ETH Reddit Mentions | ChartExchange

Hey what’s up, I’m glad you commented because I can share some information and knowledge that hopefully you’ll find informative. I’ll try my best to explain all of your questions and doubts to the best of my ability.
1.) No bitcoin is not a Ponzi
A lot of people think of Bitcoin as a Ponzi or a pyramid scheme. And I see why people can think that because there are a lot of cryptos that’s ARE scams. Bitcoin however does not fall under that category. Ponzi by definition is a fraudulent investment where the person in charge pays the returns to older investors using money from new investors. Ponzis also guarantees profits. Bitcoin doesn’t have either of these things. Bitcoin doesn’t have any leader matter fact. It’s decentralized meaning there is no CEO, no leader or no government. No one is in charge of Bitcoin as a whole. Bitcoin also doesn’t offer ANY type of guaranteed profits. The creator, Satoshi Nakamoto, said in his own words “ if you don’t understand it, I don’t have time to explain it to you I’m sorry”. He doesn’t care if you invest in it or not. And yes he is the creator but he doesn’t run or control Bitcoin whatsoever since it’s decentralized. Also Ponzi schemes fail. Bitcoin has been running for about 17 years 24/7 perfectly despite the numerous amounts of attacks and people attempting to break it. It can’t be hacked or broken because of the SHA-264 Bit security. The same security the governments and your banks use.
2.) Utilization
Bitcoins adoption sits around 5% globally as of right now. There isn’t many places or people seen using bitcoin… atleast near you. If you try to tell countries like El Salvador, India, Nigeria, Vietnam, Philippines, etc ( the list goes on ) that Bitcoin is useless, you are going to be heavily mistaken. Bitcoin isn’t just in the US, it’s world wide. Available to anyone, anywhere. Even in the us, there are multiple places accepting bitcoin as a form of currency. All the countries I mentioned use it as a form of digital payment daily. Even 5 years ago. There was no treasury reserve or ETFS. Now there is a specific treasury reserve for bitcoin, Bitcoin etfs, more businesses accepting bitcoin as a form of payment, etc. So yes Bitcoin isn’t just this digital coin. It was created to be MONEY because our money is broken, and it’s being used as MONEY everyday. Just not right in your sight.
3.) It’s used by criminals
Okay, so is cash. Matter fact did you know crypto made up 1% of use for criminal activities and cash being 99%? Cash is completely anonymous, Bitcoin isn’t. Every bitcoin transaction is on a public ledger where anyone can access it for free whenever they want as long as they have internet. All transactions with bitcoin is available to the public, it just hides your identity. That’s actually how people using it in the black market got caught, because they thought it was anonymous. Until the government realized every transaction was documented on the public ledger. Leading them to find out where bitcoin went and tracking down criminals. Just because someone uses a knife to hurt someone, does that mean the knife is a tool specifically used to harm others? No, it’s a tool widely used to cook and be able to cut items more efficiently. It’s not bitcoin itself that’s bad, it’s the people who decide how they want to use it is. Anyone has the free will to use and do things with anything, that doesn’t make the product or service bad just because a person decided to use it for bad.
4.) Early Investors
Ofc if you are early to something, you get rewarded bigger. If you bought Amazon, Apple or Nvidia when they were worth $1, are they a pyramid/ponzi? No, these are investors who saw and believed in the company and took that risk to invest. They accepted the high risk and got high rewards for their choices. Same thing with bitcoin. The people that got rich simply saw what it was before anyone else did and they took and accepted that risk when it was in the early stages. Higher risk, higher reward.
5.) Hope
Bitcoin is really a mathematically and fundamentally sound version of money. Of what money should and wants to be. But for future outlooks, yes ofc you have to have hope. No one can guarantee the future. When you invest in a stock. You put money in a company that has a hopeful future with where they are going. For example, Google. Google is always going to be around and will always be. When you invest you are hoping they will grow as a company. Same thing with bitcoin. You are hoping because of the mathematical evidence and formula and where the fiat currency system is leading to. The USD is failing and we are in 40 trillion dollars in debt. A system designed to be printed whenever causing more inflation and debt. So when you look at Bitcoin, you aren’t just investing that the prices goes up and down. You are investing in a currency that you have 100% ownership and freedom with no centralization. You are hoping for a future when everything collapses ( which the fiat system is inevitable to collapse due to extreme hyper inflation ) you are protected. It’s a way to protect yourself from a depreciating currency. And for me, I would rather go down with the ship ( which it won’t and it’s mathematically impossible for it to reach $0 due to lost coins and the Bitcoin community conviction and thesis ) than living in a system where it was designed for people, especially the younger generation, to suffer. I would rather resist and fight back for my freedom and knowing my wealth will grow and be secure.
6.) Bitcoins history and Price fluctuations
I find it funny that people who invest into VOO, QQQ, and these index funds say zoom out and look at the charts look at bitcoins and still think it’s a scam. Bitcoin went from cents to thousands of dollars. That shows adoption and how much people think it holds value. Yes it’s down but if you zoom out, we are still WAYYY up. It’s also because it’s not globally adopted as of yet. Volatility is the price you pay because it’s not widely adopted yet. As time goes on and adoption grows, which it will and does every year, it becomes less and less volatile and will become more stable. Anytime there is a revolutionary change or tech, there’s always doubt at first until it becomes irresistible. Think of Bitcoin as a protocol, because it is. Just like how the internet is a protocol. Anyone can build a better internet but no one is going to just leave the internet we have now for a new one when people have spent time and energy on the one we have rn and embedded itself into society. It’s like trying to tell a life time apple phone user to switch to a Samsung. Bitcoin is a protocol because it was the first and is the most secure and also has been the longest one. Multiple people have tried to recreate a better and faster version of bitcoin but look, it all failed. Its competitor is ETH and the competitive difference between BTC and ETH is drastically not even close.
I know this was a lot but I wanted to help you somewhat understand why Bitcoin isn’t just a get rich scheme. But built for real world uses and hold real value and requires real time and energy, such as PoW ( proof of work ) to mine and isn’t just this number you get out of thin air. There are hundreds and thousands of nodes world wide keeping bitcoin alive and always improving. Bitcoin isn’t just a coin, it’s money that is fundamentally sound backed by real time and energy with rules that won’t ever break. Such as the strict 21 million supply and 100% decentralization.
There is a lot to learn about bitcoin. It requires a paradigm shift. Meaning you have to be open to look and understand and view things from a different lens. This requires you to change how you previously thought and do things and accepting to learn and understand how things might work differently than you thought. A lot of people view the world in the lens they were born with. Just like a camera, the lens is interchangeable. Once you change and have the open mindset, you’ll learn not just about bitcoin. But more about your life and yourself than you thought you knew. Money isn’t wealth, knowledge is. Grow your knowledge and the money will follow.
Hopefully this read was helpful in some sense and helped you understand a bit more about what Bitcoin is. I can’t type out nor do I want to because there is so much information that I can’t explain everything through texts. But there is a reason why a lot of the smartest people in the world accept and believe in Bitcoin. Because the end in inevitable for Fiat

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