Ponzi scheme and Bitcoin | Bitcointalksearch.org

Meowth05

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Quote from: Kasabus on January 24, 2020, 08:47:58 AM

Maybe the other way around,.. the collapse of bitcoin will totally eliminate the ponzi.

That's why there are ponzis in crypto space is because they are using the popularity of crypto to run their ponzi scheme, and those people who are eager to earn but has no or limited knowledge in crypto will always be the victims, even if the market will be regulated, they will still exist though I expect the scams will be minimize.

I don't think that the collapse of bitcoin would eliminate the Ponzi, scammers are everywhere as long as there is money involved they will never be gone. And mostly most of the victims are the people who have no enough knowledge with a certain thing that is why as tips for newcomers always remember that never enter in any field without having any knowledge upon it. Talking the effect of the collapse of Ponzi on Bitcoin, let say that they have a little bit significance in the market because I am pretty sure that they are the one who caused a panic selling on the market because if they did not release it in any exchange they might encounter a problem eventually.

Kasabus

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Maybe the other way around,.. the collapse of bitcoin will totally eliminate the ponzi.

That's why there are ponzis in crypto space is because they are using the popularity of crypto to run their ponzi scheme, and those people who are eager to earn but has no or limited knowledge in crypto will always be the victims, even if the market will be regulated, they will still exist though I expect the scams will be minimize.

nickenburg

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Quote from: Lee01 on December 26, 2019, 12:09:39 AM

Would the collapse of a Ponzi scheme effect the price of Bitcoin?
Though a hypothesis that the collapse of the Chinese Plustoken, a classic Ponzi scheme similar to bitconnect or countless others affected the price of Bitcoin, this seem to be accceptible although it's unlikely to be the major factor but distribution of stolen funds correlate very well with market downturns.

I don't think there is going to be a ponzischeme bigger then Bitconnect, in the cryptoworld.
And Bitconnect probably didn't have much impact on the price of Bitcoin, Now also a lot of people know about this kind of practice and they wouldn't get fooled so easily.
If anything Bitconnect made us smarter about the type of scams and magnitude people are willing to to go for.
What I do question if Thether is maybe used for creating a fake higher price, what will happen then if it turns out Thether doesn't have all the money they put in to Bitcoin.

AjithBtc

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Quote from: Xxmodded on January 22, 2020, 07:47:21 PM

Quote from: jhonjhon on January 20, 2020, 06:17:51 AM

Quote from: gabmen on January 20, 2020, 04:20:57 AM

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Ponzi scheme alwyas update their working from years to other years, last two years they do not know about bitcoin and accepted payment using PayPal, Payza and using Perfect money as purchase payment by giving profit about 1% until 5% every day, but now after their project failed and many investor not trusted try to make bitcoin label named in their project but have the same with working system before.

Lol. I bet you that even after all these shared experiences and information about ponzis and hyips, there will still be people who will fall for it 😁 that's why i think their schemes would just keep on trying to keep up with bitcoin's progress. At this point in time, crypto users should know well not to waste time and money in these ventures, but the promise of quick, easy money is just too difficult to pass up for a lot of people.

Right, there's a lot of warnings from this forum alone about Ponzi scams but there's still a lot of people who fall for this type of scam. It only shows that some people are concern about the returns but not willing to do any hardwork and as we all know Ponzi scams promises investors of higher return of investments without doing anything.

Many people like for investing with ponzi during early could giving much profit but at the middle time for project investment running many member faced trouble with their withdrawing, if you look interested with ponzi scheme project only joining on the early time and never participated after long time running because their fresh balance have been empty.

Ponzi scheme and bitcoin always have close relation. This is all because of the scams and Ponzi schemes getting promoted in the name of bitcoin. In a survey about Ponzi traps associated with cryptocurrencies, the majority have fallen without proper understanding. Most were with the thought of investing on bitcoin as the promotion always has some comparison with bitcoin to show their project the best.

