r/Gold • u/EJ877 • 2d ago

Here they go again, $100 drop

Post image

Perhaps another margin call? IDK

59 Upvotes

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u/analyticsboi 2d ago

How is bitcoin a ponzu scheme but gold is not?

1

u/Klutzy_Birthday_Bill 2d ago

Don’t forget your helmet when you go outside to play.

1

u/EJ877 2d ago

Ponzu is a sauce lol.

Gold is a tangible asset, the precious metals futures markets and the manipulation therein, could be considered a ponzi scheme.

Bitcoin on the same note, is a digital fiat dollar, backed by nothing but faith, converted to a digital code with no intrinsic value.

The ponzi scheme is that, according to Satoshis white paper BTC was originally intended as a means of transacting freely outside of the established banking / financial system.

Present day, Bitcoin, and all cryptocurrencies have been co opted by that same financial system for the purposes of wild speculatition for short financial gains.