Lyn Alden - BITCOIN is Not a Ponzi Scheme

Lyn Alden has been on Youtube a lot recently.  I've watched all the videos.

Because I've finally gotten into Bitcoin, I am burying myself in information as I go.  Alden takes on one of the most common misconceptions about Bitcoin - that it is a Ponzi scheme.

Bitcoin is many things, but it isn't a Ponzi scheme.  It isn't guaranteed to succeed at this stage of its young life; it's been around only 12 years.  However, the criticism of it is mostly unfounded.  Not only that, the criticism of Bitcoin sounds ridiculous when you compare it to the fiat dollar.  Those slips of paper in your pocket, or the digits on your screen are about as 'solid' as thin air.

Also, you have no control over the dollar.  Someone can print and create as many dollars as he likes, but not you.  With Bitcoin no one can create more at any time - including you.

One of the things that got me to take a deep dive into Bitcoin was that every argument against it I thought of, I came up with the same argument for the fiat dollar.  "Fiat" = created on a whim by some entity.

Additionally, as I have watched the value of the dollar collapse courtesy of the Federal Reserve, I have watched Bitcoin rise in value.  Despite all of this, otherwise smart people seem to have an inability to see what I and others see as obvious.  

Here's Nassim Nicholas Taleb making an argument that could be made about any stock on the NYSE:

Notice the hedge 'at least for now'.  That's the tell.  Even Taleb is watching the price.  And what's with the COVID comment?  I've learned over the years that experts in one field can be cloddish and idiotic in others.  Taleb shows it here with that crack.

"Bitcoin was launched in the fairest way possible.

Satoshi first showed others how to do it with the white paper in an academic sense, and then did it himself months later, and anyone could begin mining along­side him within the first days as some early adopters did. Satoshi then distrib­uted the devel­op­ment of the software to others and disap­peared, rather than continue to promote it as a charis­matic leader, and so far has never cashed out.

From the begin­ning, Bitcoin has remained an open source and fully trans­parent project, and has the most organic growth trajec­tory of the industry. Given avail­able infor­ma­tion, the market has priced it as it sees fit, out in the open."

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