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.

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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?

It is undeniable that currently there are still many people who consider bitcoin as a Ponzi scheme, or as a deceptive asset. Even though all of these assumptions, are really wrong opinions. Because ponzi schemes are the complete opposite of what is applied to the bitcoin system, so people who call bitcoin a ponji scheme really appear to be that these people only value bitcoin from their dislike of bitcoin, and maybe from the news who vilify bitcoin. So these people call bitcoin as a ponzi scheme or as a fraudulent asset, just because of this factor, and it seems that these people have never even studied bitcoin, so bad opinions arise about bitcoin.

So in essence, don't take or respond too seriously, about bitcoin opinions that come out of the mouths of people like that. Because these people are just talking nonsense and have no clear evidence or experience about the opinions they issue. And in conclusion (to your cousin), stop talking about bitcoin with his schoolmates or teacher. Because talking about bitcoin with people like that will only make your mind heat up and make you want to get angry. Because maybe their thoughts about bitcoin, are not on the same frequency as your thoughts.

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I understand this situation. It's really frustrating when your teacher or professor says something like that about Bitcoin especially during in class. They don't know a lot about Bitcoin but act like they know everything by saying it's a scam and such. And sometimes, since they're the professor, your classmates will somehow believe on what the teacher will say.

Your nephew is still young, and his friends around him are still young, so it's understandable if his friends won't be interested and will think about Bitcoin in that way. But great for him to be interested in Bitcoin at a very young age. Once he gets a bit older, he can gain a deeper understanding about Bitcoin and he might be able to influence his friends. Your nephew doesn't need to keep persuading others on believing about Bitcoin, the time will come that his friends will be the one who'll come to him to ask about Bitcoin.

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I quite agree with @LoyceMobile's logic. Honestly people will try to refute what they do not have in-depth knowledge of and I'd not bother to change the teacher's perception if I were you since your actions could either offend him or cause him to still believe in his notions because some people, no matter how genuine a thing is, there's still always going to be a reason for finding fault.
I must commend your nephew's curiosity towards Bitcoin, it's great to hear that a kid his age is interested in digital currencies and the like but I'd ask a quick question tho. Is he really into it or probably has just picked interest simply because that's all he hears you two talk about??

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Ask the teacher to explain fiat money. If he can't, there's no reason to trust him on anything related to money.

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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?

You cannot blame his teacher and classmates, with so many scams and news of Ponzi schemes using Bitcoin as a payment gateway, uneducated people will see Bitcoin in a bad light, I have a lot of bad experiences explaining Bitcoin to people who are active in MLM and ordinary people because they rely on and check central figures and offices to consider the legitimacy of one project.

But with our government's support of Cryptocurrency, people can now easily relate to Bitcoin because the top payment processor and internet service providers are openly supporting Cryptocurrency, if your government support and regulate Cryptocurrency explaining is easier because no government will support the Ponzi scheme and scams.

One of the easier to explain to people about Bitcoin is to use the best video-sharing platform Youtube, the video creators are the best explainers of what Bitcoin is and its advantage, never argue about Bitcoin, everything is in place for Bitcoin adoption worldwide they just need authority figure or credible sites to explain this, just lead them here, I'm using this method and so far I'm successfully doing this.

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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?

My sons also acts the same way. He always ask question about bitcoin and mostly my activities in the forum. He understands some of the concepts , while others are difficult for him to grab. But I am careful not to transfer or expose sensitive concepts like my password, username and wallet to them. Children cannot be underestimated. His father is right based on my views. Your brother might be concerned about privacy and security. If you tell anybody that you own a bitcoin in my location, they will see you as a very rich person. This can make you a target of criminals because they think you are rich.

Your nephew is in the secondary school and bitcoin education is not highly needed in his class. Most of them might not be interest and don't have the fund to buy bitcoin. My advice it that you communicate with the teacher and teach him about bitcoin. If he gets the true picture, advice him to tell the students the truth.

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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?

As a person who knew bitcoin during times where scammers are everywhere, and people falls to their scheme, you should tell him to ignore those people why? just like the people who bash bitcoin before they will eventually jump in when its too late, instead of wasting his energy and effort to those people focus on increasing his knowledge and share it to people who have interest on it, although its natural for people to say its a scam getting mad will not bring him to the top, ignoring them and showing them the result is the best way for them to regret what they said, and they will eventually regret it.

