Oddbean new post about login | logout My normie friends who think Bitcoin is a ponzi are very lost in the fiat ponzi. I was until i was lucky enough to finally fall down the rabbit hole. How anyone thinks buying govt debt based on thin air is not the greatest ponzi of all time. The desperate attempts to balance the whole charade is a tragedy to watch.
🫡, “but it’s returning 5.5%”, 🤦♂️
It’s a ponzi
As they start buying their own debt we move into the “ponzi on crack” phase.
🍿🍿From the balcony.
In traditional finance no one talks about real returns only nominal. That’s how they make their money. An ROI of 5.5-11.5% in nominal terms looks good, but when inflation is running at +15% the real ROI is -5% Most people will never calculate that number. They don’t know they are swimming in water.