This article would be a typical LOL moment, except that the average person (meaning 98% of the population) probably believes the same thing, having no knowledge of financial matters.
Once I explained to some guy: "Did you know it takes 5 to 6 days for a wire transfer to clear AND the details of your transaction (including your personal address and the address of the recipient and both account numbers) become the common knowledge of every government in the world? A bitcoin transfer takes 10 minutes and is more or less anonymous."
He was like "so what?"
The average person does not understand the relationship between time and money so they don't realize the value and think virtual currency is some kind of "scam".
The irony of the situation is that the typical poverty stricken guatemalan "guest worker" actually understands bitcoins better than a middle class American. After you have been trying to transfer money to Guatelmala every week for 10 years, you start to see the benefits of something like Bitcoin.
Topic: [2014-02-15] NY Post - Welcome to 21st-century Ponzi scheme: Bitcoin (Read 1660 times)
February 17, 2014, 07:20:24 PM
February 17, 2014, 11:45:29 AM
I just don't understand how this guy thinks that Bitcoin is a Ponzi scheme.
It's nothing like it at all.
Ponzi schemes require you gather investments from individuals to pay off other individuals investments and so on.
BTC doesn't do that. Hell you can get involved in it without spending a dime of real money. People truly are stupid.
It's nothing like it at all.
Ponzi schemes require you gather investments from individuals to pay off other individuals investments and so on.
BTC doesn't do that. Hell you can get involved in it without spending a dime of real money. People truly are stupid.
February 17, 2014, 08:25:19 AM
I like how they use only the Gox price in the article. 
Quote
Today it stands at $350. All is not well: Bitcoin, the anarchist currency used by drug dealers and other illicit sorts, has fallen into, um, bits and pieces.
yeah, alot of articles do this. stupid.
February 17, 2014, 07:40:17 AM
I would love to hit someone like that in his/her face. It's pure bullshit, like always. I am getting sick of the media.
Then tell him at https://twitter.com/JonathonTrugmanI look forward to the day when these numbnuts rely on BTC micropayments for their articles
February 17, 2014, 07:24:35 AM
I would love to hit someone like that in his/her face. It's pure bullshit, like always. I am getting sick of the media.
February 17, 2014, 07:22:50 AM
When viewing these kind of articles, one can only draw from three possible conclusions:
a) The man is an idiot who has completely failed to research and understand what Bitcoin/bitcoin are.
b) He has done his homework, but has decided the truth does not match his objectives, so is engaging in deliberate FUD for his own gain.
c) We have all done our homework, and got it wrong!
You can always feed back to him at https://twitter.com/JonathonTrugman
a) The man is an idiot who has completely failed to research and understand what Bitcoin/bitcoin are.
b) He has done his homework, but has decided the truth does not match his objectives, so is engaging in deliberate FUD for his own gain.
c) We have all done our homework, and got it wrong!
You can always feed back to him at https://twitter.com/JonathonTrugman
February 16, 2014, 10:07:40 AM
Another clueless reporter trying to fabricate a story to bring in more readers. To bad they are afraid to allow reader comments.
I'm sure they know what to expect writing this crap.
February 16, 2014, 07:35:49 AM
Quote
What’s the key to the perfect pump-and-dump Ponzi scheme?
Well, that's an easy question to answer. The key to the the perfect pump-and-dump Ponzi scheme is to not know how to use a dictionary. They even start the same letter, for crying out loud! 
February 16, 2014, 03:00:23 AM
Another clueless reporter trying to fabricate a story to bring in more readers. To bad they are afraid to allow reader comments.
The best thing about people like this is you'll find if they do have a comments page if they never read them they always disable them, especially if they know what they say is going to stir up a gigantic shit storm on the internet, you see this a lot with the big media companies like the BBC who are trying to maintain their appearance, having ordinary people disagree with them on the internet and proving them wrong would be bad for their business of social engineering.
I see they've also used the same trick in this article.
February 16, 2014, 02:38:14 AM
A ponzi scheme requires continuous new comers to sustain the scheme. Even if Bitcoin had no new comers, the economy would still exist and not collapse.
February 16, 2014, 12:35:34 AM
I like how they use only the Gox price in the article.
Quote
Today it stands at $350. All is not well: Bitcoin, the anarchist currency used by drug dealers and other illicit sorts, has fallen into, um, bits and pieces.
Shows how clueless he is and how little research was done by using mtgox as his reference. We all know what problems mtgox has had. Lol...bitcoin is at $650 right now.
February 15, 2014, 10:57:21 PM
I like how they use only the Gox price in the article.
It's somewhat entertaining to watch MtGox. There is no liquidity. A mere 3k BTC just moved the price by $200. You have to wonder if someone is doing that just so they can write about how volatile bitcoin is.
February 15, 2014, 09:59:25 PM
I like how they use only the Gox price in the article.
Quote
Today it stands at $350. All is not well: Bitcoin, the anarchist currency used by drug dealers and other illicit sorts, has fallen into, um, bits and pieces.
February 15, 2014, 09:17:32 PM
Trugman... Krugman... Hmm. Twins separated at birth? They sure sound alike.
Watch out for journalists with an agenda - Just ask Patrick Byrne at overstock.com about Gary Weiss, the exposed so-called 'journalist':
http://www.deepcapture.com/gary-weiss-scaramouch-psychopath/
Watch out for journalists with an agenda - Just ask Patrick Byrne at overstock.com about Gary Weiss, the exposed so-called 'journalist':
http://www.deepcapture.com/gary-weiss-scaramouch-psychopath/
February 15, 2014, 08:40:38 PM
Again?
He wrote the almost exact same article a little while back. Probably got him a lot of clicks.
http://nypost.com/2013/12/28/bitcoin-a-modern-day-3-card-monte/
He wrote the almost exact same article a little while back. Probably got him a lot of clicks.
http://nypost.com/2013/12/28/bitcoin-a-modern-day-3-card-monte/
February 15, 2014, 08:35:12 PM
Another clueless reporter trying to fabricate a story to bring in more readers. To bad they are afraid to allow reader comments.
February 15, 2014, 08:27:58 PM
By Jonathon M. Trugman February 15, 2014 | 5:08pm
http://nypost.com/2014/02/15/welcome-to-21st-century-ponzi-scheme-bitcoin/
This should get some interesting comments. Who is this guy ?
http://nypost.com/2014/02/15/welcome-to-21st-century-ponzi-scheme-bitcoin/
This should get some interesting comments. Who is this guy ?
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