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Quote from: avp2306 on June 26, 2023, 04:00:33 AM

Don't get frustrate about their opinion but rather respect it. Maybe they don't know bitcoin yet so understand their situation.

Just continue what you do and stay ow key so that you will not receive any discouraging word from them.

You don't need to feel frustrating when they are against your idea, belief and investment. You are not teachers for them without fee. Why you have to use your time to teach them what they don't believe in and they even call you as a scammer?

Honestly gaining knowledge in Bitcoin market needs time, a lot of time and they even have to pay fee to learn right knowledge at beginning. If you learn something wrongly at beginning, it will be more difficult to correct your knowledge later if what you learned already settles deeply in your brain.

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Just show them a result because money can change the personal perspective of people so show them what they miss and for sure they are the one will come to you and ask about how they can also participate with activities using bitcoin.

I disagree. Don't connect Bitcoin with money, profitable stories only.

Even it is more attractive to tell them such stories because human are all greed and will be attracted with things that can help them rich. But if you do this, they will knock your doors and ask why they end with loss from investment or trading with Bitcoin.

You also will put yourself at risk if they know you are rich by bitcoin. They might observe you and steal your bitcoin or kidnap you. Do you want this? Personally I don't want such troubles. Cheesy

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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?

Don't get frustrate about their opinion but rather respect it. Maybe they don't know bitcoin yet so understand their situation.

Just continue what you do and stay ow key so that you will not receive any discouraging word from them. Just show them a result because money can change the personal perspective of people so show them what they miss and for sure they are the one will come to you and ask about how they can also participate with activities using bitcoin.

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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?

Say the first to your nephew For example..Ooo. That's their right to say and that and it's not wrong according to them. This means that physically he wins where your nephew still understands more and is not skeptical in understanding BTC and its value and growth potential.

Give an additional description that is objective and balanced and don't be too technical first to your nephew so that he is more critical and has a strong filter in receiving information from various sources, for example, as you mentioned, namely his class teacher and current classmate Labeling Bitcoin as a Ponzi Scheme or Fraud. In the end, your nephew can determine his own views based on correct information and obtained from direct personal experience. Yes. I think it's easy.

qwertyup23

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

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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. 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 find it both funny and ironic that some people claim cryptocurrencies or BTC as a ponzi scheme, but they are the ones who are not knowledgeable about the given topic. I am very sure that they get their information on false media platforms, like TikTok, Facebook, or any other medium which spread false information about it.

I am also appalled that the teacher mentioned and agreed that BTC is considered as a ponzi scheme. As a teacher, he/she has the responsibility of informing his/her students through verified information, not by some rumors or any kind of false information.

I do recommend to ask your nephew and question on how his teacher came up with the conclusion on why he considered it as such. If the teacher cannot give any verified information and/or source on why he claimed it as such, then better to ignore him and his classmates.

nakamura12

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Quote from: GeorgeJohn on June 25, 2023, 05:09:11 PM

Actually from initial so many people have discussed and labelled bitcoin as a means of having a money laundering and shortcut of scam, theirs no cogent proof about that, what I know concerning these is that Bitcoin is something we know quite well that all the numerous name that's been tagged by Bitcoin are all a fallacy not really real, so let us leave castigation of people and focus directly on the development of bitcoin presently

I guess the reason why they say that is because they didn't even spare some time to study and learn about it. They do have a point that it can be use to launder money and also they didn't bother to know its uses, advantages when you use or own some BTC. I would also say that they don't have a good mindset like when they are introduced to something new then they won't say it's a scam rather making a research if it is a scam or not.

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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.

Sometimes that's also true - but not all of it.
There are several ponzi schemes that pretend to be bitcoin as an investment - while investors are promised huge returns within a certain time frame. The teacher wasn't wrong - it's just that he generalized it all the same, it had to be changed.

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

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 side with his father and ask him not to talk about bitcoin to those who hate bitcoin. You don't need a softer approach on someone who doesn't have the right perception of bitcoin - so leave them alone and move on with your plan.

