Bitcoin and Ponzi Schemes - People are confused. - page 3.

Desmong

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Quote from: LastKiss on March 11, 2023, 07:05:07 AM

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

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

People need to change there idea about Bitcoin which is bad. When I first heard about Bitcoin I thought it was something like scam of ponzi scheme, but with time I was able to know that Bitcoin is a cryptocurrency and in a form of investment. Bitcoin has so many benefits to our lives today and I am happy that I am part for the beneficiary that had gained from Bitcoin so far bringing altcoins to the market.

JoyMarsha

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It's always been like that. The media and those who are against bitcoin will be eager to present it in a negative light when Ponzi schemers defraud individuals using bitcoin. They won't try to rush through talking about how it has helped people become richer or store their assets.

When I hear unfavorable information regarding bitcoin, that irritates me the most. I am aware of how frequently I have run into folks because of problems like these.

Everyone who loses money to a Ponzi scheme does so because they were gullible enough to get engaged in something they had no knowledge about.

mv1986

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Quote from: LastKiss on March 11, 2023, 07:05:07 AM

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

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

I would say the sentiment has changed a lot over the recent years. It was the case that everything crypto-related was a Ponzi, but when I tap to people it isn't the same discussion as it used to be like 5 years ago. Back at the time everything was a Ponzi, but now most of the people realize that there is much more behind digital and decentralized currencies, especially in light of the recent problems that fiat money obviously has.

KennyR

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We just have a thinking that people are well aware of bitcoin and cryptocurrencies based on the adoption and other progressive activities happening around. In reality something around 1% around the world is well aware and making use of it with the right knowledge. This is the reason why people just relate bitcoin and ponzi schemes. This mentality will slowly change when people realise the true need of bitcoin and cryptocurrencies.

MeCsc

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This is one of the major skepticism of Bitcoin and this affects most people who just see bitcoin as a means to make money. They know nothing about bitcoin, how it works or what it was made for. But this boils down to how bitcoin was introduced to them. In Nigeria cryptocurrency ponzi schemes has continously been increasing since 2020 during Forsage and its still on increasing but there are no longer using bitcoin but rather with some altcoins especially Tron, Doge and USDT.

Mpamaegbu

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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.

How do you counter people who've accepted their own ignorance as bliss? Go and shout yourself hoarse with them in an unnecessary argument on something that should benefit them? That's not me. In the past I used to get bothered about negative comments on Bitcoin until it dawned on me that only trees with delicious fruits get thrown stones at. These people are FUDing on Bitcoin because they've realized the potential in Bitcoin as the beautiful bride with delicious fruits and are trying all they can to shoot it down. Besides, no matter how hard one tries to educate those pessimists it's most likely to end as effort in futility.

The only way to convince those with negative mindsets about Bitcoin is to let them see the result one has achieved. That's if one is that type that likes validation from others. Otherwise, it's still better to keep mute when the success from Bitcoin starts rolling in.

Crypt0Gore

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The quickest way to make a profit from Bitcoin is through day trading, which is challenging as we all know. The alternative is to hold Bitcoin for a long period of time, which is challenging for many people who aren't into cryptocurrencies, because they lack the patience to hold and wait. As a result, HYIP websites and platforms seem more appealing to these people,
it's like a form of short cut .

I have told many people in my country that Bitcoin is not a Ponzi scheme. The problem is that they want to make quick money, so they visit websites that promise to turn their money into a sizable profit in a matter of weeks. These websites asked them to deposit LTC or BTC, which they did, and when the Pyramid scheme failed, they blamed Bitcoin.

This is normal because people like judging something they don't understand, and all we can do is keep telling them that Bitcoin has nothing to do with High Yield Investment schemes.

lizarder

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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.

borovichok

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

~snip~

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.

Ponzi schemes have given the erroneous picture of bitcoin to many people who are afraid of the market and perceive bitcoin as a coin that will drain their savings. The nature of projects completed heavily influences market earnings. With backup moderators working nonstop every day to keep the project running, Bitcoin has a strong history. Such people should be educated about ponzi schemes and bitcoin in order to prevent them from becoming victims of scammed projects, also they should be cautious of the kind of projects to invest their money on.

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Quote from: LastKiss on March 11, 2023, 07:05:07 AM

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

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

Unless they could benefit from that Ponzi, they would not blame him, but the people below them would definitely disagree with it. But those of us who are familiar with crypto must indeed provide an explanation to the people who join Ponzi, especially when they have experienced losses and not just blame crypto. They have to change their thinking that bitcoin is Ponzi and start looking for the truth by reading articles or asking people who know more about the difference between Ponzi and Bitcoin.

But if those people already have Bitcoin because of the Ponzi program, they shouldn't complain because they already have a much more valuable investment than the Ponzi. They can have the opportunity to earn big profits in the future without the Ponzi especially if they can store their Bitcoins in their personal wallets. But if they just deposit money and get paid 30 days later and find no payment at all, that is their own fault.

LastKiss

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

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

AicecreaME

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Very confusing to be honest.

Those people knows they didn't lose their money in Bitcoin but in ponzi scheme, they are just blaming Bitcoin for their stupidity believing on those ponzi schemes that are not even new anymore, they just never learned. They are one of the biggest player actually on creating FUD to scare other people by their own mistakes.

So instead of cryptocurrency getting a round of applause for being great by creating opportunities to people to earn more than in fiat, others chose to doubt it and judge it.

