Is Cryptocurrency One Big Ponzi Scheme? - page 2.

Caladonian

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Quote from: ?? on ??

Sure it feels like when the market is going down and you felt like your funds are slowly chipped away by whale players, but that's not exactly true when there's so much mechanism for you to avoid losses, if its a ponzi there's no point gather interest in crypto over and over again, people are making money from it yes, but thats the natural of stock like assets with freedom of trade. On trading crypto one must lose for another for gain, and it happens so fast

It's just another venue to take chances, same principle with forex and stocks where traders needs to showcase its skills in order to benefits since chances
of taking advantage is far higher for those who masters the market than to those who's new to this business, it's not a ponzi type of business where people needs to rely with someone to join but rather a venue where opportunities are open.

It's a matter of how well you understand the industry and how willing you are to take part of this market.

romero121

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Vave.com - Crypto Casino

We've got very small number of users around the globe terming it a ponzi. This is because of some unexpected incidents that turn their minds with a thought that bitcoin is a ponzi. I wish to suggest an example. I explained about to a friend of mine. Soon after hearing bitcoin, he said it is a scam. He's no more ready to hear what I'm coming to say. Already one of his working colleague has got trapped under the hands of a scammer and lost some fund. This has made him come up with such thinking. Same is happening around, which is purely the mistake of the users.

wxa7115

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Bitcoin is GOD

Quote from: Bagaji on February 24, 2019, 03:25:56 PM

Some of my friends who are in your thinking have lost money from their investment in crypto currency as a result of the market rise in 2017 and that was why they are of the believe that Bitcoin is a ponzi scheme which is not so if you read from the definition of ponzi provided above by some of the respondent.

People are going to do everything to avoid the responsibilities of their actions even if holding cryptocurrencies means that you cannot really give excuses since you are effectively 100% responsible for what happens to your money, this is also a basic mechanism of defence, when we win we want to take all the glory for ourselves but when we lose we want to avoid the responsibility and try to blame everyone else.

But if we do not accept our mistakes and always try to avoid accepting them then it will impossible to improve since you will not learn the hard lessons that come from losing a lot of money.

Altero

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For ten years of existence, if cryptocurrency is one of the Ponzi Scheme it definitely won't go that long, it surely it is halted by the authorities and many have being engaged into these. Maybe they could say that this is a kind of scam cause we can't see it and even touch it, all is just a form of codes.
Anyways, we have crypto and many were believing it and so it can manage to stay for us long enough, and for sure it can thoroughly proven in the coming days.

peonminer

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Crypto is King.

Quote from: kvipcn on January 15, 2019, 11:06:08 PM

The basic underlying idea behind the use and creation of cryptocurrency is to present financial freedom to everybody no matter where you find yourself in this world. But the volatile nature of these digital currencies got me thinking, what if the whole idea of blockchain and cryptocurrency is just one giant Ponzi Scheme? Within a short period of time, there have been about thousands of cryptocurrencies created. Majority of these digital currencies are either trying to solve problems of a particular cryptocurrency by presenting solutions they think can help improve financial freedom. This usually gets me wondering and thinking. If you don't agree with me on this, please share your thoughts... Grin

This argument may have been valid before the entire slew of commerce, etfs, useful data, etc hit the market. Now don't get me wrong, there's still alts out there that are ponzis, but they are being busted by the big dogs faster and better, regulation is here now, etc. So Crypto is here to stay, and not a ponzi. You could call the entire wall st stock market a ponzi based on the fact that its, buy low, sell high to the next sucker.

CaVO32

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i don't think the world of crypto is one big ponzi scheme. you are saying that because thousands of projects have been created in a short period of time. this is because many people on this earth find a way to scam people by using the name of crypto and blockchain. but if everyone will take advantage of the benefits of using the blockchain technology, it would really eradicate most of our everyday problems like the convenience of paying our bills and other necessities anytime anywhere. those scammers ruined the image of crypto. but to all the believers that crypto is our future, they keep on creating projects that are really worth our while.

Velkro

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Quote from: kvipcn on January 15, 2019, 11:06:08 PM

Majority of these digital currencies are either trying to solve problems of a particular cryptocurrency by presenting solutions they think can help improve financial freedom.

You got it wrong.
99% of altcoins are get rich fast scheme, nothing more. "ideas" and "innovations" they propose are pure nonsense targeted to people that have no idea how this technology actually works and that its just empty words
Crypto was needed long time ago, but noone could create decentralized without central authority, Bitcoin did that, that is revolution. Since Bitcoin in 2009 there is no such project that achieved actual revolution.

Teawhalee

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If cryptocurrency were to be Ponzi scheme , it would have collapse by now and people would have forgotten about it. I think you need to understand the real meaning of Ponzi scheme because it don’t match to what crypto is. For the past decade crypto has been existing and doing well even though we have so many of them majority of which doesn’t have a genuine purpose. This is one of the reasons why many people think it’s a Ponzi scheme . But itsnt for anyone who understands what crypto is all about .

Bagaji

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Quote from: kvipcn on January 15, 2019, 11:06:08 PM

The basic underlying idea behind the use and creation of cryptocurrency is to present financial freedom to everybody no matter where you find yourself in this world. But the volatile nature of these digital currencies got me thinking, what if the whole idea of blockchain and cryptocurrency is just one giant Ponzi Scheme? Within a short period of time, there have been about thousands of cryptocurrencies created. Majority of these digital currencies are either trying to solve problems of a particular cryptocurrency by presenting solutions they think can help improve financial freedom. This usually gets me wondering and thinking. If you don't agree with me on this, please share your thoughts... Grin

Some of my friends who are in your thinking have lost money from their investment in crypto currency as a result of the market rise in 2017 and that was why they are of the believe that Bitcoin is a ponzi scheme which is not so if you read from the definition of ponzi provided above by some of the respondent.

