Bitcoin and Ponzi Schemes - People are confused.

inthelongrun

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Quote from: Fivestar4everMVP on March 19, 2023, 04:21:03 PM

Misconceptions everywhere, misinformation is one the things that have discouraged many out there from investing in bitcoin, and I must commend OP for reaching out to them to correct their erroneous assumptions, it is actually very annoying when misinformation like this come from people the society look up to to pass accurate information to them, this goes a long way to prove that indeed, no man is an island of knowledge, no matter how educated that person is, there must be something somewhere he or she doesn't know, or have the wrong information about.

I just realized that those relatives of mine that told me a few years ago that I was lucky to have an online business might think bitcoin is like a Ponzi scheme that gives rewards to its investors regularly. They knew that I am into crypto trading, particularly on bitcoin. It was annoying because I tried to explain to them several times that I don't have a business and trading is like 50/50 and does not guarantee profit like the traditional business scheme. Yet after a few weeks when I met them again, they will tell me that I have an online business.

mendace

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Quote from: deathcode on March 21, 2023, 02:01:48 PM

I really think that dissemination through the media is one of the most effective ways to spread education and understanding about Bitcoin and reach the wider community.
But unfortunately, as long as the government in a country doesn't regulated Bitcoin or doesn't support Bitcoin, I think we won't be able to disseminate education about Bitcoin on TV, magazines or even radio. I don't think it can be used as a dissemination of Bitcoin education because all of their programs will be subject to the rules in force by the government of that country.
It's a different story if their government has regulated or even legalized Bitcoin, of course it will be easier to spread Bitcoin education through TV, magazines and radio media. Maybe they can even make a special tv show to provide understanding and education about Bitcoin to educate the citizens of their country.

Why would you use conventional means like print or TV to reach the masses? Did you know that great revolutions start quietly from the bottom up? We are lucky enough to live in this century where information runs fast, there are platforms like YouTube or even better in my opinion to use podcasts, the important thing is that influential people start talking, you don't need state approval.

deathcode

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Quote from: sulendra12 on March 21, 2023, 06:52:02 AM

Mainstream medias in TV/Magazines/Radio are one of the reasons the information is spreading really fast so need to make more educations about Bitcoin so people stop looking at one side only but they have to know about the good use of Bitcoin and they probably don't even realize that they have been using the technology behind Bitcoin for their entire life.

I really think that dissemination through the media is one of the most effective ways to spread education and understanding about Bitcoin and reach the wider community.
But unfortunately, as long as the government in a country doesn't regulated Bitcoin or doesn't support Bitcoin, I think we won't be able to disseminate education about Bitcoin on TV, magazines or even radio. I don't think it can be used as a dissemination of Bitcoin education because all of their programs will be subject to the rules in force by the government of that country.
It's a different story if their government has regulated or even legalized Bitcoin, of course it will be easier to spread Bitcoin education through TV, magazines and radio media. Maybe they can even make a special tv show to provide understanding and education about Bitcoin to educate the citizens of their country.

sulendra12

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Quote from: Kakmakr on March 09, 2023, 12:38:57 AM

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

It's actually important, most of the mainstream medias just look at Bitcoin because they think Bitcoin is being used just for crimes and bad things, but once the price rose up like several times in past few years, they start to search about Bitcoin and stated that it's a great idea to invest now. How ironic is the media nowadays?

Mainstream medias in TV/Magazines/Radio are one of the reasons the information is spreading really fast so need to make more educations about Bitcoin so people stop looking at one side only but they have to know about the good use of Bitcoin and they probably don't even realize that they have been using the technology behind Bitcoin for their entire life.

LSDadventure

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Quote from: pixie85 on March 20, 2023, 07:12:56 PM

That's because they don't understand what a ponzi scheme is.

That's because they don't know Ponzi scheme appeared long before Bitcoin Genesis block in 2009.

They can not say a late comer (Bitcoin) is a reason of an early comer (Ponzi scheme). If they said so, it's a broken logic in their thinking flow.

pixie85

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Quote from: hannahB4 on March 19, 2023, 04:10:25 PM

Apart from making a payment with bitcoin for the Ponzi scheme, some people have the mentality that bitcoin itself is a Ponzi scheme, they believed once you are dealing with it online it doesn't differ from it I laughed sometimes hearing something about this, and I do correct the notion about it to give more clarity to them

That's because they don't understand what a ponzi scheme is.

