Main navigation

Ripple CTO Gives His Answer to 'Bitcoin (BTC) Is Ponzi' Thesis

Sun, 10/12/2023 - 13:17
Ripple CTO Gives His Answer to 'Bitcoin (BTC) Is Ponzi' Thesis
Cover image via
Read U.TODAY on
Google News

In a recent online exchange, comedian and conspiracy theorist Owen Benjamin labeled Bitcoin as a "decentralized Ponzi scheme," sparking a debate on its true nature. Benjamin argued that Bitcoin's decentralized structure allows the media to manipulate its value for profit.


In response, Saifedean Ammous, author of The Bitcoin Standard, disagreed with Benjamin, stating that the dollar succeeds despite inflation, and Bitcoin's popularity is due to its scarcity, making it a superior store of value.

Bitcoin (BTC) Below $25,000: Chances Revealed by Seasoned Trader

Ripple CTO David Schwartz contributed another perspective, questioning whether people understand that the anticipation of a declining dollar value incentivizes spending. Schwartz's thesis suggests that the knowledge of a currency's future depreciation may impact consumer behavior, encouraging spending as individuals seek to utilize their money before its value diminishes.

This debate continued with followers expressing diverse opinions. Some argued against the necessity of inflation for economic prosperity, while others highlighted the psychological impact of knowing that the value of a currency diminishes over time, encouraging spending.

XRP Ledger Architect Reacts to Shocking Actions of SEC

The focus of the discussion centers on Schwartz's query about the impact of a depreciating dollar on spending behavior.

As the cryptocurrency debate unfolds, different perspectives add complexity to the discussion, prompting further exploration of the psychological and economic factors influencing individuals' choices in the realm of decentralized currencies.


Latest Press Releases

ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
Our social media
There's a lot to see there, too

Popular articles