Bitcoin and Ponzi Schemes - People are confused. - page 2.

naira

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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.

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.

Oneandpure

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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.

Many people still have mindset about Bitcoin and Ponzi are the same with promising profit returning, right now many Ponzi investment use Bitcoin as their label name or payment currencies trough Bitcoin how to make many people interested after looking on Bitcoin advertising but their working investment system is Ponzi.

Every month in my country have new cases with Ponzi investment, I don't know how many people still stupid dur our government every day publishing about criteria or Ponzi investment kinds. I think some member in Ponzi have excited how the leader promising with daily profit returning without need to work, sleep well will get earning well is the sweet word from leader in Ponzi investment.

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Quote from: DapanasFruit on March 15, 2023, 11:47:33 PM

I agree with this assessment...victims of scams like Ponzi did not lose money because of Bitcoin because it is just used as the medium of exchange just like the dollar or any other currency for that matter. However, this association is quite understandable all because Bitcoin remains to be relatively young and people don't have the time to scrutinize the details.

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.

EarnOnVictor

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Quote from: Henrobakkara on March 15, 2023, 12:19:40 PM

Quote from: Rruchi man on March 09, 2023, 08:49:36 AM

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

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.

Misinformation has caused a lot of persons to not invest and be committed to investing in bitcoins, It is their loss because that misinformation will lead to regret if not corrected. I lost some money too to a Ponzi scheme that used bitcoins, and that was my very first exposure to bitcoins. It was not a pleasant period, but because I knew that since there were other Ponzi schemes during that time too that were not using bitcoins, I knew that It was not bitcoins to be blamed, but the Ponzi-scheme itself. Misinformation is even sometimes more better than no information, Instead of accepting wrong information, choose to remain uninformed. There is a lot of information flying around, For whatever information that you need that comes to you, it is your duty to verify.

Likewise. I have had a similar incident of losing Bitcoin to a Ponzi scheme very early on, in fact, that was my introduction to Bitcoin because my colleague then introduced me to this very Ponzi scheme and didn't know that we were both going to lose. Then we were to pay for a service with Bitcoin which he told me and we did as I said, my introduction to Bitcoin but that didn't stop me from investing afterward when I really got to understand Bitcoin. I also believe aside from misinformation, personal belief too matters.

What you just explained is where the main problem came from, people were swindled and are still being swindled with their hard-earned money using Bitcoin as a payment system. This is now more lucrative because of the privacy and anonymity that could be achieved through the coin.

But it's high time people know that Bitcoin is not any scheme, not a program that promises money in return, but a payment system and an asset.

Anyone who invested money in pyramid schemes in the name of Bitcoin is at the risk of losing their money.

DapanasFruit

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I agree with this assessment...victims of scams like Ponzi did not lose money because of Bitcoin because it is just used as the medium of exchange just like the dollar or any other currency for that matter. However, this association is quite understandable all because Bitcoin remains to be relatively young and people don't have the time to scrutinize the details. It is just sad that the mainstream media is not correcting this wrong impression...as they are actually looking for good headlines to take in more attention for the content they are marketing. But generally am not worried because eventually people will realize that Bitcoin is not on fault here but people who are greedy (both the operators and the victims) as they all want easy, fast money.

qwertyup23

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Quote from: Raflesia on March 15, 2023, 02:59:00 PM

Quote from: panganib999 on March 15, 2023, 02:34:45 PM

Thanks for fighting the good fight and setting the record straight, but this discussion has been up since time immemorial, that at this point all that one really needs to disprove this "bitcoin = ponzi" logic is to get their lazy asses of the couch and do a quick google search. Some people have been very enthusiastic about this debate back in 2018 when this is still a pressing topic but as what some people in this thread have mentioned, there are other more important topics at hand that should be given focus.

The problem for now is that even if we try hard to convince everyone that it's not ponzi I don't think it will be taken too seriously because there are several factors like there are still many people who are skeptical and there are still many naive people who fall for scams in bitcoin.
Even though it's not Bitcoin's fault, it still has a stigma like that. I think the most important thing in this case is to establish to yourself and those closest to you that it is wrong because you also cannot force other people's opinion that this is not ponzi either.

