Polymath pumped. My small amount of coins that were too cheap to move became massive. Sold all of it. Read about Polymath here:
https://www.reddit.com/r/CryptoCurrency/comments/7sqrou/warning_polymath_network_could_be_a_scam/
Complete air project, yet people have dumped money into it recently. Glad I got out while I could.
Topic: Ponzi / Pyramid Scheme / Bubble (Read 645 times)
Until its value is pegged to something more fundamental than speculation, it will simultaneously be a Ponzi scheme, a bubble, and an investment opportunity. Which makes it very interesting and gives people from all sides plenty of ammunition for an argument.
I am also one of those who disagree if bitcoin is called a ponzi scheme, even though the victims of the ponzi scheme are people
who invest without doing research properly. And the person finally blames bitcoin by saying bitcoin is a ponzi scheme. Usually
newbie who are victims of Ponzi scheme, because they want to get instant profit. Regarding the bitcoin pyramid scheme, it's clearly
bitcoin not a pyramid scheme, and if it relates to bubbles, I quite agree. Because with the volatile bitcoin price, it's only natural to
have a bubble.
who invest without doing research properly. And the person finally blames bitcoin by saying bitcoin is a ponzi scheme. Usually
newbie who are victims of Ponzi scheme, because they want to get instant profit. Regarding the bitcoin pyramid scheme, it's clearly
bitcoin not a pyramid scheme, and if it relates to bubbles, I quite agree. Because with the volatile bitcoin price, it's only natural to
have a bubble.
A lot of people refer to bitcoin as a ponzi because it simply goes against it's world views, and they are unwilling to change those views/open their minds. Andreas says it best here..
"I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved. There are critics who criticize this technology primarily based on their world view. It is politically inconsistent with their world view. It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is. “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"- Andreas Antonopoulos.
"I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved. There are critics who criticize this technology primarily based on their world view. It is politically inconsistent with their world view. It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is. “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"- Andreas Antonopoulos.
I fell victim to a ponzi coin. If any of you heard of Polymath then you'd know that it practically went to 0. Lost a lot of money on it, it was a complete scam and I didn't do any research.
Be careful and do your research. I've pretty much dumped all altcoins long ago and I haven't regretted that decision.
Be careful and do your research. I've pretty much dumped all altcoins long ago and I haven't regretted that decision.
I am very satisfied with all these signatures, because these schemes are very common find anywhere, in which many people fall, personally I think the most blatant way to take money from others, is something that does not fully my head as people can believe in ponzi or pyramidal systems.
The bubble, is already demonstrable with the structure that bitcoin has, over the years has seen bitcoin as a currency that has had history, in fact, the fundamental and technical system is applicable as a study process for analyze the market
If we compare it with the models or structures of bubble structure schemes it does not make any sense that the bitcoin graph has similarity, because bitcoin operations have always existed 24 hours and the market movements have been gestated and planned mostly by the market makers, therefore does not apply, what happens is that bitcoin does not have any backing as Stock Market shares, this makes some economists, governments and banks do not take the initiative to believe, but has the blockchain technology, which is the one that they can not control and it is impossible to make corrupt.
The bubble, is already demonstrable with the structure that bitcoin has, over the years has seen bitcoin as a currency that has had history, in fact, the fundamental and technical system is applicable as a study process for analyze the market
If we compare it with the models or structures of bubble structure schemes it does not make any sense that the bitcoin graph has similarity, because bitcoin operations have always existed 24 hours and the market movements have been gestated and planned mostly by the market makers, therefore does not apply, what happens is that bitcoin does not have any backing as Stock Market shares, this makes some economists, governments and banks do not take the initiative to believe, but has the blockchain technology, which is the one that they can not control and it is impossible to make corrupt.
We need Ponzi, just accept it. It is our job to deal with Ponzi, and don't blame anyone else to owe you a life.
Wait, what? If you think you need it then go ahead and deal with it, perhaps you don't know what you're talking.While we know very well that bitcoin isn't those mentioned in OP though the bubble thing is quite agreeable since it's volatile and whales can control the market which they can pump and dump it anytime yet we should know how to take profit then. Just go with the flow instead.
Are you serious you know how to take profit? Bitcoin is now over 9000!! OMG I so glad I’m hodl forever, I’m proud to be the perma shitcoin bagholder.
I got to know about bitcoin from popular global ponzi scheme MMM.. Bitcoin facilitated their ability to engaged the global ponzi community and get more people to participate no matter the geographical position.
Yes, but do you think MMM would not have happened if it was not for Bitcoin? These Ponzi schemes has been around much longer than Bitcoin has been around, so Bitcoin is not the reason for their existence. Scammers are always finding better ways to commit their crimes and Bitcoin is just another method of payment for them to do that.