We're in a situation where people who don't know anything about bitcoin suddenly have an opinion but note that this is a normal thing. Most men act like they know how to fix a car and when they come to a mechanic they always talk like they know what's wrong and the mechanic gets annoyed.

When you're in a business for years you know that someone is boasting when they really have no clue. It's the same with us bitcoiners when someone talks shit in TV or writes a stupid article we get angry. Relax, it's normal. You just can't convince everybody.

Ebede

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Quote from: Pokapoka124 on March 09, 2023, 03:22:15 AM

Scammers also use fiat as a payment option. Kidnappers and terrorist demand wire transfers to offshore accounts and in some cases physical cash. This has been the modus operandi for many years, I’m yet to hear the media condemn fiat or someone in big media say “oh if it weren’t for the banks and fiat all these crimes wouldn’t be happening.“ That would be dumb, wouldn’t it?

I will say this your point is not legit because does come out and does kidnappers you mentioned cannot use with current as a point of payment but scammers who allocated can use bitcoin as a bunch of payment because they are customers before now when bitcoin was introduced newly many people who are scammers do use bitcoin to scam people so that is one of the things that scammers to and back causes people to be afraid of Bitcoin

ancafe

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Quote from: Maxre on March 20, 2023, 01:37:55 AM

From 2009 to till now Bitcoin has seen many big frauds and also billions of dollars of scams in every aspect where people have lost too much money and that's why control your money by your own and that's the only to save your Money too and I am always careful too.

Describing bitcoin as fraud is wrong, in practice it is not bitcoin who do it but individuals or groups. That's why bitcoin is different from a ponzi scheme, you can trade yourself with the money you have and the profit will be according to the way you invest in bitcoin, although the technical investment varies and depends on how to see the potential market conditions for trading

While ponzi schemes carry a much higher level of risk, you will be relying on a second or third party to make the investment and ponzi schemes are generally run without transparency. I agree to avoid scams and losses you have to control your money and know how to invest before you start.

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Quote from: Kakmakr on March 09, 2023, 12:38:57 AM

I watch a popular breakfast show every morning and they always have a section where they talk about money matters. Yesterday, they talked about Crypto currencies and the guest mentioned several Ponzi schemes where Bitcoin was used as a payment option.

These Ponzi schemes collapsed and according to him ....many people lost money in Bitcoin. They have a WhatsApp group for the program and I immediately corrected that statement, because people did not lose money in Bitcoin.... they lost money in a Ponzi scheme that used Bitcoin as a payment option.

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

I can agree with you mate in every aspect because as we all know that Bitcoin is much more decentralized and there are no any kind restrictions to it and thus same way it is used by the Illegal people for money laundering, ponzi schemes and also other such big scams and thus it's not good for the normal people.
From 2009 to till now Bitcoin has seen many big frauds and also billions of dollars of scams in every aspect where people have lost too much money and that's why control your money by your own and that's the only to save your Money too and I am always careful too.

tread93

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Quote from: Kakmakr on March 09, 2023, 12:38:57 AM

I watch a popular breakfast show every morning and they always have a section where they talk about money matters. Yesterday, they talked about Crypto currencies and the guest mentioned several Ponzi schemes where Bitcoin was used as a payment option.

These Ponzi schemes collapsed and according to him ....many people lost money in Bitcoin. They have a WhatsApp group for the program and I immediately corrected that statement, because people did not lose money in Bitcoin.... they lost money in a Ponzi scheme that used Bitcoin as a payment option.

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

Agreed, BTC takes the blows to the uneducated. It was and is certainly used to carry out many schemes, but arguably so is USD and every other form of currency pretty much, and those deal types in cold hard cash aren't able to be tracked. Bitcoin leaves a bit trail! I mean there are ways to be more anonymous though mixers and the likes but there is always a way to trace back, correct me if I'm wrong here.

