2013-11-29 Bitcoins: The Second Biggest Ponzi Scheme in History

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: kjlimo on November 30, 2013, 12:55:24 PM

So is he saying Bernie Madoff was the largest ponzi scheme? Is this a "fact?"

He's saying Social Security is the biggest ponzi scheme.

Quote

I hereby make a prediction: Bitcoins will go down in history as the most spectacular private Ponzi scheme in history. It will dwarf anything dreamed of by Bernard Madoff. (It will never rival Social Security, however.)

flynn

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You can tell the guy missed the bitcoin train.

kjlimo

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So is he saying Bernie Madoff was the largest ponzi scheme? Is this a "fact?"

Skelephtna

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Quote from: Tirapon on November 30, 2013, 07:49:12 AM

Quote from: cr1776 on November 30, 2013, 06:48:24 AM

I don't think he knows what the words Ponzi Scheme mean. Among other things.

I disagree. I think he has a very good understanding of ponzi schemes. Unfortunately, I don't think he has a very good understanding of Bitcoin.

Exactly what I thought when I read this.

Skelephtna

Mike Christ

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Quote from: LHB on November 30, 2013, 12:29:05 PM

the guy is a regular Nostradamus. From his Wiki.

Y2K catastrophe prediction

North predicted a Y2K catastrophe in print and online, and predicted that a Y2K date-rollover failure of the global Information Technology (IT) infrastructure would precipitate severe disruption and the complete collapse of the international economy, leaving American Christians to restore society following the collapse

He seems like a healthy, stable fellow.

LHB

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the guy is a regular Nostradamus. From his Wiki.

Y2K catastrophe prediction

North predicted a Y2K catastrophe in print and online, and predicted that a Y2K date-rollover failure of the global Information Technology (IT) infrastructure would precipitate severe disruption and the complete collapse of the international economy, leaving American Christians to restore society following the collapse

Gabi

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If you want to walk on water, get out of the boat

Critical? No, it is just a fail.

Buffer Overflow

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Quote

I hereby make a prediction: Bitcoins will go down in history as the most spectacular private Ponzi scheme in history.

Archived for future entertainment purposes. Cheesy

TTBit

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I am a fan of Gary North. Most of his articles are subscription based, so there is an incentive for him to write articles that get a rise out of readers.

2_Thumbs_Up

sr. member

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A lot of austrians will lose a lot of credibility because of Bitcoin. Bitcoin is pretty much the perfect money according to Austrian theory. It has all the properties that money need to a higher degree than all competition. Some austrians see this, but those that don't simple fail att applying their own theory to bitcoin. That's a shame.

Tirapon

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Quote from: TTBit on November 30, 2013, 08:51:35 AM

If I sell pizzas for $20 USD or $18 worth of bitcoins, who is the fool?

The guy who wrote that article.

TTBit

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If I sell pizzas for $20 USD or $18 worth of bitcoins, who is the fool?

Tirapon

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lol yeah, just means when you buy a $20 pizza, it cost you (20/1000)*$2 = $0.04 instead. Great incentive to spend your coins.

Spaceman_Spiff

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₪``Campaign Manager´´₪

easily debunked

"Nobody is going to be getting rid of an asset that has moved from $2 to $1,000 in one year in order to buy pizzas"

I have, so I know you lie. Next !

Tirapon

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Quote from: cr1776 on November 30, 2013, 06:48:24 AM

I don't think he knows what the words Ponzi Scheme mean. Among other things.

I disagree. I think he has a very good understanding of ponzi schemes. Unfortunately, I don't think he has a very good understanding of Bitcoin.

BitDreams

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He says:

"It will not increase the division of labor...

They will not use it in exchange...

Companies will not sell goods and services based on Bitcoins..."

neutrinox

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1MCKW9AkWj3aopC1aPegcZEf2fYNrhUQVf

I don't think he understands much about bitcoin.

He totally ignores the technical innovations in the bitcoin system. He also ignores bitcoins as a store of value.

cr1776

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I don't think he knows what the words Ponzi Scheme mean. Among other things.

Steveia

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Article very critical of Bitcoin:

http://www.garynorth.com/public/11828.cfm

Topic: 2013-11-29 Bitcoins: The Second Biggest Ponzi Scheme in History (Read 1393 times)