I agree with you. I think the problem with ponzi-schemes boils down with the responsibility of the person attempting it. Even if they are warned about its engagement, if they still want to try it, then they are free to do so. At the end of the day, the loss will be on their side in the event that the ponzi-scheme closes at any time of the day.

Personally, I have an experience with a ponzi-scheme where I thought the returns were to good to be true. I invested $80 worth of BTC in hopes of having a 120% return at the end of 3-6 months of investing on their website. After two (2) months of being operational, the company decided to quit, in which I lost all of my BTCs in the process.

If people are still willing to try these ridiculous rates, then they must also bear the consequences and embrace them at the same time.

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Quote from: Henrobakkara on March 15, 2023, 12:19:40 PM

Quote from: Rruchi man on March 09, 2023, 08:49:36 AM

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

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.

Misinformation has caused a lot of persons to not invest and be committed to investing in bitcoins, It is their loss because that misinformation will lead to regret if not corrected. I lost some money too to a Ponzi scheme that used bitcoins, and that was my very first exposure to bitcoins. It was not a pleasant period, but because I knew that since there were other Ponzi schemes during that time too that were not using bitcoins, I knew that It was not bitcoins to be blamed, but the Ponzi-scheme itself. Misinformation is even sometimes more better than no information, Instead of accepting wrong information, choose to remain uninformed. There is a lot of information flying around, For whatever information that you need that comes to you, it is your duty to verify.

Likewise. I have had a similar incident of losing Bitcoin to a Ponzi scheme very early on, in fact, that was my introduction to Bitcoin because my colleague then introduced me to this very Ponzi scheme and didn't know that we were both going to lose. Then we were to pay for a service with Bitcoin which he told me and we did as I said, my introduction to Bitcoin but that didn't stop me from investing afterward when I really got to understand Bitcoin. I also believe aside from misinformation, personal belief too matters.

If I may even ask what could be their reason of using bitcoin? Are they just trying to hide their evil plans to later on blame bitcoin for their fraudulent activities. People who don't know what Bitcoin is all about would think Bitcoin and ponzi are related not knowing this people who are into ponzi are just too smart in scamming people. The truth is that no matter what, the people who have for victims into scheme like this will always find out the truth knowing what Bitcoin is all about.

lousie9

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

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.

Each individual already has his own burden of thoughts or conflicts. Against all the misinformed people about the Ponzi scheme in the name of Bitcoin, I think it might be drains our energy and makes us depressed, I think it's bad for our mental health.
Trying to provide insight or justify a negative understanding of Bitcoin to our family or the people closest to us, sometimes we are often overwhelmed, right? It's better for us to do something real and realistic according to our abilities such as by giving insight to the people closest to us or people who are interested in Bitcoin, it will be easier than fighting the thoughts of people we don't know. Or maybe if we want to reach a wider community we can make articles or content about Bitcoins which is acceptable and makes sense to other people, but it requires great effort and is not easy way.

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Quote from: panganib999 on March 15, 2023, 02:34:45 PM

Thanks for fighting the good fight and setting the record straight, but this discussion has been up since time immemorial, that at this point all that one really needs to disprove this "bitcoin = ponzi" logic is to get their lazy asses of the couch and do a quick google search. Some people have been very enthusiastic about this debate back in 2018 when this is still a pressing topic but as what some people in this thread have mentioned, there are other more important topics at hand that should be given focus.

The problem for now is that even if we try hard to convince everyone that it's not ponzi I don't think it will be taken too seriously because there are several factors like there are still many people who are skeptical and there are still many naive people who fall for scams in bitcoin.
Even though it's not Bitcoin's fault, it still has a stigma like that. I think the most important thing in this case is to establish to yourself and those closest to you that it is wrong because you also cannot force other people's opinion that this is not ponzi either.

panganib999

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Thanks for fighting the good fight and setting the record straight, but this discussion has been up since time immemorial, that at this point all that one really needs to disprove this "bitcoin = ponzi" logic is to get their lazy asses of the couch and do a quick google search. Some people have been very enthusiastic about this debate back in 2018 when this is still a pressing topic but as what some people in this thread have mentioned, there are other more important topics at hand that should be given focus.

uneng

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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.