Akoldi_ibk

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The thought sprung out from a mind that never take his time to understand the fundamentals of cryptocurrency and tends to judge from a different point of view. No, cryptocurrency is nothing close to a Ponzi scheme. It is not like there is one admin taking in the money and then using it to pay other people. This is a free market, people buy and sell digital currencies, decentralized in nature with no central government in charge.

SiDtHeBeSt

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I don't think your definitions are quite Right here because Ponzi scheme means something really different and Bitcoin or cryptocurrency doesn't seem to be falling in it . Being volatile is that what you call Ponzi? Better get a check on your definitions. Of this is your definition then the share market also falls under Ponzi scheme doesn't it? It is also quite volatile, isn't it?

solarion

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Bitcoin isn't a ponzi conspire anything else than gold is a ponzi plot. Members are purchasing and moving Bitcoin in a free market, by conceding to the cost. That is the means by which all exchanges are made in all business sectors. Indeed, numerous individuals have called Bitcoin a ponzi plot.

In any case, this either is on the grounds that they don't have the foggiest idea what Bitcoin is, or they're suggesting that individuals are putting their cash in to something that has no genuine esteem.

izanagi narukami

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It's a big NO !
Ponzi is a kind of bad investment where there is no new investor, it will collapse.
I seldom see ponzi able exist over 9 years , so yes, crypo is not a ponzi.

Crypto can survive because there are a lot of demand !

pawanjain

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Nothing lasts forever

I would highly disagree with you because the word ponzi means giving high returns in short time. Bitcoin does have a high volatility but it doesn't necessarily mean that it is a ponzi.
The chances of loosing your investment is as equal as getting high returns. The large number of shitcoins lying around are just created by random people to either scam people or develop a non-potential product.
The idea behind bitcoin is huge and if it was a ponzi scheme it would have been ended long time ago.

TitanGEL

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Quote from: kvipcn on January 15, 2019, 11:06:08 PM

The basic underlying idea behind the use and creation of cryptocurrency is to present financial freedom to everybody no matter where you find yourself in this world. But the volatile nature of these digital currencies got me thinking, what if the whole idea of blockchain and cryptocurrency is just one giant Ponzi Scheme? Within a short period of time, there have been about thousands of cryptocurrencies created. Majority of these digital currencies are either trying to solve problems of a particular cryptocurrency by presenting solutions they think can help improve financial freedom. This usually gets me wondering and thinking. If you don't agree with me on this, please share your thoughts... Grin

We cannot consider that the cryptocurrencies are big ponzi scheme just because it has characteristics of volatile. It is the reason why we should have enough knowledge before we make investment, we cannot guarantee our returns if we do not have enough information about the market.

PlusOne88

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It is wrong to say that because there had been thousands of cryptocurrency created in just a very small time that they are just creating it to be a ponzi scheme. I do believe that there are scams but it didn't break the real purpose of the cryptocurrency in general. Cryptocurrency was invented to be a utility and people think of it just the same until they knew that they could gain from it. And from this knowledge people created for themselves a volatile market of cryptocurrency. The unrealistic demands due to sudden rise of people holding coin for the purpose of gaining or riches and not for any utility as it should have served people created this volatile environment. Many are then complaining for loses which should not have been if people are wise enough to see that cryptocurrency is not just for holding and gaining but for the purpose so important to better served all of us. Should anybody use it for business then it could have limited volatility or may have had stabilized the cryptocurrency market. For me it's not a scheme, if it is then we are to be blamed because we made it looked likr one due to misusing it to earn money instead of its real utility. Money should have been an indirect goal instead of being primary.

Daboy_Lyle

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The volatility of bitcoin doesn't define that it is a Ponzi Scheme. As you can read on the previous reply here where in they expand the meaning of Ponzi Scheme.

Quote from: Ponzi Scheme

The victims are led to believe that the profits are coming from product sales or other means, and they remain unaware that other investors are the source of profits.

This case shows a big difference to Bitcoin as Ponzi Scheme. Bitcoin don't have a product so in short it is not a kind of Ponzi Scheme and if it is then there's no bitcoin now.

Webberson

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Overtime, individuals have had diverse opinions of cryptocurrency. On a personal note, i see the innovation and operation of cryptocurrency far different from ponzi scheme because a ponzi scheme's mode of operation is simply collecting from Mr. A and giving to Mr. B. Crypto on the other hand is a type of currency targeted towards making transactions.

killat

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Do you even know what a ponzi scheme is? If you knew, you wouldn't ask this question, no offense.

Bitcoin did not take you money, did not promise you earning of 100x, 1000x ... It is listed on different exchanges and you are free to buy or sell. It is all about offer and demand (+high volatility), nothing more.

Daniel91

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Quote from: kumar jabodah on February 24, 2019, 03:33:42 AM

The crypto currency is one of the best inventions that have been created this time.

So I advise you to read what is the difference between the crypto and the ponzi scheme. What is the meaning of bitcoin, virtual currency. That's why you know the true answer exactly what the crypto is and what it can contribute to our daily life.

Difference between bitcoin and ponzi is very clear to me.
in ponzi schemes there is no real product or services.
In ponzi we also have owner who use money from the new members in order to pay new members.
On the end, ponzi stop paying and admin run away with money.
Here, in bitcoin, we don't have owners or admins.
We enter market and buy something similar to stocks.
Price depend on supply and demand, so it's very clear and transparent.

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