If Bitcoin was not around, people would have used Bank transfers or PayPal or Diners Club cards etc... they always find a way to commit these crimes.
I got to know about bitcoin from popular global ponzi scheme MMM.. Bitcoin facilitated their ability to engaged the global ponzi community and get more people to participate no matter the geographical position.
Those that refers to bitcoin as a ponzi scheme are only saying so because the lack the fundamental knowledge of what a ponzi is and also what a decentralized currency is because a ponzi scheme does not have value on the exchange market and it does not even serve as a currency which can to transfer from one person to another. And also if bitcoin is a bubble then it should have bursted by now and bitcoin is already ten years and still counting.
With a broad knowledge about crypto and ponzi scheme. I can categorically tell you that crypto is not a ponzi scheme. In 2013 when ponzi scheme was at its peak and many people that have fell victim of the popular get rich quickly scheme (Ponzi). Fraudsters that are the major originator of the scam site started looking for a payment processor that will be very easy to get people engaged in, (as others such as PM, LR, payza are preventing their customers from using their account for ponzi scheme) they make bitcoin their target as payment processors. Now many people that have fell victim using bitcoin as payment processors on those sites are now calling bitcoin a ponzi scheme. I just wonder why they are not calling perfect money, liberty reserve, payza, solidtrustpay a ponzi scheme 
Yet if it still believed to be a bubble then how come those gentlemen in suits continuously support and mingle with this big bubble that they are saying? Is it just the mere reason was it gives them money, or is it they want something new, and to really change how the financial market is at the moment. I believe in BTC and blockchain, who cares about the folks saying it is bubble, let them be.
We need Ponzi, just accept it. It is our job to deal with Ponzi, and don't blame anyone else to owe you a life.
Wait, what? If you think you need it then go ahead and deal with it, perhaps you don't know what you're talking.While we know very well that bitcoin isn't those mentioned in OP though the bubble thing is quite agreeable since it's volatile and whales can control the market which they can pump and dump it anytime yet we should know how to take profit then. Just go with the flow instead.
ponzi, pyramid scheme, and the bubble is not a BTC technology concept, the term is only used by irresponsible people, they are stupid, and damage the good name of BTC and the crypto world.
the term will affect the beginner, and then it will affect the crypto market.
the term will affect the beginner, and then it will affect the crypto market.
If you are talking pure BTC, its a wide topic when big players are holding so much value from crypto. BTC could easily become a bubble when the price slumps heavily to loses and some small amount of people gained. Pyramid scheme is more like a structured way of scam each others, but market does the same too, price manipulation are common when an authority (whales or project owner) have advantage of supply or channels. Its all about playing smart and get a piece of cake these days if you are an investor. My mindset is everybody is looking at money and it does being reflect on people and market.
Well explained as a high ranked user gave you a huge amount of merit. I believe that Bitcoin is not a ponzi scheme or a pyramid scheme. I think there is no evidences that it is a pyramid or ponzi. Maybe they are saying that because the scammers are using it for ponzi scheme and pyramid scheme. Those who thinks Bitcoin as scam are those newbies who doesn't know everything about it.
We need Ponzi, just accept it. It is our job to deal with Ponzi, and don't blame anyone else to owe you a life.
Bitcoin is a "product", it exists and has an usage, and as you said, pyramid schemes don't involve any products, it's just a group of people sharing money to bring more people to share money too. That is a good proof bitcoin isn't a pyramid scheme.
The bubble part is more complex: when there are so many speculators investing I can understand bitcoin price is overdone and it can be seen as a bubble.
The bubble part is more complex: when there are so many speculators investing I can understand bitcoin price is overdone and it can be seen as a bubble.
So when there are people who think bitcoin is a Ponzi, pyramid scheme or bubble, we don't have to argue with them because we cannot make them realize the truth.
I am sure that they will find out by themselves in one day and they will understand that what their saying is not right.
I don't think bitcoin is a Ponzi or anything else.
I considered bitcoin as a way to make money on the internet, and it's not a scam like the other investment program.
Besides that, for me, bitcoin is like a currency as the others say the same as me.
I am sure that they will find out by themselves in one day and they will understand that what their saying is not right.
I don't think bitcoin is a Ponzi or anything else.
I considered bitcoin as a way to make money on the internet, and it's not a scam like the other investment program.
Besides that, for me, bitcoin is like a currency as the others say the same as me.
I totally agree with your opinion. Bitcoin is not like a ponzi or a pyramid. Those who say it has a skeptical mind and there may be an intention to drop the bitcoin.
That's is truly right mate, people they use bitcoin or digital currency for extortion to get quick huge money, and regarding for bitcoin bubbles is a normal because of high volatility fluctuations.
I advise to all bitcoin ethusiasm learn well before investing in any kind of investment to avoid victim of ponzi schemes.
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