The Problem With Bit Coin (and all crypto coins)

o_e_l_e_o

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Quote from: ChiBitCTy on February 10, 2018, 09:03:34 PM

Quote from: o_e_l_e_o on February 10, 2018, 05:31:01 PM

The problem with NASDAQ, and all stock markets, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price. (/s)

This is nonsense and has nothing to do with bitcoin. Bitcoin and cryptocurrency aren't a replacement for traditional investments. When you say things like this it confuses those (likely yourself as well) as to what Bitcoin is meant for.

Bitcoin is a payment system and or store of value (up for debate) but it's not a traditional asset. It uses exchanges like Coinbase and Bitfinex to facilitate it's trade. The Nasdaq, the S&P500 etc are exchanges where the trade of stocks and other investments are facilitated. There's a big difference between products and the exchanges their sold on.

Of course everyone is looking to sell it to the next guy for a higher price. I'd highly recommend picking up some basic investing books and spending a little time to understand how financial markets work because it is clear you do not.

I think you have missed the joke here. On the internet, /s is generally used to indicate that you were being sarcastic. I am simply pointing out the ridiculousness of OP's statement.

kunsh

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Quote from: lm2f on February 10, 2018, 05:22:30 PM

The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.

I think you are not getting any money from this and that's your answer to all this? Millions of people are in this and your statement make all them stupid. It's not even a close to a Ponzi. I need to read all your old post's

just to make my day.

I edit my answer here after reading your post's on this forum.

You are wasting your life, time and energy on all of this crypto world in general, I suggest you to do something different and smarter in your life than answering people here. That's shortest answer it can be.
That's my opinion.

kier010

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Quote from: lm2f on February 10, 2018, 05:22:30 PM

The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.

so buying and selling it to others with higher price is a ponzi scheme then we see a lot in the local market or internet that they buy and sell so we can say that it is a ponzi scheme too?. the profit they gain is because of their ponzi scheme?. it schemes you have suffered loss and now you take it back to bitcoin.

Suharti12

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I think your opinion is very wrong, we know for ourselves that Ponzi is just a game of money in a ball round, and here pure bitcoin as a means of payment, investment and trade.

ChiBitCTy

legendary

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Quote from: o_e_l_e_o on February 10, 2018, 05:31:01 PM

The problem with NASDAQ, and all stock markets, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price. (/s)

This is nonsense and has nothing to do with bitcoin. Bitcoin and cryptocurrency aren't a replacement for traditional investments. When you say things like this it confuses those (likely yourself as well) as to what Bitcoin is meant for.

Bitcoin is a payment system and or store of value (up for debate) but it's not a traditional asset. It uses exchanges like Coinbase and Bitfinex to facilitate it's trade. The Nasdaq, the S&P500 etc are exchanges where the trade of stocks and other investments are facilitated. There's a big difference between products and the exchanges their sold on.

Of course everyone is looking to sell it to the next guy for a higher price. I'd highly recommend picking up some basic investing books and spending a little time to understand how financial markets work because it is clear you do not.

albos

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Quote from: ChiBitCTy on February 10, 2018, 08:55:44 PM

You guys are seriously wasting internet space with your nonsense. Bitcoin is not a Ponzi scheme nor are the financial markets. Can these both be manipulated and are both of these manipulated ...absolutely!

Bitconnect is an example of a Ponzi scheme. Bitcoin is a cryptocurrency that is not. OP-rather than post a short statement, how about give us some concrete evidence or theories as to why you believe this. If you're truly wanting to engage in conversation rather than just complain. It would see to me you likely lost money trying to trade in cryptocurrency.

People are lazy and clueless when they say that either are fully ponzis. The stock market is back by actually companies whom you invest in and receive actual ownership shares in that company. Bitcoin is similar as in there's only 21 million coins and when you purchase any fraction of a coin you're investing in an asset that will always remain limited.

The US dollar , the Yen , the Euro all can be printed continuously and there lies an inherent flaw.

I was going to say just the same but you, you said it all.

ChiBitCTy

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You guys are seriously wasting internet space with your nonsense. Bitcoin is not a Ponzi scheme nor are the financial markets. Can these both be manipulated and are both of these manipulated ...absolutely!

Bitconnect is an example of a Ponzi scheme. Bitcoin is a cryptocurrency that is not. OP-rather than post a short statement, how about give us some concrete evidence or theories as to why you believe this. If you're truly wanting to engage in conversation rather than just complain. It would seem to me you likely lost money trying to trade in cryptocurrency.

People are lazy and clueless when they say that either are fully ponzis. The stock market is backed by actually companies whom you invest in and receive actual ownership shares in. Bitcoin is similar as in there's only 21 million coins and when you purchase any fraction of a coin you're investing in an asset that will always remain limited.

