Bitcoin isn’t the future of money — it’s either a Ponzi scheme - page 3.

romjpn

full member

Activity: 193

Merit: 100

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 far more complicated than that ! Some people HODL and spend as well. Some people use it to send money overseas, some people use it for trading, some people invest with it, some people gamble with, some people use it to get paid for freelance job, some people use it for borrowing money etc.

Digit-0

full member

Activity: 199

Merit: 100

in the end, you only find the beginning

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 power than any numbers of supercomputer combined? i doubt they are wasting more energy than the mining operations for bitcoin

i agree with you man, for me havent sense if they are wasting more energy than the mining operations for bitcoin.

just because of that i really think it’s not either a Ponzi scheme

zetaray

hero member

Activity: 658

Merit: 500

Bitcoin is as much of a ponzi scheme as the stock market Grin

Lethn

legendary

Activity: 1540

Merit: 1000

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

Quote from: Lethn on June 10, 2015, 03:31:00 AM

*Takes five seconds glancing through the article*

Yep, bullshit, don't pay any attention to anyone that tries to criticise currencies without even having a basic knowledge of how they work.

I've done the same. Well I was just waiting for these articles to start popping up again; however, I'm hoping that they are going to be less in number than before.
Remember the times when we have an article like this spreading FUD almost every single day, and sometimes multiple times a day.

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 this reporter from Washingtonpost thinks that he is smarter more than 100 000(+) merchants that DO accept Bitcoin. This includes Microsoft, Dell, Overstock, Newegg and several other big companies. Roll Eyes

The currency as we all know, works absolutely fine and functions the way it's supposed to, it's all the infrastructure and services that have grown around it that needs some work, once we weed out all these scammers then we'll see more real businesses getting set up.

Krang

full member

Activity: 167

Merit: 100

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.....

Except not everyone is a 'hodler' and looking at the blockchain people are quite clearly spending them on things. Bitcoin needs both holdlers and spenders and that's what it's got. Besides, those hodlers will spend or cash out once bitcoin gets to their desired price.

ed_teech

hero member

Activity: 508

Merit: 500

Jahaha

Many of you base your argument on merchant adoption. If merchant adoption is high, then everything is alright. I think that's not the case. Merchants look for customers and all they can sell. Adding a Bitcoin payment option for a merchant is risk-free, even Bitcoin is a Ponzi, Pyramid, etc.

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

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.....

real789

sr. member

Activity: 294

Merit: 250

If you can't understand my post please report it

Quote from: xmaxbit on June 10, 2015, 03:53:36 AM

OP says its a ponzi scheme . I dont understand how its a scheme and that too a Ponzi one . The article is a complete nonsense and has no relevance with the degradation of btc reputation . What I believe is that btc is absolutely amazing creativity in economic transactions . It has made everything now very easy and many people have earned a lot from this . It has changed many people's lives forever which is the reality .

Bitcoin will be PURE ponzi if no body interesting and dead, are you read source ?
that not my opinion i only want to share about bitcoin in other view

I TRUST AND I CRAVE BITCOIN

turvarya

hero member

Activity: 714

Merit: 500

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 power than any numbers of supercomputer combined? i doubt they are wasting more energy than the mining operations for bitcoin

It is the most powerful, when it comes to Bitcoin mining. It can mine Bitcoin better, than a supercomputer could, because the hardware is optimized on mining.
Power consumption is a whole other story. I don't know, what the power consumption of the network is, but an ASIC takes less energy to produce Bitcoin, than a supercomputer would.

real789

sr. member

Activity: 294

Merit: 250

If you can't understand my post please report it

Quote from: dollarneed on June 10, 2015, 03:54:52 AM

thats why i dont like the journalist,they are didnt even know what is bitcoin and using it, you never feel it if you never try it

i think you not all true
before Journalist write news he need more analysis, and use it but i don't like too

Quote from: ?? on ??

There are many articles that said the same things, all of them didn't really know about bitcoin.

They said nobody use bitcoin as currency, costs to run bitcoin network is too high & bitcoin price is keep down although there are halving.
It's just like newbie trying to act as a proffesional Tongue

i think this people answer you

Quote from: Denker on June 10, 2015, 04:23:18 AM

And here comes the WaPo FUD again. The author of that written mess has absolutely no clue about Bitcoin. Let those idiots continue with their stupid attitude.One day they will be shut up.

