From c14199c8819ca51078ba2de6f020de0a1ca3f738 Mon Sep 17 00:00:00 2001 From: Gerald Bauer Date: Wed, 30 Dec 2020 23:31:22 +0100 Subject: [PATCH] Update Trolly_McTrollface.yml --- Trolly_McTrollface.yml | 48 ++++++++++++++++++++++++++++++++++++++++++ 1 file changed, 48 insertions(+) diff --git a/Trolly_McTrollface.yml b/Trolly_McTrollface.yml index 8373b24..c9d3e0d 100644 --- a/Trolly_McTrollface.yml +++ b/Trolly_McTrollface.yml @@ -171,3 +171,51 @@ 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/