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Update Trolly_McTrollface.yml
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geraldb authored Dec 30, 2020
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date: 2020-12-01
source: https://twitter.com/Tr0llyTr0llFace/status/1333835035758235655


- quote: |
The only way to pay out old Bitcoin investors is to get money from new investors.
The only difference with a genuine Ponzi scheme, is who pays the old investors.
It's not the "fraudsters", but exchanges. Neat!
date: 2020-12-30
source: http://www.tr0lly.com/bitcoin/bitcoin-is-not-a-literal-ponzi-scheme/

- quote: |
One argument against Bitcoin being a Ponzi scheme, is that there's no intent to deceive.
Really? You have thousands of Bitcoin "personalities" spewing out crap daily.
> I believe gold is sunsetting, whereas bitcoin is just starting.
>
> I believe the current (or what I call the legacy) system is broken.
> And bitcoin fixes this.
>
> -- Changpeng Zhao ("CZ Binance"), Bitcoin Billionaire, Binance Exchange Founder
date: 2020-12-30
source: http://www.tr0lly.com/bitcoin/bitcoin-is-not-a-literal-ponzi-scheme/

- quote: |
For the next three and a half years, block rewards will be worth 6.25 Bitcoins,
or around 200,000 USD at current prices.
Remember – there's one block reward every ten minutes, so that's $28M per day.
That's a lot of money, and a huge incentive for miners to buy new ASICs and run them, burning electricity.
[...]
In a perfect market equilibrium, the cost of mining Bitcoin is equal to the rewards.
It's never the exactly the case, but it's a good rule of thumb for evaluating how much it costs to run the network.
date: 2020-12-30
source: http://www.tr0lly.com/bitcoin/bitcoin-is-not-a-literal-ponzi-scheme/

- quote: |
Forget the meme that "Bitcoin transactions are cheap".
The true cost of a transaction isn't the "transaction fees" - those are indeed manageable,
a few dollars per transaction - but the cost of maintaining the network.
As the Bitcoin network currently processes around 300,000 transactions per day at a cost of $28M
(plus transaction fees), the true cost of one transaction is around $100.
date: 2020-12-30
source: http://www.tr0lly.com/bitcoin/bitcoin-is-not-a-literal-ponzi-scheme/

- quote: |
Over 200 cryptocurrency exchanges live off of trading fees.
Transaction fees and bid/ask spreads, multiplied x-fold when traders put on leverage,
stand for billions of dollars per year.
It's safe to assume that exchanges make more money than miners, as a whole.
date: 2020-12-30
source: http://www.tr0lly.com/bitcoin/bitcoin-is-not-a-literal-ponzi-scheme/

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