryPtOcurreNZY".
@00dani just wondering, are you referring to the fact that a lot of cryptocurrencies are just scams, or do you think that all of them are scams?
@twinkle @SapphicGiraffic for the most part, i'd argue that cryptocurrencies are effectively ponzi schemes - bitcoin certainly is https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html
some particular cryptocurrency might work in a different way in terms of social engineering, making it a different kind of scam, i guess?
@00dani every so often I try my hand at architecting a new cryptocurrency system, since creating more egalitarian systems is what tech is for, but every time I come up with something I find it's just a clumsy patch for what would be better fixed at a legal level. Alas.
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