Teacher and Classmates Labeling Bitcoin as a Ponzi Scheme or a Scam

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

Story time Grin

My nephew, who is around 15 years old, has gained knowledge about bitcoin and cryptocurrencies through exposure to discussions between his father (my brother) and me, as we frequently talk about bitcoin. Whenever he has free time from school or chores, we allow him to listen in on our conversations and ask any curious questions he may have. For instance, he often asks questions like, "Uncle, what is bitcoin?" or "Is it a type of currency? Can I have one?" We do our best to explain the concept to him, but sometimes he grasps it easily while other times he struggles to understand. What I do know is that this young boy is displaying a keen interest in the subject.

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

The problem is that we don't need to force people to understand the capacity and how Bitcoin can help them when we talk about investment and how they could have a broaden portfolio that cam increase there wealth. Bitcoin is both an asset and cryptocurrency so if anybody thinks Bitcoin is a ponzi scheme then that is left for them. Let them keep having the nonsensical believe that makes no sense. We can't force people to like and understand what Bitcoin is, since the market is broad and wide enough for everyone to makenl decisions.

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Quote from: tvplus006 on June 27, 2023, 11:06:02 AM

Quote from: alastantiger on June 23, 2023, 09:49:21 AM

...Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it...

One of the characteristic features of the ponzi scheme is the promise of a guaranteed profit, which is absent when investing in bitcoin. Understanding such fundamentals can easily identify where the dangers lurk. But this is unlikely to help the teacher understand this, since he has already formed a negative image in relation to bitcoin.

Well I have no doubt about the teachers ignorance towards bitcoin. Maybe the teacher must have had experience with the Ponzi things hence their counter actions against your nephew and labeling bitcoin a Ponzi, but I was wondering if they do research in any way because it is only an updated teacher that could be able to absorb the knowledge of your nephew when explaining it to them. This should have been a research key or possibly an assignment they should have taken upon themselves to making sure they have knowledge about bitcoin so as to educate themselves more about bitcoin.
This display of ignorance by the teacher is something else if I were your brother I would do the needful because this shows how backwards they are possibly in academics and otherwise.

inthelongrun

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We have different personalities and I am one of those that wanted privacy. So my advice if that was my nephew is to stop starting discussions about bitcoin. That will save him energy from arguing with those less-informed people. Besides, when the value of bitcoin increases big time, especially in the future, his family and you will be glad that there are zero to fewer people who knew that you gained a lot from bitcoin's increase in price.

But if you guys wanted to make it right and are spreading bitcoin awareness in public then I salute you. But it's hard to debate with the teacher though as he/she might get offended and becomes personal which might affect the kid.

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

My nephew, who is around 15 years old, has gained knowledge about bitcoin and cryptocurrencies through exposure to discussions between his father (my brother) and me, as we frequently talk about bitcoin.
~snip~

You and your brother should talk about such things privately, not in the presence of children, because realistically such discussions are not something that should burden children. It's not just a matter of filling your child's head with things he's too young for, but also about your child being exposed to safety risks because he can talk about these things to someone who has malicious intentions.

Quote from: alastantiger on June 23, 2023, 09:49:21 AM

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

I would agree that his father is right, and that he should make a decision on how to raise his son - because the inconvenience he feels at school is a direct result of getting information that should not have come to him at all. If it has already come to the point that he feels frustrated because someone is saying something about something in a way that he does not like, then it is time to teach him a lesson about how everyone is entitled to their opinion, and accordingly such an opinion should be ignored.

The world is full of people who think Bitcoin is a Ponzi scheme and an internet scam, and as far as I'm concerned they can think that for the rest of their lives. It just goes to show that they're not intelligent enough to process all publicly available information .

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

Story time Grin

My nephew, who is around 15 years old, has gained knowledge about bitcoin and cryptocurrencies through exposure to discussions between his father (my brother) and me, as we frequently talk about bitcoin. Whenever he has free time from school or chores, we allow him to listen in on our conversations and ask any curious questions he may have. For instance, he often asks questions like, "Uncle, what is bitcoin?" or "Is it a type of currency? Can I have one?" We do our best to explain the concept to him, but sometimes he grasps it easily while other times he struggles to understand. What I do know is that this young boy is displaying a keen interest in the subject.

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

In a situation like this; you need to go into the perspective of the teacher and the classmates. If you continue to be on the defence with regards to bitcoin; then you will not be able to change the narratives in the teachers mind or after thought.

What to do?

Let your nephew ask for the teachers experience with regards to Bitcoin, if you recall there are so many ponzi schemes around that uses Bitcoin, Trx and other tokens for the ponzi scheme; it could be that the teacher got involved with BTC in scenarios like that.
After learning the teachers experience with BTC, only then can you help the teacher understand the difference between BTC, crypto currency and ponzi scheme. This approach should work fine.

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I am really sorry to hear what happened to your nephew, I hope he doesn't get bullied because of his curiosity. But on the other I understand that some people still have a bad view toward crypto, my advice would be to stop discussing crypto at the school, except he was being asked. I am not saying that he should give up on learning about Bitcoin but just not in school, sometimes it's good to just be no one at school but being a geek outside of school.

