Some crypto-tokens will be total scams, if not all of them in the long run - so failure is guaranteed.
Just for the sake of some giggles, I am going to assume that Ann is correct about bitcoin and that bitcoin is a Ponzi scheme. In general, I believe that all crypto-tokens may end up being Ponzi schemes and we won't know for quite some time whether these will actually work out - rather the community is one giant experiment (which is why you should expect full loss). So, we'll go with Ann's assertion. We should consider some facts about ole' Annie:
- She thinks gold is a Ponzi scheme. No really, she does! Gold - a currency for over 6,000 year - is a Ponzi scheme? Wow! Now look ole' Annie: I get that you're old. I mean, you're very old. But gold is actually older than you. And gold has been used as a currency longer than you've been alive by tens of multiples.
- Ole' Annie is:
Analyst of the global financial system and director of Policy Research in Macroeconomics. http://www.primeeconomics.org
It's almost as if this person is the competitor to financial systems that have integrity and don't favor insiders. Could ole' Annie dislike gold and bitcoin because ... she doesn't benefit from them? We don't know! However with all the rampant fraud in the mainstream financial system - from taxpayer bailouts and bail-ins - I'd suggest ole' Annie stick with criticizing the system that she's a part of. Listen ole' Annie: you can never stop writing about how much fraud there is in that system. Also, bitcoin came into existence because of all that fraud, so if you'd fix your own system, bitcoin could cease to exist (assuming you could earn that trust again).
- Look ole' Annie: we don't trust you. You are a face of the establishment and we've caught the establishment multiple times doing immoral things (bail-outs and bail-ins), lying to us ("the stupidity of the American voter"), and the list goes on and on and on. If you want to see fraud, look at the establishment.
- Suppose that bitcoin is a Ponzi scheme and I lose all of my investment. How much money will the taxpayers have to pay to bail me out? Zero! Funny story, when your system is wrong, we all have to pay even if we don't want to be a part of it. Bitcoin may be a Ponzi, but your system is a tyranny.
- Finally, you say that money needs to grow and grow and grow and should not have limits. I'm reminded of something I hear a lot, which is also true about the view of greed vs. discipline (and you can guess which of these two we value):
The difference between stupidity and genius is that genius has limits.
So here's some advice for you ole' Annie: shut up about gold and bitcoin and fix your own system. Something tells me you won't.