Xxmodded

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Quote from: jhonjhon on January 20, 2020, 06:17:51 AM

Quote from: gabmen on January 20, 2020, 04:20:57 AM

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Ponzi scheme alwyas update their working from years to other years, last two years they do not know about bitcoin and accepted payment using PayPal, Payza and using Perfect money as purchase payment by giving profit about 1% until 5% every day, but now after their project failed and many investor not trusted try to make bitcoin label named in their project but have the same with working system before.

Lol. I bet you that even after all these shared experiences and information about ponzis and hyips, there will still be people who will fall for it 😁 that's why i think their schemes would just keep on trying to keep up with bitcoin's progress. At this point in time, crypto users should know well not to waste time and money in these ventures, but the promise of quick, easy money is just too difficult to pass up for a lot of people.

Right, there's a lot of warnings from this forum alone about Ponzi scams but there's still a lot of people who fall for this type of scam. It only shows that some people are concern about the returns but not willing to do any hardwork and as we all know Ponzi scams promises investors of higher return of investments without doing anything.

Many people like for investing with ponzi during early could giving much profit but at the middle time for project investment running many member faced trouble with their withdrawing, if you look interested with ponzi scheme project only joining on the early time and never participated after long time running because their fresh balance have been empty.

Zionatin

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Who care if they sell their bitcoin? I hope they sell their bitcoin and never come back. People who invest in ponzis are idiots and you could say they are scammers to if you know how a ponzi works and still invest because your gains come from the loss of victims. We all better off with such idiots out of the crypto universe. We don't need people who promote and support ponzi we better without them.

Quote from: jhonjhon on January 20, 2020, 06:17:51 AM

Quote from: gabmen on January 20, 2020, 04:20:57 AM

Quote from: ?? on ??

Ponzi scheme alwyas update their working from years to other years, last two years they do not know about bitcoin and accepted payment using PayPal, Payza and using Perfect money as purchase payment by giving profit about 1% until 5% every day, but now after their project failed and many investor not trusted try to make bitcoin label named in their project but have the same with working system before.

Lol. I bet you that even after all these shared experiences and information about ponzis and hyips, there will still be people who will fall for it 😁 that's why i think their schemes would just keep on trying to keep up with bitcoin's progress. At this point in time, crypto users should know well not to waste time and money in these ventures, but the promise of quick, easy money is just too difficult to pass up for a lot of people.

Right, there's a lot of warnings from this forum alone about Ponzi scams but there's still a lot of people who fall for this type of scam. It only shows that some people are concern about the returns but not willing to do any hardwork and as we all know Ponzi scams promises investors of higher return of investments without doing anything.

The thing is they care about returns they will never get.

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Quote from: gabmen on January 20, 2020, 04:20:57 AM

Quote from: ?? on ??

Ponzi scheme alwyas update their working from years to other years, last two years they do not know about bitcoin and accepted payment using PayPal, Payza and using Perfect money as purchase payment by giving profit about 1% until 5% every day, but now after their project failed and many investor not trusted try to make bitcoin label named in their project but have the same with working system before.

Lol. I bet you that even after all these shared experiences and information about ponzis and hyips, there will still be people who will fall for it 😁 that's why i think their schemes would just keep on trying to keep up with bitcoin's progress. At this point in time, crypto users should know well not to waste time and money in these ventures, but the promise of quick, easy money is just too difficult to pass up for a lot of people.

Right, there's a lot of warnings from this forum alone about Ponzi scams but there's still a lot of people who fall for this type of scam. It only shows that some people are concern about the returns but not willing to do any hardwork and as we all know Ponzi scams promises investors of higher return of investments without doing anything.

