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Topic: 2013-04-07 SeekingAlpha.com "Bitcoin: Buyer Beware, This Is A Classic Bubble..." (Read 1072 times)

legendary
Activity: 1358
Merit: 1000
how most ponzi's succeed is hard to believe, the fact is some are transparent and obviously BS, normally its a very savvy entrepreneur

virgin airway's had the potential to become a ponzi imo even though it had a a working business model, the fact that when a business does start to succeed the need to propagate lies to make profits is abolished

also i have seen some products intended for sale to the mass market in my professional opinion are worthy products but their competition manage to paint them as a fake product

which in turn confuses the user as well, the product is then shunned by the mainstream and anyone providing capital sees it go up in smoke  

bitcoin has flaws though the concept is sound and will likely continue even if it takes a few turns to become solvent

even with fiat if someone is rich you need to question where they made the money if they cant answer that they obviously made it illegally

same thing goes with fake resumes many many people these days are turning to fake resumes id say the proportion of fake resumes is higher than real ones

maybe i need to add on my next resume that i worked for Microsoft for 10 years and Bill Gates is my Uncle  Cheesy actually i think Bitcoin Central Bank President will do just fine  Wink
legendary
Activity: 1624
Merit: 1021
It's hard to even know what parts to quote. The whole thing is full of gems.  Cheesy

Requesting a new subforum for misleading and inaccurate news articles.
legendary
Activity: 1386
Merit: 1002
Thanks for saving me the time.

FFS...
sr. member
Activity: 343
Merit: 250
Bitcoin: Buyer Beware, This Is A Classic Bubble And Possible Fraud

http://seekingalpha.com/article/1325271-bitcoin-buyer-beware-this-is-a-classic-bubble-and-possible-fraud?source=google_news

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Has anyone ever bothered to understand what a "bitcoin" is before buying into this concept? It has every marking of a fraud. Believe it or not, people don't even know who created the bitcoin, or who is behind it. The whole concept was created by a pseudonymous person or group named Satoshi Nakamoto. And it only gets worse from there.

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Sorry about the linking to a Wiki, but because of the secrecy of this bitcoin, there aren't a lot of credible sources.

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This literally could be the ultimate Ponzi scheme, only this time Ponzi is hidden behind a collective network of computers. Gold can work as a currency because it is inelastic. You simply can't print gold out of thin air. That is not true for a bitcoin. A hacker can "print" as many bitcoins as there are electrons in a blink of an eye.

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That is the perfect system to sucker people in, then dump a supply of new bitcoins on the market and quickly shut the whole system down and vanish before anyone can say Bernie Madoff three times.

It's hard to even know what parts to quote. The whole thing is full of gems.  Cheesy
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