GeorgeJohn

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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 won't blame those set of people because they are misinformed of what ponzi scheme is all about, I could remember in 2015/2016 I participated in fiat ponzi scheme called MMM, for the first time it was paying everyone and more people were registering to the platform, and it had investment options of Bitcoin and people do skip Bitcoin because they are not fully aware of Bitcoin, but at a point the mmm lasted eleven (11) months, the months making it twelve (12) months it crashed and make away with many people money, which that year I was victim of mmm, now are we blaming people who choose fiat options or people who Skip Bitcoin options. So we have understand that ponzi scheme have no trust and its not reliable.

traderethereum

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Quote from: fuguebtc on March 10, 2023, 12:14:00 AM

Quote from: traderethereum on March 09, 2023, 11:32:01 PM

Those people need to change their perspective on bitcoin, where Ponzi schemes and Bitcoin are different things.
What if the Ponzi scheme uses payment using Paypal? Are they also going to blame Paypal for tricking them?
It doesn't make sense because they think that bitcoin is included in the Ponzi scheme even though bitcoin is independent and not connected by any program.
It would be better if they could check the Ponzi scheme program before they sign up so they know full well that the Ponzi scheme will not give them any advantage.

OP says he watched it on a popular show which means it was allowed by the authorities, and they are deliberately smearing bitcoin and spreading it to keep people away from bitcoin. The people who made that program are not mistaken, but they did this on purpose because there is no way to get people to stop looking for bitcoins, so they came up with this dirty trick.

Just as some governments say that bitcoin is a vehicle for criminals to use, but before bitcoin, criminals have also used fiat for illegal activities. But the government has never said that fiat is abetting criminals.

Indirectly, this has discredited bitcoin in public and can make many people distrust bitcoin and not want to use bitcoin.
Yes, their thinking needs to be changed for the good of all those who still think bitcoin is only for illegal activities.
The government says this is because they cannot fully control bitcoin and can only control people who already use or own crypto and record it.
The government does not say that fiat is in cahoots with criminals because many corrupt officials use fiat and maybe some even use bitcoin for money laundering.
So there must be learning about bitcoin so that people know that people can use bitcoin for good or bad things depending on the user.

Mauser

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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 fully agree with you, just because bitcoin was used as a form of payment doesn't mean it's a ponzi scheme. If there were no crypto currencies the scammer would have used other forms of payment and the same would have happened. We can't blame bitcoins for the lack of critical thinking. My grandmother got scammed in the past with fiat cash as form of payment, nobody would say that cash is the problem. There will always be criminals trying to take advantage of others, that is not a reason to avoid cryptos. The same could be said with gift cards, the number one asset scammer use to get money from elderly people. Getting rid of gift cards wouldn't stop the scams.

dezoel

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Sorry @OP but it seems that you are the ones who are confused here and not the people or the majority because in my first read about the topic, I already understood what the guest of that show is talking about. He cleared that Bitcoin was one of the payment option used by those Ponzi groups.

By there we already know that it was not the fault of Bitcoin on why those people lost their money. It is true when he said that people lose money in Bitcoin because like I said earlier, Bitcoin was one of the payment methods that is used so people only converted their fiat money or local currencies into it. I hope you get my point here. Thank you.

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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.

We all hate misinformation didn't we?

Now who are saying that Bitcoin is the one who's responsible for their losses? Newbies, and those investors who are finding somebody to blame on their wrongdoings, their decisions and their mistakes. When people or in this case investors did something wrong or fell into a ponzi scheme, they will find something to blame with, and Bitcoin is the one who blames them. Another one is that, it's a popular show that you said and often times, these are being controlled by the government so... nothing new. They had and will always destroy and blame Bitcoin.

There are so many videos online that explains how a Ponzi Schemes works. The problem is that, there are some newbies and investors who aren't allotting some of their time watching it or at least make some research but instead, they are more focused on the possible profits that they can get on that project that they are forgetting the chances of it being a Ponzi Schemes. Ignorant investors.

BenCodie

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Common tactic by mainstream media - Get scenarios where people were done wrong by, label it as what Bitcoin enables, or what Bitcoin is. They don't talk about the magnitude of wrong doing is done with fiat currency. Thankfully the whole "Bitcoin is a ponzi" argument is proven to become less and less effective over time. No matter how many ponzis/frauds/scams use Bitcoin, that will never prove that Bitcoin can be labelled as any of these itself. You've done a good job correcting and fighting the wrong-doing. Right now they look like idiots to us who know...one day (ideally) they will look like idiots to us all.

xSkylarx

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This is very important because there are newbies and other people thinking about it because they only know that when it comes to bitcoin, it is a scam because they only think that a ponzi scheme is the same as bitcoin. Mostly, this was the thought 5 years ago, and even recently, I've seen a lot of media showing this and only interviewing those people who had zero knowledge of bitcoin. That is why if there are friends or someone I know who talks about getting scammed in bitcoin, I always talk to them and explain it to them.

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I recently watched the new Crypto Documentary the tittle was Crypto: The World’s Greatest Scam. and the author of channel is James Jani and this is the link https://www.youtube.com/watch?v=ORdWE_ffirg

He said bitcoin is ponzi too But this is me or am I just wrong to have meaning of the video

Topic: Bitcoin and Ponzi Schemes - People are confused. - page 3. (Read 785 times)