Bitcoin isn’t the future of money — it’s either a Ponzi scheme - page 2.

cbase

full member

Activity: 224

Merit: 100

Quote from: real789 on June 09, 2015, 10:36:01 PM

Bitcoin's breakthrough is to have a decentralized network of "miners" sit in between us instead. Now, remember, these miners are trying to win new Bitcoins by solving computationally-taxing math problems. The clever part, though, is that in the process of doing so, they also create a public ledger of every single Bitcoin transaction, what's called the blockchain. That includes every Bitcoin that's ever been won, every Bitcoin that's ever been used, and every Bitcoin that's ever been transferred. So now we don't need a bank to know that I have the money I'm sending to you, and that I'm only sending it to you. The miners confirm all this. And the best part is that instead of having to pay the bank myself to do this, the system pays the miners in new Bitcoins.

source:
http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/?tid=sm_fb

This article make me scared about bitcoin, now i withdraw some BTC and keep on my Bank, i believe bitcoin will be BIGGEST Technology, but in price we can see it, price is very down than last year (stabil 300$)

What do you think about this article ?

I think the author is in really hurry to stop the bitcoins. Its really easy to criticize anything. Give bitcoins some time to get settled. Let more users flow in. Then we will see where does bitcoin go.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: Slark on June 14, 2015, 03:18:11 AM

Quote from: Amph on June 10, 2015, 01:56:25 AM

Quote from: NorrisK on June 10, 2015, 01:34:23 AM

Also the writer is reffering to the massive pollution caused by bitcoin mining. What about the massive servers the banks and VISA/Mastercard need to host currently? They probably use a shitload more energy than the current mining operations. If bitcoin can replace parts of this, wouldn't we be better off?

wasn't the bitcoin network considered the most powerful network in the world, most powerful than any numbers of supercomputer combined? i doubt they are wasting more energy than the mining operations for bitcoin

So now bitcoin mining is a waste of energy and harmful for ecology? Yeah right. Isn't our lives basically harmful for ecology as well? Bitcoin is not more harmful than the wastefulness of mining gold out of the ground, melting it down and shaping it into bars. Not to mention the building of big cities, and how about the waste of energy printing and minting all the various fiat currencies?

Two words: Double standards.

don't get me wrong, i'm in agreement with satoshi, who said "The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste."

i just used the wrong word there, i don't actually believe that the mining activity is really wasting any energy

cryptojumper

full member

Activity: 154

Merit: 100

We can waste all the the energy if we deem it necessary and pay for it. Who decides whether I use my electricity for gaming or for bitcoin mining - I can do whatever I want as long as I pay the bills and don't do anything illegal. A waste of energy sounds a bit like a waste of life doing something, but there is no such thing as wasting life as long as you do what you like and feel passionate about it Tongue

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: Amph on June 10, 2015, 01:56:25 AM

Quote from: NorrisK on June 10, 2015, 01:34:23 AM

Also the writer is reffering to the massive pollution caused by bitcoin mining. What about the massive servers the banks and VISA/Mastercard need to host currently? They probably use a shitload more energy than the current mining operations. If bitcoin can replace parts of this, wouldn't we be better off?

wasn't the bitcoin network considered the most powerful network in the world, most powerful than any numbers of supercomputer combined? i doubt they are wasting more energy than the mining operations for bitcoin

So now bitcoin mining is a waste of energy and harmful for ecology? Yeah right. Isn't our lives basically harmful for ecology as well? Bitcoin is not more harmful than the wastefulness of mining gold out of the ground, melting it down and shaping it into bars. Not to mention the building of big cities, and how about the waste of energy printing and minting all the various fiat currencies?

Two words: Double standards.

funkenstein

legendary

Activity: 1066

Merit: 1050

Khazad ai-menu!

Quote from: Fooality on June 13, 2015, 12:36:52 PM

Quote from: sgk on June 10, 2015, 04:38:04 AM

An interesting quote from the article about the HODLers:

Quote

......The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them.
But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause.....

This article actually led me to this forum. I know there are a whole lot of new changes coming, and Bitcoin will be even better as an exchange system, but that catch-22 is the hazard of it all. Its good for exchange when its price is stable, but the volume of exchange will drive up the price. They need some kind of a smoothing instrument, so the price can rise slowly, but never so much as to mess up exchanges in it. I am going to be very curious to see what kinds of things are innovated next, I think many things depend on it.

This "catch 22" is really just Gresham's law. The same is true of USD in Zimbabwe, Gold in Yugoslavia, etc. The canonical example to understand why it isn't a problem is Moore's law. Why would we buy computer memory today when it will be cheaper tomorrow? Well, because we actually want it today. This explains a good portion of the 120k TX / day. People actually want stuff, and all they have left is good money.. so, they have to use it. Yes, any sane person would rather spend their their USD if possible, but.. watch the cold storage being brought out over the next few years.

Fooality

newbie

Activity: 1

Merit: 0

Quote from: sgk on June 10, 2015, 04:38:04 AM

An interesting quote from the article about the HODLers:

Quote

......The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them.
But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause.....

This article actually led me to this forum. I know there are a whole lot of new changes coming, and Bitcoin will be even better as an exchange system, but that catch-22 is the hazard of it all. Its good for exchange when its price is stable, but the volume of exchange will drive up the price. They need some kind of a smoothing instrument, so the price can rise slowly, but never so much as to mess up exchanges in it. I am going to be very curious to see what kinds of things are innovated next, I think many things depend on it.

cbase

full member

Activity: 224

Merit: 100

Oh the good old days when journalists know whatever the hell they were writing. This is just plain stupid. Bitcoin can change lives and has more appliances than just merely buying drugs online. I'd use it more often if it was accepted more often

arivar

newbie

Activity: 41

Merit: 0

Matt O'Brien also announced on 11th march that the dollar was soon gonna be worth more than the euro(http://www.washingtonpost.com/blogs/wonkblog/wp/2015/03/10/at-this-rate-it-wont-be-long-before-the-dollar-is-worth-more-than-the-euro/). Since then the euro gained almost 7% against the dollar.