These programs should proportionate a fair debate about bitcoin by inviting a bitcoin enthusiast and a bitcoin criticizer, so these points could be brought into the discussion to enlight the population about the facts behind so many accusations bitcoin has been suffering since its beginning.

Logic and reality wouldn't allow the concept of "bitcoin equals to ponzi" to remain alive on the mentality of the laymen people.

Henrobakkara

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Quote from: Rruchi man on March 09, 2023, 08:49:36 AM

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

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.

Misinformation has caused a lot of persons to not invest and be committed to investing in bitcoins, It is their loss because that misinformation will lead to regret if not corrected. I lost some money too to a Ponzi scheme that used bitcoins, and that was my very first exposure to bitcoins. It was not a pleasant period, but because I knew that since there were other Ponzi schemes during that time too that were not using bitcoins, I knew that It was not bitcoins to be blamed, but the Ponzi-scheme itself. Misinformation is even sometimes more better than no information, Instead of accepting wrong information, choose to remain uninformed. There is a lot of information flying around, For whatever information that you need that comes to you, it is your duty to verify.

Likewise. I have had a similar incident of losing Bitcoin to a Ponzi scheme very early on, in fact, that was my introduction to Bitcoin because my colleague then introduced me to this very Ponzi scheme and didn't know that we were both going to lose. Then we were to pay for a service with Bitcoin which he told me and we did as I said, my introduction to Bitcoin but that didn't stop me from investing afterward when I really got to understand Bitcoin. I also believe aside from misinformation, personal belief too matters.

imamusma

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Basically bitcoin is means of payment which in this case is used as a medium to generate profits from enthusiasts in the various ponzi schemes. The ponzi scheme the OP was talking about isn't new, but it's happened so often that we shouldn't be surprised anymore.

Until now ponzi schemes like that still happen a lot around me, but maybe not using bitcoin as a medium. In this case whoever the victim should not blame the media, but blame the people who developed the ponzi scheme. The knife is not to blame for slicing, but the person. Usually such ponzi schemes are easily recognized by anyone who knows what a ponzi is, but the average layman never notices because they are lured in by the lure of high returns.

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Quote from: lizarder on March 11, 2023, 11:26:08 AM

Basically if someone really understands that ponzi schemes have never had anything to do with bitcoin, then they can never be conned by any company, but because the understanding of bitcoin is shallow, people are so easily conned and invited to join companies that offer it. Bitcoin does not offer an investment vehicle but rather a medium of exchange that has a clear product on the market, while a Ponzi scheme has never been introduced to the product.

While profits in bitcoin will follow the price on the market and will never be as stable as the profits promised by a ponzi scheme, from this alone people can clearly distinguish the difference between the two. But as I said before, because of the lack of knowledge about bitcoin so it is very easy for them to be scammed.

In my opinion, there are two main reasons why people associate cryptocurrencies with Ponzi schemes. Firstly, because crypto payments are somewhat anonymous, scammers can run their operations with a minimal risk of being caught. On top of that, people can't distinguish that cryptocurrencies have nothing to do with such schemes, which existed way before they did; it's just easier for scammers now to stay undercover for longer. As a result, the media is quick to blame cryptocurrencies since nowadays it's a common gateway for ponzi schemes. Scam pump and dump coins are also often portrayed as such due to the high yield they promise and their extremely high failure rates.

Kakmakr

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Quote from: Prestongold on March 13, 2023, 07:53:04 PM

There have been a lot of misconceptions about the relationship between bitcoin and cryptocurrency with the Ponzi scheme, even though few per cent of people already know the difference and role bitcoin plays in the activities of scammers that perpetuate those criminals act like Ponzi.

Bitcoin is just a victim and a tool just like the dollar bills and the rest of other paper currencies that are used for the same purpose by the criminal.

Yes, someone are getting it. The Bitcoin enemies and competition ignore the obvious facts that Bitcoin are simply being used as a payment option in this scenario and they finger Bitcoin as being the Ponzi Scheme to fit their agenda.

The media ride that misinformation to feed the agenda of the people that fund them and the whole confusion are created to create a smoke and mirror scene, where "Bitcoin" are the bad guy. Roll Eyes

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Quote from: mv1986 on March 14, 2023, 06:27:20 PM

Quote from: tygeade on March 14, 2023, 04:18:03 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.

