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crypto is short for "cryptography"

if you want a shorter word for "cryptocurrency", the word you are looking for is "ponzi"

@00dani that's what the crypto in cryptocurrency stands for

doctors don't want you to know this

@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 Good luck living without them. At the time of the revolution in Russia, the Bolsheviks tried to abolish currency for being evil capitalist. It didn't take long for several currencies to develop spontaneously. Eventually they used their own currency.

@tzafrir @00dani I'm not saying there should be no currency. Just saying the ponzi part of cryptocurrencies is not due to the currency itself, but rather on the way the (capitalist) system works. After all, bitcoin valuation in dollars has nothing to do with bitcoin itself

@bdubertret @00dani indeed, plus its just bits of paper. Its not backed by anything and its easy to make more.

@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 disagree. The word I'm looking for is woooOOOOOOOO0000000HAAAAAaaaaaa!!!!!1111

@chidgey @rysiek because it's been a more successful ponzi scheme than his own?

@00dani @chidgey it's not even a single ponzi scheme. It's a ponzi scheme of ponzi schemes.

If we want to be fancy we could probably create a *blockchain* of ponzi schemes!

@Armageddon @00dani
La même chose que Ponzi promettait aux voitures de ses clients (rien, parce que ça n'a aucun rapport)

@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?

@SapphicGiraffic @00dani i can respect that, but i still wanna point out that it's *at least* not ponzi. it's just.. totally the opposite of how it works.

@twinkle @SapphicGiraffic for the most part, i'd argue that cryptocurrencies are effectively ponzi schemes - bitcoin certainly is ic.unicamp.br/~stolfi/bitcoin/

some particular cryptocurrency might work in a different way in terms of social engineering, making it a different kind of scam, i guess? :blobcatgooglyshrug:

@00dani
If you look around for the greatest ponzi you'll find the government backed money system. 😈

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