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: NorrisK on June 10, 2015, 01:34:23 AM

Also the writer is reffering to the massive pollution caused by bitcoin mining. What about the massive servers the banks and VISA/Mastercard need to host currently? They probably use a shitload more energy than the current mining operations. If bitcoin can replace parts of this, wouldn't we be better off?

These guys are clueless and history will put everyone in its place. With it's pros and cons, overall Bitcoin is objectively the best form of money. The world needs to come to the realization that "money" is a representation of wealth that others are willing to recognize, not wealth itself. Given such realization, Bitcoin is better money than anything that has ever existed.

Q7

sr. member

Activity: 448

Merit: 250

When I read the article, first thing that came to my mind is that there are obviously people or organization hoping and wanting to see bitcoin fall at all cost. And the more I read, the more I treasure my coins because these people obviously look at the network as a threat and who says that bitcoin isn't the future of money. Not me...

dollarneed

hero member

Activity: 742

Merit: 500

Quote from: daddybios on June 11, 2015, 05:57:13 AM

Nothing new in this article is not for me. But I agree that it is necessary to keep a certain number of Bitcoin, just in case.
The small amount that does not mind losing. Perhaps the price will go up further.

Quote

Besides, for someone to become rich someone else has to lose money

Clever words! Everybody can not become millionaires.
But I hope to join them. Cheesy

Quote

However, I'm hoping that their numbers are less than in 2014.

Not so little. Read the article - "10 countries that have a negative attitude to digital currencies"

nice, i just wondering about that article "10 countries that have a negative attitude to digital currencies" where would i find it,do you have its link? i wish my country is excluded

daddybios

legendary

Activity: 1624

Merit: 1098

Nothing new in this article is not for me. But I agree that it is necessary to keep a certain number of Bitcoin, just in case.
The small amount that does not mind losing. Perhaps the price will go up further.

Quote

Besides, for someone to become rich someone else has to lose money

Clever words! Everybody can not become millionaires.
But I hope to join them. Cheesy

Quote

However, I'm hoping that their numbers are less than in 2014.

Not so little. Read the article - "10 countries that have a negative attitude to digital currencies"

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: Agestorzrxx on June 11, 2015, 04:55:40 AM

At now, he is right.
Bitcoin just make the early adopt rich, and it's just a zero sum game.
but bitcoin is still in developing. Only the time can tell us the truth.

Stop posting because of your signature.
What you wrote is just, simply, nonsense. Bitcoin was never created in order to make people rich. Besides, for someone to become rich someone else has to lose money, it can't magically show up (aside from the government printing out more than it should, but that is another story).

Quote from: AGD on June 10, 2015, 11:18:25 PM

This reads like either written from a paid shill or like he lost some money on the bubble and is now on a war on Bitcoin. Tongue

Quote from: Lauda on June 10, 2015, 03:44:32 AM

To simplify the situation used to be:
If you bought Bitcoin on time, you would state the following: Bitcoin is the future
If you hadn't bought Bitcoin on time, you would state the following: Bitcoin is a scam/ponzi and whatnot.

I guess that there are still going to be individuals who are going to preach this nonsense. However, I'm hoping that their numbers are less than in 2014.

Agestorzrxx

sr. member

Activity: 462

Merit: 250

At now, he is right.
Bitcoin just make the early adopt rich, and it's just a zero sum game.
but bitcoin is still in developing. Only the time can tell us the truth.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: sgk on June 10, 2015, 04:38:04 AM

An interesting quote from the article about the HODLers:

Quote

......The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them.
But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause.....

this is assuming that all the holders, does not buy others coins, which is blatanty wrong, it's obvious that not all the holders are just holding and watching the market, and hoping for it to skyrocket overnight or 10 years

some of them are shorters, other are buying like crazy to help sustain their holding(this is a good strategy, you just need to buy a little everyday), those that have big amount of money are still investing in bitcoin, only newbie that are afraid of losing everything, hold and do nothing else

jeannemadrigal2

sr. member

Activity: 322

Merit: 250

So is HODL a thing now?

This is easily the worst article I have ever read on bitcoins. Less factual that the latest bigfoot or alien report in the tabloids at the market. I almost want to say that this should be illegal to publish such lies. Heck if corporations get constitutional protection like people, then why not bitcoin? OK now its a person so is this libel or slander I forgot which.

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

This reads like either written from a paid shill or like he lost some money on the bubble and is now on a war on Bitcoin. Tongue

funkenstein

legendary

Activity: 1066

Merit: 1050

Khazad ai-menu!

Ctrl-s "counterfeit" - - no results.

OK, yet another article about hammers that doesn't mention nails.

iWokeUpLate

newbie

Activity: 56

Merit: 0

So, with that in mind, let's take a look at Bitcoin and see if it meets any of the criteria of a Ponzi scheme, even a little bit. Note that one key feature, one that many of its proponents are touting as a primary benefit is its transparency. In other words, everybody around the world can follow what's going on with Bitcoin. Yes, it is true, you may not know the inner workings of the Bitcoin exchanges, but you can know what is going on with Bitcoin at any moment of the day.

hangar18

hero member

Activity: 676

Merit: 500

Bitcoin itself is nothing like a Ponzi. they can call it a bubble if they really it is , but it's NOT a Ponzi.

Topic: Bitcoin isn’t the future of money — it’s either a Ponzi scheme - page 2. (Read 3917 times)