GeorgeJohn

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Actually from initial so many people have discussed and labelled bitcoin as a means of having a money laundering and shortcut of scam, theirs no cogent proof about that, what I know concerning these is that Bitcoin is something we know quite well that all the numerous name that's been tagged by Bitcoin are all a fallacy not really real, so let us leave castigation of people and focus directly on the development of bitcoin presently

SOKO-DEKE

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The issue is that some people will judge things in accordance with their feelings even though they lack understanding about it.I think that anyone who views Bitcoin as a fraud or a Ponzi scheme is doing so because they are ignorant of the technology and the blockchain.Therefore, if the boy's teacher and his classmates claim that Bitcoin is a fraud, it is nothing not new to me as I have seen them in the past before they went on to become successful investors.As a result, I am not always surprised by stories of all kinds because not everyone in the world adopted Bitcoin unless governments legalize it.

In fact, a lot of Bitcoin investors nowadays blame themselves for adopted Bitcoin lately since they initially believed it to be a fraud. However, after some of them did research and discovered the reality about Bitcoin and blockchain technology, they chastised themselves for being foolish for not adopting Bitcoin in time.i may say if care is not taken even the teacher will later blamed itself for calling Bitcoin a ponzi scheme or scam.

Agbe

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I like the way the boy is curious to know about Bitcoin. This boy will learn faster because it is coming from his mind and not you and his father imposing on him. He is learning by himself. He is still at the tender age so when he is explaining Bitcoin to people they might not believe him and listen to him. But he can explain to his age mates and classmates. It is good to discuss Bitcoin with your family people specially with your wife or husband. So the children can learn small from there. There are some times they would even ask Daddy what is that thing call Bitcoin then you explain to them small the leave. Next time again if they asked you do again before you know they have known it well.

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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?

I thought I will be sleeping after reading your story, but I didn't. Cheesy

Kidding aside, say to your nephew to stop interrupting with other people if they are saying that Bitcoin is a ponzi scheme or scam. Say to him to just focus on learning more about it than focusing on what others are saying to it. Your nephew knows that Bitcoin isn't a scam, and these people who are saying it are the ones who have little to no knowledge about it. One thing is that, the one that's saying that is his teacher. What do you expect? Your nephew will make an argument with your teacher regarding Bitcoin being a ponzi scheme? Your nephew making arguments with your classmates regarding that topic would still be good, but with a teacher? Just imagine that OP.

TBH, I'd agree with what your father said. He just stop discussing Bitcoin to other people especially if he don't know everything about it. He's too young for that TBH, but since curiosity got him to that point, I suggest to you OP to say to your nephew to just focus on learning, ignore the bad noises, move forward.

Ziskinberg

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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?

We can't please everyone to believe that Bitcoin is not a scam thing but the good thing is that your nephew got the idea about Bitcoin. Honestly, with the lack of proper education and trust, some people will simply don't believe that Bitcoin is real instead, they will think it was just imagination and a scam. Perhaps, it was not new to hear this thing but I'd just smile and have no intention to correct them because these people, no matter how hard you explain to them, they won't listen and it only ends arguments and misunderstandings.

Woodrose

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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?

People are judging based upon experience and not a further research. I have been through also in that situation wherein I heard stories about bitcoin as a ponzi scheme. Many workers in abroad, specially those who are just investing money think that bitcoin is a scam since they were a victim of a ponzi scheme that the front motivation was bitcoin.
Nowadays, we are thinking that earning through online is quick and fast not knowing the risk that may we get.

Diplester6666

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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."

Dunamisx

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Have we at a certain point in tile forgot that not everyone has thesame approach we have towards things in life, we all give it a different look from different perspectives, we cannot force some people to see or believe what they are not too sure of neither do they have much idea about them, this bitcoin could be seen as still a new introduced system of digital currency in cryptocurrency so we should expect diverse and contrary opinions from different views.

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

Story time Grin

Another story

Quote

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.

Let them be. You should not waste your time to convince them or change their minds. The world has abundant good resources to learn about Bitcoin.

Don't pass that hard mission to that child because he does not have deep knowledge about Bitcoin like you and his farther, so don't force that child to complete a hard task which even you and his farther can fail.

