But no, that's not the same. If the owners of a stock received a fee when somebody used the company's product, that wouldn't be a "ponzi". It lacks the key element that earlier investors are paid via the investments of future investors. That's just not what happens on Ethereum.
I am, because it's true. For example I own a lot of Ethereum and didn't pay any transaction fees to obtain it. Most ETH transactions work this way because they happen on centralized exchanges.
>Most ETH transactions work this way because they happen on centralized exchanges.
Well then what does Ethereum do actually? And why exactly can't those centralized transactions be denominated in "Coinbase points" without all the crazy "Proof-of" code?
Because if Coinbase did that, nobody would use them, but people do use Ethereum.
Btw, Binance has done this with BNB and their USD stable coin, and they are top ranked coins by market cap, so in fact sometimes it is the case that having a highly centralized and liquid coin backed by a major player is good enough.
>Because if Coinbase did that, nobody would use them, but people do use Ethereum.
And that doesn't feel anything like a ponzi scheme to you? Because, again, as you state, people are not using Ethereum (that would require paying fees to old investors) they are buying it (in hopes that they aren't too late to become an old investor themselves).
Or are you literally saying that the value of ETH is that "Aesthetically, it's nicer to see 'ETH' at the end of an account balance than it is to see 'USD'"?
People are using Ethereum, they are paying transaction fees to use it. Those fees mostly do not go to stakers, they are mostly burned. Even if that weren't the case, it's not even close to a ponzi because the stakers aren't paid out by future stakers, they are paid out by diluting everyone and via fees for usage.
Also to address your second point, I'm not saying that, but that would not make it a ponzi at all. Art has this property, art isn't a ponzi.
> People are using Ethereum, they are paying transaction fees to use it. Those fees mostly do not go to stakers
Why exactly are people staking then? How are they being rewarded for slashing risk? Who do you think gets the gas fees? You know ETH2 still has them, right?
> the stakers aren't paid out by future stakers, they are paid out by diluting everyone and via fees for usage.
Again, you’re absolutely misinformed here, but aren’t crypto maximalists supposed to be all about how bad inflation in fiat is? Or is that old news?
> Also to address your second point, I'm not saying that, but that would not make it a ponzi at all. Art has this property, art isn't a ponzi.
You’re the one who said “most ethereal is bought on centralized exchanges”! You can’t have it both ways.
The people paying a fee are not investors. This is like saying the grocery store is a ponzi because customers pay the shop owner, who was an early investor.
The people paying a fee do not expect to make a profit off of holding ethereum. (Some of them do, but that's a coincidence in the same way that a shop owner might shop at their own store).