Darooghe

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In my own opinion Bitcoin was an equivalent of a slow lottery for many people, myself included. I don't think of myself as a great investor, or visionary, or extremely smart. Just like I don't consider these things about anyone who got rich off bitcoin. I got lucky, that's it. And so did they. It is extremely unlikely bitcoin will do 100x from here or even 10x-20x. But we need noobs to believe that it will go really high. they need to put up buying support for someone like me to dump my extremely appreciated coins into, so that I can buy a new Lambo.

The Cryptovator

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When bitcoin wasn't much popular, ponzi scammers used some others payment methods to scam people. But when Bitcoin become more popular crypto currency then all ponzi scammers moved into bitcoin. They start their ponzi scheme with bitcoin payment method. So indirectly we can say ponzi scheme would one of reason bitcoin dump. Scammers choose bitcoin for their safety, because its irreversible and can't be trace who is behind of that scam. So when scammers sell big amount of bitcoin, it would effect on bitcoin prices. Because there is lots of ponzi scammers and they are continuously doing that. But that effect wouldn't much longer, since people will buy bitcoin again for invest on ponzi, LOL. It's not surprising to me, still there is lots of investors who believe they could get big return from ponzi. Perhaps some people got profits who came first. That's why more people often jump on ponzi scheme due to greedy nature.

gabmen

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Quote from: ?? on ??

Ponzi scheme alwyas update their working from years to other years, last two years they do not know about bitcoin and accepted payment using PayPal, Payza and using Perfect money as purchase payment by giving profit about 1% until 5% every day, but now after their project failed and many investor not trusted try to make bitcoin label named in their project but have the same with working system before.

Lol. I bet you that even after all these shared experiences and information about ponzis and hyips, there will still be people who will fall for it 😁 that's why i think their schemes would just keep on trying to keep up with bitcoin's progress. At this point in time, crypto users should know well not to waste time and money in these ventures, but the promise of quick, easy money is just too difficult to pass up for a lot of people.

fireball4

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pyramid schemes will not stop bitcoin's rise, but the reputation for new investors will be tarnished. Some days, people are more vigilant than in previous years. But with all the savings, altcoin ponzi schemes have started to come to light where teams are just fleeing. New project legislation can be effective in stopping these issues.

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Quote from: fravia on January 17, 2020, 05:57:46 PM

Ponzi schemes will not stop bitcoin's rise, but the reputation for new investors will be tarnished. Some days, people are more vigilant than in previous years. But with all the investments, altcoin ponzi schemes have begun to come to light where teams are just escaping. New project regulations can be effective in stopping these things. However at the moment they stop only the minority of the criminals

Ponzi schemes have been around for a long time, either in real investments, or investments in crypto, indeed today there are a lot of ponzi schemes that occur in crypto currencies, the step you have to look at is to stay away from unclear new projects, analyze the project, of course from fundamental and whitepaper

fravia

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Ponzi schemes will not stop bitcoin's rise, but the reputation for new investors will be tarnished. Some days, people are more vigilant than in previous years. But with all the investments, altcoin ponzi schemes have begun to come to light where teams are just escaping. New project regulations can be effective in stopping these things. However at the moment they stop only the minority of the criminals

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Quote from: Kyraishi on January 08, 2020, 06:33:45 PM

But at the end of the day, it won't have any weight in the long run because these ponzis simply use bitcoin as a payment method and doesn't represent bitcoin in any way. The fundamentals of BTC's network and technology is what drives long term prices, not third parties

I tend to think it does in fact affect the fundamentals

And not because it adds to volatility (though it is about that too) but for the image that such use produces. Indeed, it doesn't change the technology behind Bitcoin, but technology without adoption is pretty useless on its own. When people lose their money via Bitcoin as was the case with PlusToken, their overall attitude toward cryptocurrencies changes and not for the best, to say the least

And yes, I know that the dollar (for example) is used for nefarious purposes as well and probably much more in general. But this use is still minuscule compared to its other uses, good ones, so it doesn't affect its image so much

Kyraishi

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Depending on the scale, a ponzi scheme as large as a plustoken may cause speculators to panic for each of their large transfers of funds and eventually sell large chunks a while later. Because of activities that are always tracked, scam companies like this have never been seen selling any small part. Even though most of the money is sold in ethereum and causes a small increase in bitcoin. Yet speculators know it only lasts a while before it eventually becomes sharper.