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Quote from: Diplester6666 on June 23, 2023, 11:20:11 PM

Repeat after me -
"I have promised myself that I will be focusing my time and efforts on building my own future instead of trying to convince someone who makes the fashionable mistake of labelling everything they don't understand as scam."

Sometimes trying to convince people, especially the ignorant ones is just a waste of time. The more effort you put to dispute a wrong view about a project, the more they proudly exhibit their lack of knowledge. Some of these negative views are born out of a lack of information or bad personal experience. It will be very difficult to convince anyone that has been a victim of a shitcoin scam that Bitcoin is not a scam. The negative experience has affected their sense of reasoning.

Quote from: tvplus006 on June 27, 2023, 11:06:02 AM

Quote from: alastantiger on June 23, 2023, 09:49:21 AM

...Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it...

One of the characteristic features of the ponzi scheme is the promise of a guaranteed profit, which is absent when investing in bitcoin. Understanding such fundamentals can easily identify where the dangers lurk. But this is unlikely to help the teacher understand this, since he has already formed a negative image in relation to bitcoin.

People are unaware that this is the strategy to attract them. No investment can guarantee a fixed profit but these Ponzi schemes assure investors of a certain percentage of profit at a certain time. And I wonder how sure these business owners are that they will constantly make a profit. Greed is a leading factor that makes people fall for these deceitful schemes.

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

...Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it...

One of the characteristic features of the ponzi scheme is the promise of a guaranteed profit, which is absent when investing in bitcoin. Understanding such fundamentals can easily identify where the dangers lurk. But this is unlikely to help the teacher understand this, since he has already formed a negative image in relation to bitcoin.

zaim7413

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It should be emphasized and pinned on the main purpose of Satoshi creating Bitcoin, he was never to distribute Bitcoin when it already has a price. Bitcoin is not like the Ponzi schemes that Teacher described at your nephew's school, bitcoin has become widely accepted and has benefited from previous adopters from rising in value.
Generally no one can guarantee that by investing in Bitcoin there is a guaranteed greater return, the price is purely determined by the influence of supply and demand in the market. Once again I emphasize, Bitcoin is not a Ponzi scheme. It takes a broader approach to how Bitcoin works before labeling Bitcoin a ponzi scheme.

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

For instance, he often asks questions like, "Uncle, what is bitcoin?" or "Is it a type of currency? Can I have one?" We do our best to explain the concept to him, but sometimes he grasps it easily while other times he struggles to understand. What I do know is that this young boy is displaying a keen interest in the subject.

I wonder why he would understand it awhile and then forget it. Is it that your teaching methodology isn't simplified for his age? The first time my less than 10-year old son asked me what Bitcoin was. I took out just give minutes to tell him it's money just like the fiat he's used to but that Bit (computer language) is computer Coin. It's money accessible on the Internet. He understood it and hasn't asked again in perplexity. I left it that simple without compounding it with the asset side of it. Yes, I believe Bitcoin is both coin and asset.

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Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation.

Tell your nephew to assess his teacher by what he (your nephew) knows and is sure of to judge the level of knowledge his teacher has 😆. Not everyone is that intelligible, whether they're teachers or not. My son's teacher once told him and his classmates that there was nothing like a Flying fish. I showed my son videos of flying fish on YouTube to dispel his teacher's opinion.

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Quote from: Woodie on June 26, 2023, 05:46:58 PM

Great to know the young nephew has so much interest in cryprocurrencies thanks to the people around him.
But those ponzi labelling of Bitcoin coming from school should be ignored and for now just advice him to talk less about it to avoid his social wellbeing from being disturbed!
And his teacher should equally refrain from this topic for now unless its part of the curriculum because this could turn out to be an isolation recipe of not wanting to mix with the kids who don't share the same views.

I think that's very normal, the world of school children, where the teaching and learning process takes place and whose main task is only to study and learn. Not guessing, maybe the teacher happened to discuss it when reading a news item from online media whose contents were somewhat directed like the topic posted by the OP above about Bitcoin as a Ponzi Scheme or Scam a day or two earlier. Maybe I think the teacher has never entered the market and knows more about it. But, if Guru OP steps in and goes through it, I'm sure a good and true perception of BTC will emerge. Even if a BTC Ponzi Scheme or Scam, many trading platforms go out of business and hit the headlines, news can take weeks... that's all there is to say.

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Great to know the young nephew has so much interest in cryprocurrencies thanks to the people around him.
But those ponzi labelling of Bitcoin coming from school should be ignored and for now just advice him to talk less about it to avoid his social wellbeing from being disturbed!
And his teacher should equally refrain from this topic for now unless its part of the curriculum because this could turn out to be an isolation recipe of not wanting to mix with the kids who don't share the same views.