Quote

I'm seeking a variety of advice that I can offer to my nephew in this situation.

Best advice you can give to the child: Ignore them and move on.

Quote

Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach.

You will always feel uncomfortable when dealing with such people but why you should waste your time, energy, harm your nerves for such people. Rather than teaching them and wasting your time (I am sure), you should use your time to learn more about Bitcoin.

Mr.right85

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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?

A 15year old, probably not a bad time to learn but, you gius are going to talk the guy's head off with all the back and forth teachings of bitcoin being a scam and some ponzi scheme.

Kids always have the impression that, there teacher is always right and with you guys pulling this not out of the curriculum, trying to prive the teacher wrong and all that, what would happen to his believing in what comes out of the teachers mouth on other courses?
Don't know jow yo feel about this but, the dad might be right. Let the child grow up a little to be able to reason, choose and do his own research.

BitDane

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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?

You can tell your nephew why Bitcoin is not a Ponzi Scheme by simply emphasizing that Bitcoin is not under a company or controlled by anyone and does not need its community to recruit any person to gain a reward. Aside from that you can also tell him that bitcoin is in an open market just like any other commodities that is sold in the marketplace. The market is driven by supply and demand and not by the dictated price of any company. If anyone labels Bitcoin as Ponzi scheme, then they are also saying that everything is one big Ponzi scheme.

suzanne5223

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

What are your thoughts on this matter?

We have a situation where some people experienced something bad the first time they will invest in BTC and never see it as genuine something, so it's important to understand their motivations if someone calls Bitcoin a scam and try to educate them on the facts.
Now that a well-respected and established asset management company like BlackRock filed for Bitcoin ETF I believe we will have some positive thoughts about BTC from people all over the world.

kawetsriyanto

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If Bitcoin is illegal in your country, you should advise your nephew to not share the Bitcoin information with his friends or his teachers. It is because other people may not know the truth about Bitcoin, they have no knowledge and just hear FUDs around them. But if Bitcoin or crypto is legal in your country, you can allow him to share about Bitcoin with any people

By the way, not everyone cares and understands Bitcoin, so it is not surprising that other people may think it is a Ponzi/scam. People who never learn about Bitcoin, probably will easily conclude it scam/Ponzi whenever they read FUDs on social media about Bitcoin. It should take support from any party to realize people that Bitcoin is a true digital investment. Luckily I live in a country where Bitcoin is legal as an investment, so people begin to trust Bitcoin here. However, there are still many people who claim that Bitcoin is a shit investment, Ponzi, or scam.

AbuBhakar

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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?

I don't agree on the teacher PoV on Bitcoin but I'm not surprised either with his opinion since he just want to make his student safe from risky investment by giving them wrong information to scared them away.

In our country, Other prominent person are the one discouraging people to invest on Bitcoin using with that same assumption that Bitcoin is scam and high risk. We have different risk tolerance that's why even people with a good educational background gives such remarks since they can't handle high risk and just simply categorized it as scam just to avoid being involved.

Dr.Bitcoin_Strange

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Have you tried to ask your nephew one good question, like if he is very interested in the topic of Bitcoin, and have you also imagined if there really is a thing he can do with that knowledge at the moment? Or are you willing to make some investment for him on your behalf, or will his Dad (your brother) do that for his son, or does your brother already have a Bitcoin investment that he will definitely have to hand over to his son in the future? Well, if you really know the desire of your nephew, whether he needs the knowledge at that moment or not, then you will have to decide what to do. You know you cannot force someone to learn what they don't want to, and perhaps the Dad has asked, that he should stop engaging in Bitcoin discussion. 15 years is really old, though, and even if he makes up his mind to learn at the age of 18, he can still grab quite a good knowledge and always seek your attention or his dad's any time he requires it.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

Sim_card

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You nephew don't have the proper knowledge to convince or discuss bitcoin with people yet because you said that you don't teach him but only discuss to his hearing but due to his passion to learn bitcoin,he understands some of your discussion on his own. There is no way that his teacher will believe him that bitcoin is not a scam because he believes that your nephew doesn't even have any knowledge on it. However,it is not everyone that will hear about bitcoin that will believe that it is for real due to lack of knowledge and no prove that bitcoin is for real. Tell your cousin not to discuss bitcoin with anyone until he is up to the age. I hope that bitcoin is legalized in your country, if not your nephew can put you in trouble.