Average person is a lot more stupid than you think is a true statement. People could think that bitcoin is like a ponzi and they could be confused about it, but that is not something that is wrong with bitcoin or anything like that, we are talking about a situation that is wrong with those people who are confused.

They are the ones who do not know the difference and they could be doing the wrong thing and think the wrong thing and we do not have any responsibility to fix it. Forget about what some people may think, they are the ones who are wrong and it is their own responsibility to make sure that they are doing the right thing in the end.

It is also a problem that authorities like Warren Buffett raise they voice and call Bitcoin a Ponzi scheme. Charlie Munger has done the same and even Bill Gates took a full turn on cryptocurrency and talks bad about it. If you are now one of those guys who is skeptical of Bitcoin, then you often listen to guys who have a say in the world. If some of the richest men on the planet say that Bitcoin is dangerous and they keep bashing it in public in all their interviews, you either educate yourself or you believe what people like them have to say.

That is why it is sad that these guys abuse their position and power to spread information like that as I guess we all agree that they should know better. It doesn't help at all if they just bash it but never really talk about the technology. They don't provide real criticism, but if someone is skeptical anyway then this works perfectly fine against Bitcoin.

As for me, I think they know very well what bitcoin is, and what they are doing is just driving people away from bitcoin. I mean, they know the potential of bitcoin, they don't want everyone to get rich quickly, and they don't want everyone to be as rich as they are because if there are too many rich people, they will lose their power and voice.

I am pretty confident that they are also quietly investing in bitcoin, they are money-hungry people, so they will never pass up any opportunity. Rich people never want others to be richer than themselves.

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Quote from: tygeade on March 14, 2023, 04:18:03 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.

Average person is a lot more stupid than you think is a true statement. People could think that bitcoin is like a ponzi and they could be confused about it, but that is not something that is wrong with bitcoin or anything like that, we are talking about a situation that is wrong with those people who are confused.

They are the ones who do not know the difference and they could be doing the wrong thing and think the wrong thing and we do not have any responsibility to fix it. Forget about what some people may think, they are the ones who are wrong and it is their own responsibility to make sure that they are doing the right thing in the end.

It is also a problem that authorities like Warren Buffett raise they voice and call Bitcoin a Ponzi scheme. Charlie Munger has done the same and even Bill Gates took a full turn on cryptocurrency and talks bad about it. If you are now one of those guys who is skeptical of Bitcoin, then you often listen to guys who have a say in the world. If some of the richest men on the planet say that Bitcoin is dangerous and they keep bashing it in public in all their interviews, you either educate yourself or you believe what people like them have to say.

That is why it is sad that these guys abuse their position and power to spread information like that as I guess we all agree that they should know better. It doesn't help at all if they just bash it but never really talk about the technology. They don't provide real criticism, but if someone is skeptical anyway then this works perfectly fine against Bitcoin.

tygeade

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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.

Average person is a lot more stupid than you think is a true statement. People could think that bitcoin is like a ponzi and they could be confused about it, but that is not something that is wrong with bitcoin or anything like that, we are talking about a situation that is wrong with those people who are confused.

They are the ones who do not know the difference and they could be doing the wrong thing and think the wrong thing and we do not have any responsibility to fix it. Forget about what some people may think, they are the ones who are wrong and it is their own responsibility to make sure that they are doing the right thing in the end.

Prestongold

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There have been a lot of misconceptions about the relationship between bitcoin and cryptocurrency with the Ponzi scheme, even though few per cent of people already know the difference and role bitcoin plays in the activities of scammers that perpetuate those criminals act like Ponzi.

Bitcoin is just a victim and a tool just like the dollar bills and the rest of other paper currencies that are used for the same purpose by the criminal.

yazher

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That's just what they say about bitcoins in the media and that's why it takes so slowly for it to progress to be clear in the mind of the common folks because they did this thing for them to be confused. people know about its true usage at the same time while fighting these guys who continue to talk ill about bitcoins and crypto stuff. Thankfully, the case is not the same because, in the past, there will no companies that support it and it really makes hard for anybody to promote it. but now everything is clear for sound-minded people and the only problem is those behind making bitcoins look this bad are not stopping at all any time soon.

Topic: Bitcoin and Ponzi Schemes - People are confused. - page 2. (Read 768 times)