Fivestar4everMVP

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Misconceptions everywhere, misinformation is one the things that have discouraged many out there from investing in bitcoin, and I must commend OP for reaching out to them to correct their erroneous assumptions, it is actually very annoying when misinformation like this come from people the society look up to to pass accurate information to them, this goes a long way to prove that indeed, no man is an island of knowledge, no matter how educated that person is, there must be something somewhere he or she doesn't know, or have the wrong information about.

hannahB4

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Apart from making a payment with bitcoin for the Ponzi scheme, some people have the mentality that bitcoin itself is a Ponzi scheme, they believed once you are dealing with it online it doesn't differ from it I laughed sometimes hearing something about this, and I do correct the notion about it to give more clarity to them

Farma

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Quote from: romero121 on March 16, 2023, 05:48:14 PM

Well, OP have done a great work. Not everyone does it. Bitcoin at the beginning days were much used on gambling and for illegal transactions. This itself a negative discussion on bitcoin. Later the same bitcoin have grown good and had been used for investment, transaction, trading needs. People should understand the difference between the ponzi schemes and real potential of bitcoin compared to other cryptocurrencies available for usage.

Yes you're right. The OP actually did a pretty good job of justifying their statement and giving them an education. it's quite funny when a place goes bankrupt or is a scam, then highlights its payment alternative as the source of the scam. however, they need to learn more to provide accurate information to the public because it could negatively affect their own shows. I think a lot of people would realize that if they understood crypto, and they would embarrass themselves.

DapanasFruit

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Quote from: imamusma on March 16, 2023, 11:08:22 AM

Bitcoin is already 14 years old now, for me bitcoin is no longer relatively young to be known. In fact, you are very likely to find that most countries are familiar with bitcoin even if their governments don't want to adopt it as currency. It's just that some people lack experience in recognizing the characteristics of a ponzi scheme because of their ignorance. This is why ponzi schemes still work in some places.

Greed and the lure of high returns have led some victims to lose money, but it doesn't make much sense to me when they blame bitcoin as in the recent case regarding the mixer.

Compared to the many currencies used by many countries, Bitcoin can still be considered as relatively young as some of them can be existing for hundreds of years. And if you don't mind, when you were just 14 years old am sure people still look at you at that time as a young boy, right? Even a man at 20 can still be considered as a young man. We can also google on how old is the USA dollar. Surely 14 years is a short period in history even in the world of finance and money especially if we are going to talk on financial institutions.

BADecker

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Quote from: romero121 on March 16, 2023, 05:48:14 PM

Quote from: Dr.Bitcoin_Strange on March 16, 2023, 04:31:53 PM

This sort of ponzi scheme is mostly what's causing some people to have misconceptions about Bitcoin. I am glad you made the correction, OP. I appreciate that. When I first bought Bitcoin and showed my friend the bitcoin in my wallet, he somehow felt discouraged and asked me why I wasted my money on such a scam thing, but I had to explain to him that Bitcoin is not a scam, and he was like, "Where can I sell the bitcoin?" All those silly questions were because he felt there was nothing like Bitcoin and no market for it. I just feel it is always right for those of us who are at least informed about the reality of Bitcoin to correct people who have misconceptions about it whenever we encounter such people.

Well, OP have done a great work. Not everyone does it. Bitcoin at the beginning days were much used on gambling and for illegal transactions. This itself a negative discussion on bitcoin. Later the same bitcoin have grown good and had been used for investment, transaction, trading needs. People should understand the difference between the ponzi schemes and real potential of bitcoin compared to other cryptocurrencies available for usage.

The greatest advantage in using Bitcoin for illegal transactions is, to show that somebody else said that it was illegal, not you.

If you have an agreement with government or somebody else that a certain kind of transaction is illegal, then it is for you, because you agreed to it.

In the USA, the 9th Amendment (in the Bill of rights) says, "The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people." This means that we are not simply limited to the rights that are listed in the Constitution. See https://www.law.cornell.edu/constitution/ninth_amendment and https://www.law.cornell.edu/constitution-conan/amendment-9/ninth-amendment-current-doctrine.

File a statement with government that a particular right you are using is a right for you, even though they say it is illegal. Base your use of it on the fact that the 9th Amendment is their restriction, to keep them from messing with you for doing what is legal in your eyes.

