Topic: Bitcoin Ponzi scheme or not (Read 4030 times)

I'll pay you if you can prove that Bitcoin is a ponzi scheme and if you can't do it you pay me. Guess who is going to end up walking out with all the money.
Don't ask stupid questions. Many people have tried to claim that it's a scheme but it doesn't have anything to do with a classic pyramid besides one thing. That you have to buy from someone to get it because you no longer can mine it by yourself. But that person before you who is selling can be selling at a loss. In ponzi schemes it doesn't happen. Every previous buyer gains until the point of collapse.

Such threads are why I miss the newbie jail.

the basic concept of ponzi where the root gains value from its branches.

I want to know if anybody in the Bitcoin community think that Bitcoin is a big ponzi scheme like Bernie Madoff. If so please vote Yes or No. Also, please explain why you think that.

There's been a surge of legitimate bitcoin adoption in the last year according to the figures.

I love the technology and I know it will survive so I don't even think there is a sinking ship to worry about

Someone did a study and the overwhelming majority of transactions were for legitimate purposes.

People are investing millions in bitcoin startups and infrastructure now precisely because it has shrug off the "dark net" associations you refer to. That was a big issue maybe 2 years ago but not anymore.

The negative press doesn't mention that over a 2 year period bitcoin has probably been the best investment on the planet. Sure it's hard a hard year. Nothing's perfect I don't have rose colored glasses I've just seen it all before, and I know that right now bitcoin is still maturing at a phenomenal rate considering the newness of the tech. People were saying bitcoin won't go anywhere when it was worth $1 and people are still saying it now. Nothing's changed in that department

There are also decentralized exchange solutions like XCP that don't rely on a centralized exchange. Ripple also has an interesting solution to this problem. Sure it's still new technology whoever doesn't think that is blind. But that also means it has a long way to go and considering it's age it's nothing short of phenomenal as far as new technologies go.

I also think the fact more and more people keep using and developing with bitcoin even with the hacks and scandals shows the real staying power of the idea of bitcoin. I see the glass half full you see it half empty that's all

If bitcoin ever did have the crash you refer to I would buy as many as possible that's for sure.

EDIT: I think I read somewhere that with current mining tech / costs it is not worth selling bitcoins for less than $200 so I would be very suprised if it did go sub 200. If there was a big shrug off of mining infrastructure as a result of sub $200 coins I would be buying a lot. Bitcoin would be back if that ever happened. But people will refuse to sell for less than $200 and I find it extremely unlikely. It is a black swan event (highly unlikely catastrophic scenario).

Can someone please explain how Bitcoin would be a ponzi?  The whole idea of a ponzi is you get money as a guarantee and its sold as an investment, has Bitcoin ever done anything like that?  I am just confused?

However, majority of the technology fell into the wrong hands, casting a negative cloud over it that could not and cannot be remedied.

...

With all this negative press, do you think any new large scale corporations are going to actually spend time and money to implement it? Come on dude, this is common sense.  Take off your rose colored blinders.  Without new adoption...it's going nowhere...unless you're happy with just trading worthless coins to joe bloe in India like hoarding Farmville money...maybe that's your thing.

I want to know if anybody in the Bitcoin community think that Bitcoin is a big ponzi scheme like Bernie Madoff. If so please vote Yes or No. Also, please explain why you think that.

Do you pester any other forums devoted to talk about other speculative bubbles such as real estate, stock market, forex or commodities or is this the only one?

are you happy if I use "speculative bubble or collective delusion"  instead of ponzi?

Bitcoin foundation is the key and its founder, Satoshi Nakamoto,

who is estimated to have mined 1 million bitcoins in the currency’s early days. His stash is spread across many wallets. He pocketed the early bitcoins and laughed.. ha ha ha

47 individuals own 28.9% of the approximately 12 million Bitcoins in existence so far. Another 880 own 21.5%, meaning 927 people control half of the entire market cap of the digital currency. Another 10,000 individuals control about a quarter.

...
Question: why didn't the Bitcoin foundation gave to any Bitcoin wallet a fix amount of bitcoins at the time they started this ....project?

"the negative press doesn't mention that over a 2 year period bitcoin has probably been the best investment on the planet"

Please tell that to Bitinstant, MTgox's clients who lost their funds.
I didn't mention P2P scams or the small exchangers who scammed.

Bitcoin is mainly use for fishy things even you don't see that.
You are all together around of 1 MIL persons even you had a big propaganda. A such a small "world" but with 2 BIG incindent Silk road 1, 2

50% fake transactions last year.
the exchangers are making fake transactions too(a lot) and they manipulate the Bitcoin price.

add the fear of hacking and you will have the whole picture of what you call, Bitcoin

these are facts. Bitcoin is only a speculative bubble and it will sink soon.