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

remember that not everyone we can force must be in accordance with our thoughts. in this case we cannot force our thoughts about Bitcoin to your nephew's friends and teachers who still have a negative view of Bitcoin.
it's better for you to advise your nephew so that he can discuss Bitcoin only with people who are interested, no need to waste energy debating someone who doesn't know Bitcoin completely. and don't let their negative views about Bitcoin cause your nephew to be looked down upon by his friends and teachers.

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Quote from: mvdheuvel1983 on June 26, 2023, 01:10:08 PM

Your nephew owes nobody any explanation. If he doesn't know what to say, tell him to tell them that Bitcoin is not a scam or a ponzi scheme. A Ponzi scheme is when a person or group offers an investment that promises extremely high returns with minimal risk. What happens is that earlier investors receive money from later investors, and the system continues in this way with a constant cash flow and a constant influx of new investors to pay off the old ones. There is no other way for the system to make money other than by luring in new investors, and systems of this nature invariably collapse.

Ignoring them is the best thing to do rather than arguing with them as for sure they won't listen but insist on their wrong ideas. These kinds of people really exist and that is also because of the wrong information and scam news that drags the name Bitcoin. Some scammers use Bitcoin and tricked innocent people and that is why they blame Bitcoin because of that scenario.

Pretty hard to make arguments with these people but showing them how you make money from a legal investment will enlighten their minds. But of course, we don't have to force them but instead, let them realize that they are wrong with their assumptions and that not all they heard are true.

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Quote from: mk4 on June 23, 2023, 11:58:29 AM

Just ignore it — you don't need to defend bitcoin with all your will. It's not like you can explain to your child how bitcoin is not a scam and all that because bitcoin (and probably money in general) is probably still a bit too complex to explain at that age anyway.

You are absolutely right in on this because at 15 I don't think the baby is old enough to understand some concepts that are higher than his level of understanding at that point. After all, even though the child may seem to have gotten some exposure due to his involvement through relatives, it is still very hard to let a young lad understand complex subjects like finance and money.

Ops does not need to defend Bitcoin because as time goes on the nephew will grow to meet the need to adopt Bitcoin and that need will force his attention to make further research about Bitcoin on his own instead of trying to force him to understand the concept when his mental alertness has not reached that level.

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

Story time Grin

My nephew, who is around 15 years old, has gained knowledge about bitcoin and cryptocurrencies through exposure to discussions between his father (my brother) and me, as we frequently talk about bitcoin.

15 years old means he is much capable to learn about Bitcoin and use it or invest in Bitcoin. You should discuss about Bitcoin with your Nephew with more details as he seems much interested too.

Quote from: alastantiger on June 23, 2023, 09:49:21 AM

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

You should teach your nephew about how he can handle these situations and how to describe the difference between ponzi scheme and Bitcoin. If Bitcoin is still illegal in your country then keep quiet will be the best idea. We should make awareness about Bitcoin to them so that they can be an early adopter and never miss the future of Currency.

mvdheuvel1983

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Your nephew owes nobody any explanation. If he doesn't know what to say, tell him to tell them that Bitcoin is not a scam or a ponzi scheme. A Ponzi scheme is when a person or group offers an investment that promises extremely high returns with minimal risk. What happens is that earlier investors receive money from later investors, and the system continues in this way with a constant cash flow and a constant influx of new investors to pay off the old ones. There is no other way for the system to make money other than by luring in new investors, and systems of this nature invariably collapse.

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Quote from: Findingnemo on June 23, 2023, 11:42:41 AM

Here teacher has no knowledge about Bitcoin and blockchain which is probably the reason for such discussions so if you have any opportunity to meet the teacher then it's better explain to him what is Bitcoin.

This is common for those who are against bitcoin as currency or digital assets. Bitcoin is considered a ponzi, even though since the beginning I think Bitcoin has not invited people to invest and has not promised any high return. Bitcoin just to facilitate payments and money owners to save their money without a bank. The value of bitcoin is the demand from the community and investors. Unfortunately, those who are cons will looking at this as ponzi. For people in my country who disagree with bitcoin and crypto, they say that crypto only makes them bankrupt. Cheesy

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Bitcoin is a legit project and a sexy one, thus attracting many scammers to the space. You can give many examples from Mt. Gox, Cloud Mining, Impostor fraud, to (maybe) Coinbase since there's an ongoing case about it (just dig into Bitcoin's history). The scam and ponzi around Bitcoin are not the system's fault, but because these people got into the Bitcoin train and then started their own M.O. That's why you need to make the point about technology and community values. Don't ask people to buy to get rich, since you'll sound like the scammer.

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Quote from: alastantiger on June 23, 2023, 09:49:21 AM

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

Like they say, what you don't know is bigger than you. The teacher and classmates don't know or have any idea of what Bitcoin is so is best they stick to their own view about Bitcoin, unless you as the uncle can make out chance to make the conversation more mature, that's with the teacher. And if eventually you succeed in convincing the teach then the classmates won't be a problem. As the case maybe, I don't blame how the teacher or classmates sees Bitcoin is just wrong information that's the main cause in this situation.

Topic: Teacher and Classmates Labeling Bitcoin as a Ponzi Scheme or a Scam (Read 598 times)