I use cash much more than credit cards. I find it funny when I give cash to pay for something. The first reaction is disbelief. The person taking the payment is like, “Whoa, what is this?” Then they have no idea how to give out change. They fumble with trying to get it together to give to me. If they happen to forget to put the amount I gave them into the register correctly, they cannot even get the right amount to give me. Subtraction is a lost art. Then if I give them an amount where I want a specific kind of change back, it’s a separate circus. Say I give them a $50 bill and a $5 bill to pay for a $35 item, they usually try to give me the $5 bill back, like it was a mistake I gave it to them.

We already have a digital currency, it’s VISA, Mastercard, American Express, Discover, etc. like it or not, that is reality.

Here is another gem relating to this subject.

“Investors are shaken after the co-founder of a multi-billion dollar cryptocurrency protocol was accused of being a serial scammer with a record of conviction and deportation, and the co-founder of a fraudulent Canadian exchange that imploded.”

“Patryn, who changed his legal name twice, was the co-founder of QuadrigaCX, a Canadian exchange that shut down after Patryn's partner Gerald Cotten suddenly died in India in 2018 while owing users around $190 million in crypto at the time’s exchange rate. Patryn and Cotten reportedly parted ways in 2016. Later, investigators determined that Cotten was operating QuadrigaCX as a Ponzi scheme near the end of its life.”

https://www.vice.com/en/a...dster-investors-shaken

There have been an amazing amount of articles about the perils of crypto lately. I have also noticed that there are not many defending this stuff as there has been in the past.

transdogmifier

yaymz
It's hard to put faith in literal digits in space that aren't necessarily tied to anything tangible.  And there are other reasons as well, but it is just a matter of time before the bigger crypto's get hacked and confidence in all these cryptos comes down. 
 
Crypto dot com just had a $30mm hack yesterday where they were able to bypass 2FA security.  Just a matter of time before all the cards come down.   

I agree.....Crypto seems like a scam to me....but then again, our paper currency with nothin' to back it up seems that way too....to me....
 
 

The difference is that the United States economy supports the dollar. I understand that inflation and supply devalue it, but you can take it to a bank or some other place and get something for it. Can you do that with crypto? In some places, but I would expect those to dry up as soon as the price devalues a bit more as anyone who produces or sells good do not want their products proceeds to devalue to 25%. The dollar might do, what 2-3%, but inflation is more of the increased value of goods and services not really the devaluation of the dollar based on supply or manipulation.

Today there was another hack that stole $80 million in crypto.

https://www.theverge.com/...qubit-binance-ethereum

Looks another major hack this week. $320 million stolen. This stuff looks worse than a junk bond.

https://apple.news/ARBGDes9gSd-nMVdbcKivNQ

Crypto has been raked over the coals over the last 48 hours.   Bitcoin down about 25% in that time period.   Crypto exchange FTX looks like they may be headed towards bankruptcy.   
https://www.bloomberg.com/news/articles/2022-11-09/ftx-investors-told-that-without-more-capital-bankruptcy-likely?srnd=premium
 
Rumor/speculation on the internet is that FTX may have been playing around with money they shouldn't have been.  Could land some people in hot water, but we'll have to see what happens.
 
All this leads back to the OP's question of is Crypto a Ponzi scheme, and all signs seems to suggest yes (IMHO).
 
 
 

 
Yep, this thread was somewhat prescient. Bitcoin down to about US$16k now. 
 
Where does it go from here though? Massive regulation to make it more secure, or collapse into obscurity?
 

Nereus
 
Yep, this thread was somewhat prescient. Bitcoin down to about US$16k now. 
 
Where does it go from here though? Massive regulation to make it more secure, or collapse into obscurity?
 

Not sure if massive regulations would help it. Part of the problem is fear of an economic slowdown but really not sure if that is really happening. Not only do people fear Crypto crashing but it also has the problem of an exchange collapsing.

Answer to OPs question is yes.

Central banking, the fed, all of it is fake.
 
Gold is king.