Topic: Bitcoin ponzi accusations - page 2. (Read 2265 times)
The world economy is a damn Ponzi scheme.
It rely on lies : infinite growing economy, infinite resources, blind trust in the church "Economy".
It is build to fail : exponentially growing dept, exponentially growing FIAT supply, exponentially growing inequalities, environmental destruction.
The ones who come early get rich, the others die miserably. The ones in between work in McDonald.
The reasons do not matter, but trust me, many people do trade fiat currencies to get rich.
Not anywhere near the same.
1. Buy $1000 worth of any fiat currency of your choice.
2. Put it under your bed.
3. Wait 10 years.
4. Congratulations! You're a millionaire!
Fiat currency does not do this, but this is EXACTLY what 95% of the bitcoin 'investors' are hoping for.
I understand your point but Bitcoin was never released or promoted as an investment, people who decided to invest are doing this on their own and taking a very high risk. ANY investment fits what those journalists are describing as a ponzi. I read one journalist who called it "voluntary ponzi", he somewhat understand what i just said but ignored that all other investments are the same.
The reasons do not matter, but trust me, many people do trade fiat currencies to get rich.
Not anywhere near the same.
1. Buy $1000 worth of any fiat currency of your choice.
2. Put it under your bed.
3. Wait 10 years.
4. Congratulations! You're a millionaire!
Fiat currency does not do this, but this is EXACTLY what 95% of the bitcoin 'investors' are hoping for.
2. It's not the same as fiat currency. No one buys dollars to stuff under their bed with the hope of striking it rich. And the big difference between fiat and bitcoin is the regulations. Fiat currencies are designed to operate at stated inflation rates (UK) or generally targeted inflation rates (US). They're built to have a set value that doesn't fluctuate wildly. Bitcoin doesn't have this. As there's no ability to adjust the supply of the currency, it could skyrocket or plummet and there's little investors could do.
The reasons do not matter, but trust me, many people do trade fiat currencies to get rich.
1. Your friends are confusing bubble with ponzi scheme.
2. It's not the same as fiat currency. No one buys dollars to stuff under their bed with the hope of striking it rich. And the big difference between fiat and bitcoin is the regulations. Fiat currencies are designed to operate at stated inflation rates (UK) or generally targeted inflation rates (US). They're built to have a set value that doesn't fluctuate wildly. Bitcoin doesn't have this. As there's no ability to adjust the supply of the currency, it could skyrocket or plummet and there's little investors could do.
2. It's not the same as fiat currency. No one buys dollars to stuff under their bed with the hope of striking it rich. And the big difference between fiat and bitcoin is the regulations. Fiat currencies are designed to operate at stated inflation rates (UK) or generally targeted inflation rates (US). They're built to have a set value that doesn't fluctuate wildly. Bitcoin doesn't have this. As there's no ability to adjust the supply of the currency, it could skyrocket or plummet and there's little investors could do.
Many journalists have been lately saying that, but it seems they never cared to check fiat currencies.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like " appreciated with the entry of $? usd dollars in the country. Investors are optmistic."(purchase of local currency) or the other way around " devalued with the escape of $? usd dollars from the country. Investors in panick. " ( selling of local currency )
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like "
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
I think you're confused about what a ponzi scheme is.
No, I think YOU are confused about what a ponzi scheme is.
Fiat backed by nothing printed at will with no fixed supply by the issuer and buyer of last resort.
They have taken the seigniorage away and replaced it with a GAAP debt-slavery system based on credit that does not exist and was originally created not by the lendor but by the lendee!
All allegations of Ponzi I'm seeing center around one very clear thread. They confuse "price" with "value" and are convinced that Bitcoin has no inherent value outside of new fiat money coming in. Thus the claim goes that newer adopters become the bag-holders for earlier-adopters.
Once you point out that a Ponzi scheme is a very specific thing where investors are defrauded by a single entity paying older investors with money from mew investors, then the conversation suddenly becomes "whatever, then it's a Pyramid".
I guess a form of money where your balance is secured by the largest single-task supercomputing cluster ever assembled in history, that lets you pay anybody in the world with no intermediary institution for almost zero fee has no inherent value!
Once you point out that a Ponzi scheme is a very specific thing where investors are defrauded by a single entity paying older investors with money from mew investors, then the conversation suddenly becomes "whatever, then it's a Pyramid".
I guess a form of money where your balance is secured by the largest single-task supercomputing cluster ever assembled in history, that lets you pay anybody in the world with no intermediary institution for almost zero fee has no inherent value!
Maybe you should let them know that there is no bigger ponzi SCAM than fiat currency: https://bitcointalksearch.org/topic/want-to-get-your-friends-into-bitcoin-show-them-this-510710
Many journalists have been lately saying that, but it seems they never cared to check fiat currencies.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like " appreciated with the entry of $? usd dollars in the country. Investors are optmistic."(purchase of local currency) or the other way around " devalued with the escape of $? usd dollars from the country. Investors in panick. " ( selling of local currency )
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like "
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
I think you're confused about what a ponzi scheme is.
I believe i am not, but i'm not entering the merit of what a ponzi is. If you been reading the news, jounalists have been accusing bitcoin of being a ponzi where the valuation is sustained only by the entry of new money. Supposing that it is true, fact is that fiat the same happens with fiat currencies.
Many journalists have been lately saying that, but it seems they never cared to check fiat currencies.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like " appreciated with the entry of $? usd dollars in the country. Investors are optmistic."(purchase of local currency) or the other way around " devalued with the escape of $? usd dollars from the country. Investors in panick. " ( selling of local currency )
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like "
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
I think you're confused about what a ponzi scheme is.
Many journalists have been lately saying that, but it seems they never cared to check fiat currencies.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like " appreciated with the entry of $? usd dollars in the country. Investors are optmistic."(purchase of local currency) or the other way around " devalued with the escape of $? usd dollars from the country. Investors in panick. " ( selling of local currency )
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
The concept is absolutely the same.
http://en.wikipedia.org/wiki/Currency_appreciation_and_depreciation
Anyone who read newspaper everyday, is probably sick of reading headlines like "
It is the same for gold etc. Before someone says that, gold has an actual use, but bitcoins too.
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