FUDER want to buy bitcoin cheap and he release more bad news about bitcoin
also bank not want to lose her customer,

Bitcoin is have BIg technology, but we not rule some money online is dead
like liberty or other i can't say one by one

Denker

legendary

Activity: 1442

Merit: 1016

And here comes the WaPo FUD again. The author of that written mess has absolutely no clue about Bitcoin. Let those idiots continue with their stupid attitude.One day they will be shut up.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: xmaxbit on June 10, 2015, 03:53:36 AM

OP says its a ponzi scheme . I dont understand how its a scheme and that too a Ponzi one . The article is a complete nonsense and has no relevance with the degradation of btc reputation . What I believe is that btc is absolutely amazing creativity in economic transactions . It has made everything now very easy and many people have earned a lot from this . It has changed many people's lives forever which is the reality .

they probably have starting to enforce this whole "bitcoin is a ponzi scheme", since the 20mb news and Gevin, leading it like it was a ceo or something

they are always trying, to scuttle bitcoin by any means

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

Well, that's a question only time will answer. Bitcoin still have a long way to go and we will eventually find out how far bitcoin can wonder. Till then I am still betting on BTC to be the revolution of online currency.

dollarneed

hero member

Activity: 742

Merit: 500

thats why i dont like the journalist,they are didnt even know what is bitcoin and using it, you never feel it if you never try it

xmaxbit

full member

Activity: 196

Merit: 100

OP says its a ponzi scheme . I dont understand how its a scheme and that too a Ponzi one . The article is a complete nonsense and has no relevance with the degradation of btc reputation . What I believe is that btc is absolutely amazing creativity in economic transactions . It has made everything now very easy and many people have earned a lot from this . It has changed many people's lives forever which is the reality .

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: Lethn on June 10, 2015, 03:31:00 AM

*Takes five seconds glancing through the article*

Yep, bullshit, don't pay any attention to anyone that tries to criticise currencies without even having a basic knowledge of how they work.

I've done the same. Well I was just waiting for these articles to start popping up again; however, I'm hoping that they are going to be less in number than before.
Remember the times when we have an article like this spreading FUD almost every single day, and sometimes multiple times a day.

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 this reporter from Washingtonpost thinks that he is smarter more than 100 000(+) merchants that DO accept Bitcoin. This includes Microsoft, Dell, Overstock, Newegg and several other big companies. Roll Eyes

Lethn

legendary

Activity: 1540

Merit: 1000

*Takes five seconds glancing through the article*

Yep, bullshit, don't pay any attention to anyone that tries to criticise currencies without even having a basic knowledge of how they work.

Krang

full member

Activity: 167

Merit: 100

It's not a ponzi scheme but it's not a guaranteed investment either and could collapse at some point especially if it becomes unprofitable to mine, so I think that's where people's fears of it being a ponzi come from. Bitcoin is still an experiment really so who knows whats going to happen but I hope it doesn't collapse because there's going to be a lot of smug naysayers about.

Pro_Crypto_Marty

member

Activity: 88

Merit: 10

Bitcoin promoter. Pro Crypto tee wearer. Nice guy.

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 thw world, most power than any numbers of supercomputer combined? i doubt they are wasting more energy than the mining operations for bitcoin

I tend to be a technological optimist. As far as the energy cost, I have no doubt that there will eventually be a technology available allowing for competitive mining with less power consumption. (I'm also not an expert in such things and so could be full of crap)

But the solution doesn't exist yet, and this will be something that will need to be addressed. If this guy brings it up, others might also. To encourage adoption, we need to consider even the potential faults in the system.

That said, the article - especially its title - does seem a tad unnecessarily aggressive towards Bitcoin.

Kprawn

legendary

Activity: 1904

Merit: 1074

It's been a long time, since people brought up this old misconception. It acctually shows their lack of investigative skills or their knowledge on the subject matter they are writing about.

Do they even know what a Ponzi scheme is?

Do they think companies like Dell / Microsoft / Overstock to name but a few, would have accepted Bitcoin, if it was a Ponzi Scheme?

The idiots writing this, have absolutely no clue, what they are talking about. It's purely a smear piece poorly researched and terribly executed. Grin

Topic: Bitcoin isn’t the future of money — it’s either a Ponzi scheme - page 3. (Read 3917 times)