It's an interesting thing to think about.

If the ponzi operators theoretically dump their coins as soon as they pull an exit scam, and the scam is of some magnitude, then yes, the effects on the bitcoin market COULD be detrimental in the short term.

But at the end of the day, it won't have any weight in the long run because these ponzis simply use bitcoin as a payment method and doesn't represent bitcoin in any way. The fundamentals of BTC's network and technology is what drives long term prices, not third parties.

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Quote from: SquallLeonhart on January 05, 2020, 04:02:15 AM

Bitcoin itself is not a method to make more money, that is what many many people use it for but reality is that the creation purpose was to create a new currency that was better than the current fiat system we have and to that point bitcoin managed to actually build something that is better.

What we put on top of that and buying lows and selling highs and all those Bakkt things and leverage bitmex things etc are all because people used bitcoin for that, which goes to show you that we are the reason why all systems are broken, communism didn't worked, capitalism failed, socialism got destroyed, whatever system you throw at humanity they found a way to use it for personal gain and not improvement of our society. Bitcoin intended to be different but ended up in the same place.

But did you really expected any different? That is just human nature, humans are always looking for a way to gain an advantage over everyone else, and they can do this under the rules established by their society or by breaking them, those using ponzi schemes to get money are operating outside of what we consider acceptable and if they are ever found most likely they will be jailed, but when people use bitcoin to speculate with it they are actually using bitcoin as intended, after all with bitcoin you can use your money as you want and if they want to speculate with it then they are using it in the right way.

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Quote from: Lee01 on December 26, 2019, 12:09:39 AM

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theoretically yes, a scammer cash it out. of course it's just a little penny compared to the bitcoin market cap .
but the trust to crypto currency will got more affected from that cases. of course we talking about negative effect .
general people will more familiar with btc is ponzi nests than btc in the right defenition.

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Quote from: marcous on January 05, 2020, 08:27:05 AM

Well, one of the negative stigmas in the crypto world is the development of cryptocurrency projects which instead of earning Bitcoin and make profitable even though they use a Ponzi scheme and this is what makes some ordinary people judge BItcoin is a negative thing that is not good if you invest in it. Of course, we hope that Bitcoin has a good image in the eyes of the world

you are absolutely right that we want a better image of bitcoin in the eyes of world, but most of the people adopt the wrong ways in this field inorder to get a quick and easy money due to which the victim people are considering bitcoin a bad thing. Ponzi scheme is one of the wrong ways that make people fool and get the money of people illegally.
but i think we should teach those people who are considering bitcoin bad that you can use bitcoin in a positive way.

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Quote from: Johnyz on December 30, 2019, 05:13:24 AM

Ponzi scheme can’t be stop, there will be more like this but on a different system. Bitcoin should not be affected by this one, bitcoin should continue to grow despite on those scammers, and investors should focus on the best system which is bitcoin, ponzi scheme will never succeed if people are well educated, this is the main problem.

I agree with you.

Sadly some ponzi schemes will collapse after the scammers behind them make lots of money and some will be collapse beforehand but all in all it is clear Bitcoin price is related to far too many variables to pinpoint.

trickshot22

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Ponzi will always be there, looking for people who don't want to search for information or expertise. We are going to get stuck in the Ponzi scheme without knowing whether or not that is true. We're going to see a new type of Ponzi as the Ponzi scheme will always adapt following the trend, and the Ponzi scheme will seek to get as many people as possible to get their money. You must therefore be vigilant and always find the other source for the news.

Topic: Ponzi scheme and Bitcoin (Read 1467 times)