BIT-BENDER

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Pls I don't think all this story about one's family and bitcoin and all that we keep getting is necessary, I think we all have that every day encounter with our friends and relatives in relation to Bitcoin but if we all bring that here it would be an eye saw. This isn't a story forum or something in that direction.

I think many members are now taking this sort of things too far and it's dropping the general quality of the forum, I believe there are members that can put anyone making such post on mute, it's a bit annoying.

Stalker22

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His father is probably right, your nephew should just stop discussing Bitcoin at his school. He does not need to go against his teacher's opinion no matter how right he is. Engaging in such discussions could potentially have a negative impact on his school grades, especially if the teacher takes it negatively. It is best to leave such discussions for a circle of people who understand better and are genuinely interested in the topic.

mk4

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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.

Awaklara

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

What are your thoughts on this matter?

Is Bitcoin illegal in your country? I mean not legal as a currency or investment asset. since your nephew is in a government agency, we can't blame them.
but maybe their understanding of Bitcoin is still very shallow. especially if the news is related to Bitcoin or maybe more precisely bad cryptocurrency. that is what they will understand.

if your nephew wants to know Bitcoin, he better learn from you first. or take advice from his father.

Findingnemo

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

Story time Grin

.

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?

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.

About your nephew he is 15 and old enough to understand things on his own so better teach him about what is blockchain as first before explaining about Bitcoin then he will understand who is wrong.

CryptSafe

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You have a smart nephew who is eager and ready to new things and it seems his teacher is not conversant with technology and innovations hence their display of ignorance towards your nephew input in their conversations. It is even bad that the teacher can not do a little research to be updated with knowledge of bitcoin and how it works but rather silence your nephew.
This shows how funny some humans can be at times. I expected the teacher to be challenged by the reality of your nephews input by going into research.
If I were your brother, I would have withdrawn him from that school as the ignorant attitude of the teacher has already shown how the teachers in that school are which is very bad and as such do not really show any sign of research attitude from them. This was the reason why other students too criticised your nephew because they depend on what their teacher told them and do not do further research and findings.

pawanjain

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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?

It's great to see your nephew developing an interest in bitcoin, thanks to you and your brother.
But you have to make him understand that not everyone will have the same mindset and it's okay to have different opinions.
This itself will be a huge lesson for him since it will make him understand about different perspectives in life.

Also, keep encouraging him to learn more about bitcoin and focus more on the technical side such as decentralization.
Tell him to keep talking to others in private and know how each individual think about bitcoin.
May be he will be able to find more like minded people and that way he will get to know there are few people who are interested in bitcoin.

_act_

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You need to let him know that this life is a scam if someone does not know what he is doing. Example is holding fiat for 10 years in a fixed deposit account because of 10% APR. Is that not scam in countries that are not developed but hit with inflation? The fiat will decrease in value even in countries that are developed.

Let him know that he suppose to understand something before he can call it a scam. A business that the business owner collect Peter money to pay Paul is what that is called ponzi. Is bitcoin like that? No.

You know what is bitcoin, you know how volatile it is, you know that you can either gain or lose, unlike ponzi schemes that the business owners are lying to make investors to invest.

Who is John Galt?

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It is difficult to explain something to a prejudiced person, especially if you have to resist the authority of a teacher. It might be worth looking into what a Ponzi scheme is, how it works, how not to get caught up in it, and why Bitcoin is nothing like a Ponzi scheme.

As for the scam in general, you can only try to tell in more detail about what decentralization is, how it is embedded in the bitcoin code. What are the real threats such as a 51% attack and why are they unlikely. You need to be open and not afraid to talk about what the potential difficulties could be. But this can only be told to those who want to listen. Anyone who simply says that Bitcoin is a scam is unlikely to hear any arguments.

alastantiger

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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?

Topic: Teacher and Classmates Labeling Bitcoin as a Ponzi Scheme or a Scam (Read 604 times)