54. Bitcoin and the Global Economy with Lyn Alden
The Bitcoin Standard Podcast
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Why I Don't View Bitcoin as a Ponzi Scheme
Some people have characterized Bitcoin as a Ponzi scheme because you're paying fees to miners. So basically this is this finite kind of closed network and that basically old investors being paid by new investors eventually it has to stop. And so based on that definition, I didn't view Bitcoin any different than those other non-cash flow producing assets that are held as stores of value. But we could have had say in an alternative universe, let's say Satoshi put all these pieces together in the same way. He just gave himself X number of coins first and then put it out there. Then he started five years later selling some of the coins that would have tainted the whole project.
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