He might have just heard about bitconnect turning into ponzi or even he might have lost millions with it LOL
He seem to have no idea about what is bitcoin and what blockchain can do. Banks will never accept bitcoin because it is their competitor.
Banks are tortoise and bitcoin is rabbit...
Topic: Cryptocurrencies are like Ponzi Schemes, World Bank Chief says (Read 183 times)
February 08, 2018, 12:46:25 PM
US dollar is also Ponzi scheme everybody knows about it
Game Over
February 08, 2018, 12:44:18 PM
US dollar is also Ponzi scheme everybody knows about it
Exactly. Someone creating the equivalent of the GDP of a big country in a single click should not really comment on the sustainability of Bitcoin and crypto-currencies...
February 08, 2018, 12:41:20 PM
The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
https://www.msn.com/en-in/money
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
https://www.msn.com/en-in/money
The key words there are "I'm told" - some lobbyist has gotten to him.
What was so refreshing about the US senate hearings on bitcoin is that the participants had actually tried to do some research - Giancarlo actually went through the process of buying and tried to get a feel for the market and the community.
I wish top officials elsewhere were as dilligent.
February 08, 2018, 12:36:01 PM
The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
https://www.msn.com/en-in/money
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
https://www.msn.com/en-in/money
Well, the World Bank Chief didn't technically say that they are for sure. He said that was the evidence provided to him by maybe someone else.
I don't blame him or whoever told him that cryptocurrencies are like ponzi scams. If you're looking at it from the outside, all you know is that there are these projects that create tokens that don't really have any true backing and people still put their money into it. Then when people pull out, there's drops. To me, that sounds like a ponzi scheme too.
However, what they're missing is that there's a full technology behind it that has unlimited applications in the future and that's a major part of the entire crypto scene too. It's clear that the guy didn't do much looking into bitcoin and crypto in general.
February 08, 2018, 12:32:41 PM
US dollar is also Ponzi scheme everybody knows about it
February 08, 2018, 10:20:59 AM
The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
https://www.msn.com/en-in/money
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
https://www.msn.com/en-in/money
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