The only things that you must do are, don't harm anybody, or damage his property, or threaten him, even accidentally. If it is something illegal in a big way, figure out ahead of time how to successfully stand against them in court.

Cool

romero121

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Quote from: Dr.Bitcoin_Strange on March 16, 2023, 04:31:53 PM

This sort of ponzi scheme is mostly what's causing some people to have misconceptions about Bitcoin. I am glad you made the correction, OP. I appreciate that. When I first bought Bitcoin and showed my friend the bitcoin in my wallet, he somehow felt discouraged and asked me why I wasted my money on such a scam thing, but I had to explain to him that Bitcoin is not a scam, and he was like, "Where can I sell the bitcoin?" All those silly questions were because he felt there was nothing like Bitcoin and no market for it. I just feel it is always right for those of us who are at least informed about the reality of Bitcoin to correct people who have misconceptions about it whenever we encounter such people.

Well, OP have done a great work. Not everyone does it. Bitcoin at the beginning days were much used on gambling and for illegal transactions. This itself a negative discussion on bitcoin. Later the same bitcoin have grown good and had been used for investment, transaction, trading needs. People should understand the difference between the ponzi schemes and real potential of bitcoin compared to other cryptocurrencies available for usage.

BADecker

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Of course people are confused. They're confused ever since government told them that Network Marketing is a pyramid scheme, just like they are saying that Bitcoin is a Ponzi.

When they fall into the collapse of government because they couldn't figure out how to think for themselves, it will be too late for them.

Time for those of us who understand, to combine Bitcoin with Network Marketing, to help some of the people survive, with us at the top.

Cool

samcoin

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Quote from: Kakmakr on March 09, 2023, 12:38:57 AM

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

Bitcoin shouldn't be blamed in such cases, because even the dollar can be used in a ponzi scheme. Maybe the level of anonymity Bitcoin offers makes it attractive for scammers and ponzi scheme operators. However, I think Bitcoin will be more controllable in the future in terms of transaction senders/receivers, whereas we can see that the mixers are targeted by many governments, and the US recently asked all exchanges that operate on their land to share their information of all crypto currencies transactions with the government. I see this case as helpful in tracking all types of scams, including ponzi schemes, yet it could harm the privacy of users. However, Bitcoin will always suffer from the criminal activities it's used in as a means of payment, so it needs global recognition and regulation in order to have a unified law to track scammers.

Dr.Bitcoin_Strange

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This sort of ponzi scheme is mostly what's causing some people to have misconceptions about Bitcoin. I am glad you made the correction, OP. I appreciate that. When I first bought Bitcoin and showed my friend the bitcoin in my wallet, he somehow felt discouraged and asked me why I wasted my money on such a scam thing, but I had to explain to him that Bitcoin is not a scam, and he was like, "Where can I sell the bitcoin?" All those silly questions were because he felt there was nothing like Bitcoin and no market for it. I just feel it is always right for those of us who are at least informed about the reality of Bitcoin to correct people who have misconceptions about it whenever we encounter such people.

milewilda

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Quote from: naira on March 16, 2023, 11:53:51 AM

Quote from: Kakmakr on March 09, 2023, 12:38:57 AM

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

I agree, but if people are easily swayed by tricks like that it means they don't know the details of how bitcoin works. I mean he has bitcoin at least before owning it already knows the risks because various kinds of fraudulent information as much as possible need to be avoided and find out the truth.

back to us, if we may still be able to reach the people closest to us and we can still advise them to be careful with this fraud that is often found. But if we remind you with a wider reach, we also have to have a wider influence, for example as influencers etc.

But we know that there are a few of them who do really suggest out these ponzi schemes rather than on giving out some caution or alert to people on which it do ends up on a disaster for those people who did really decide to follow them up. Bitcoin do really get that kind of impression on which it did been considered as a ponzi scheme because people do get involved into those things which Bitcoin is the primary
payment and when that time comes where the funds had been scammed or ran away then those newbies would really be having thoughts that bitcoin is a scam.
In overall they dont really just know on whats Bitcoins in the first place and whats ponzi, there's really a difference.

Topic: Bitcoin and Ponzi Schemes - People are confused. (Read 785 times)