Topic: Bitcoin is NOT an MLM kind of ponzi (Read 3071 times)

A bitcoin is only worth what someone is willing to pay for it. No more and no less.

Scarcity does not cause use something to be valuable. Buggy whips and old iPhones, for example, are not worth more money ever year even though they become more scarce every year.

Bitcoin has zero utility outside of the ability to transfer it to someone else for some other value.

At this point, it is not easy for your average person to purchase normal goods with bitcoin. Is it cheaper to use? If you talk to someone who uses credit cards and tell them it is cheaper to use bitcoin, they will not agree. Credit cards offer cash back and rewards for purchase. My credit card gives me 1.5% back in rewards for every purchase, for example. I also have the ability dispute charges I don't agree with.

Bitcoin may be cheaper for merchants to use when it comes to low volume merchants. High volume merchants make special deals with the major credit providers.

For in-person transactions, cash has zero fees and is immediately transferable. Checks have zero fees but take time. EFT is used for recurring billing quite a bit by merchants and it normally has zero fees.

Credit cards have fees but they are not comparable to bitcoin because you are not using money you have. You are borrowing money you don't have and spending it when you use a credit card. This allows people to make purchases they can't afford and that gives vendors the ability to sell products and services to people they wouldn't have buyers for otherwise.

Because bitcoin doesn't have a readily apparent advantage over any other method of purchase, international transfer is normally touted as bitcoins advantage. However, there are many ways to do an international transfer with currencies that do not incur things such as wire transfer fees.

This list compares ways of sending money abroad:

http://www.consumerreports.org/cro/2012/03/the-best-ways-to-send-money-abroad/index.htm

It is missing newer services like Transferwise which also may be cheaper. There is no inherent advantage bitcoin has to international transfer over other methods of transferring value.

Because of all that, the future value of bitcoin is entirely speculative in nature. Whether it will be worth more or less in the future is entirely dependent on individual perceptions of value.

A bitcoin is only worth what someone is willing to pay for it. No more and no less.

If you look at "how many bitcoins will exist in the future" or any other method to try and infer what the price will be in the future, you are looking at things incorrectly.

    

(j/k)

Oops ,sorry I misinterpreted your post, I was reading all the posts, and I accidentally though you were trying to disagree.

Many shills here just say that Bitcoin is an MLM to discredit it, i thought you were one of them , sorry about that.

You quoted me to disagree with, when we're saying the same thing.... 

WTF are you talking about. Bitcoin is a currency, how can it be a pyramid scheme when its a currency?

People voluntarly join and are not being duped for anything, the whole hype is done by other people , unaffiliated, that just want to get rich.

But other than that, in itself, bitcoin is just a medium of exchange.


It's like accusing the water of being guilty when somebody drowns it it, please stop with this mad logic

Lol,I am laughing at those people who thinks bitcoin as MLM and Ponzi which is definetily not true  
Those people should need to educate themselves by learning more about bitcoin protocal and how it works
and bitcoin will be profitable not only to early adopters but to everyone who believe and invest in bitcoins and as long as people believe in bitcoin,bitcoin can never be a problem to anyone  

In my country, you only define it as a pyramid scheme, when there are no product being sold, and most of the profits are derived from the commission structure. In most of these

pyramid schemes the early adopters get the spoils and the late adopters take the damage. I can see from this angle, why many people will make the comparison. The main thing

putting Bitcoin apart from any other Ponzi scheme is this... We know how much of the product will be sold and we can get out, when we want to.. We determine our own

fate. The market will never be saturated, because Bitcoins are recycled and bought and sold every day. 

I would say its more like MLM than it is ponzi but that's not to say that either of these models don't exist in countries let alone crypto currencies.

We scream for wider adoption because of what? We know that the limited supply and controlled inflation means higher price as more people get into bitcoin.

So, in a long timeframe, it is kind of like a ponzi, you are making your money from people who buy later than you.

I beg to differ.
Multi level marketing had its legitimate heyday a long time ago when it was the most cost effective way of setting up a bona fide sales and distribution network in pre WW2 America.
Since then it has become a parasite's paradise with the main focus on internal profiteering thru its recruiting and commission aspect, often with the actual goods or services that are offered just being an excuse for the referral structure.
Some of the biggest day to day scams in the world are MLM based and they have reached the same level as organised crime, in that the industry has become so rich off the back of the gullible that they can buy legislative influence and the best lawyers. See Amway.

Although Bitcoin is a medium which is a MLM scammers dream (see my sig), it in no way resembles affiliate marketing/pyramid schemes structurally.

C`mon man don't be harsh on newbies, I got yobit signature too, and I post good posts.

Besides he is right, MLM is a legal form of advertising, marketing.

Ponzi scheme is an illegal form of duping victims and stealing their money.

Bitcoin doesnt steal anything from you, its just a currency (however your fiat crap is stealing from you, better analyze that for a second).

Lol. If this it would be possible, I think that, there will be to many who will need this intervention. Must be very convenient to be the person who made this kind of profession. I will do e search in internet for possible Universities which give such bachelor and master. 

people that honestly believe that bitcoin is MLM or any kind of ponzi should reconstruct their brain. how bitcoin works is nowhere near those.

You are talking out of your ass.

Oh, Yobit signature....that explains 270 crap posts in a month.

MLM is not cheating, dont confuse MLM with ponzi , its not.

MLM can be a good type of advertising, guess what Facebook is also MLM based, and it succeeded.

Bitcoin might be MLM but its not a ponzi.

No free entry in MLM. But we can earn bitcoin in free time. Bitcoin is an investment and currency whereas MLM a cheating.

Rumor? More like shills, that try to discredit bitcoin.

Nah bitcoin is a cool digital currency, that is trustable.

But the sheeple doesn't have an agenda, they are just lost sheeps lost in the field, waiting for a sheepdog to steer them in the right direction.

I already said this in other threads that if more celebrities and popular figures would endorse bitcoin, we would have a much easier job.

To be fair the vast majority of the media has moved on from total scepticism. Sadly one can't say the same for those who actually count, The People.

I guess but these media shill could twist the interpretations to their agenda.

I was illustrating that something digital doesnt mean something irreal, most people , who are materialists, cannot comprehend that.

Yet their hipocrisy hits orbital levels when they blame BTC to be an ethereal ponzi (which is not), yet they don't see that their fiat system is a ponzi on steroids.

Don't cost nothing to no one, I think, to spent a few more than 1000 us dollar to buy some bitcoins. Only to have in possession a product which, at least, have this forum with more 500 000 discussants, have an interesting story to tell about its life and for (mostly) because of the technology which has produced it. It is a disruptive technology which is adopted every day more and more by the bigs of every field where can be applied. Bitcoin is the first materialization of this technology (peer to peer) and will live, at least, exactly for this fact.