The US dollar , the Yen , the Euro all can be printed continuously and there lies an inherent flaw. Neither are perfect and both can co-exist for a better world.

yesuidanggan

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Existence is reasonable. The existence of BTC has positive significance!

Many people around the world are investing in BTC and other digital currencies, and are they willing to go into a ponzi scheme?

The value of BTC is to create a digital bank that is independent of any system. The number of BTC is limited. The demand for BTC is limited, and the price of BTC is increasing, which is in line with the market rule!

digaran

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🖤😏

Quote from: lm2f on February 10, 2018, 07:49:43 PM

Quote from: o_e_l_e_o on February 10, 2018, 06:22:46 PM

Quote from: lm2f on February 10, 2018, 05:53:04 PM

The USD is backed by a government with a $1 trillion+/yr military that consists of ICBMs, aircraft carriers, stealth bombers, etc. Gold has some limited industrial uses. Equity shares are backed by corporations with current or future expected earnings. What is bit coin backed by?

The USD is backed by a government that is 20 trillion dollars in debt, with an inflation rate of 2% and forecasted to climb as the government regularly prints more money as and when they see fit. Only about 10% of the world's gold is used by industry - the price is artificially inflated because it is a ponzi scheme by your definition.

Still better than bit coin, that lost 70% of it's value in a month.

That %70 increase was never the natural growth for Bitcoin, if somebody has 3 Million Bitcoins and wants to dump them all, Bitcoin price would fall by 70% and why would anybody dump 3 Million Bitcoins like that? because they need FIAT and have 80 Million terrorists to look after, keeping their people is more important.

Who would give 3 Million Bitcoins to a terrorist nation? a country like India, China etc, and when the dump is over, another country would start pumping the price back up.

Disclaimer: I'm still a virgin, I'm begging you don't send somebody to kill me for telling the truth a.k.a evil intentions, nuclear bombs and end of the world.

DispatchLabs

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Quote from: lm2f on February 10, 2018, 05:22:30 PM

The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.

Are you just trolling? So odd to see something like that written on a forum like this.

lm2f

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Quote from: o_e_l_e_o on February 10, 2018, 06:22:46 PM

Quote from: lm2f on February 10, 2018, 05:53:04 PM

The USD is backed by a government with a $1 trillion+/yr military that consists of ICBMs, aircraft carriers, stealth bombers, etc. Gold has some limited industrial uses. Equity shares are backed by corporations with current or future expected earnings. What is bit coin backed by?

The USD is backed by a government that is 20 trillion dollars in debt, with an inflation rate of 2% and forecasted to climb as the government regularly prints more money as and when they see fit. Only about 10% of the world's gold is used by industry - the price is artificially inflated because it is a ponzi scheme by your definition.

Still better than bit coin, that lost 70% of it's value in a month.

Mi5h0

sr. member

Activity: 560

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Quote from: lm2f on February 10, 2018, 05:53:04 PM

The USD is backed by a government with a $1 trillion+/yr military that consists of ICBMs, aircraft carriers, stealth bombers, etc. Gold has some limited industrial uses. Equity shares are backed by corporations with current or future expected earnings. What is bit coin backed by?

What bitcoin is backed by? The answer is nothing at all, but that's actually not a bad thing. You don't understand bitcoin because you think fiat money is real.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: lm2f on February 10, 2018, 05:53:04 PM

The USD is backed by a government with a $1 trillion+/yr military that consists of ICBMs, aircraft carriers, stealth bombers, etc. Gold has some limited industrial uses. Equity shares are backed by corporations with current or future expected earnings. What is bit coin backed by?

The USD is backed by a government that is 20 trillion dollars in debt, with an inflation rate of 2% and forecasted to climb as the government regularly prints more money as and when they see fit. Only about 10% of the world's gold is used by industry - the price is artificially inflated because it is a ponzi scheme by your definition.

Doge dealer

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Merit: 252

based on your statement your not a fan of crypto currencies so why would you waste your time to create an account, participated in the forums and posted until you now have member status ? This is mind boggling to me if you know something is not right , why are you here?. A ponzi scheme by definition is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors , rather from legitimate business activities or profit from financial trading. so are you suggesting that the great America gave a green light to ponzi scheme operation? , in fact the state of Arizona passed a bill this week which could allow its residents to use bitcoins to pay their taxes.We all know the seriousness and the prison time involved with trying to run a ponzi scheme in America ,im sure all these learned individuals would have recognized if it was a ponzi scheme and based on the definition of what a ponzi scheme its clear bitcoin isn't, if its a case where you just don't understand what your talking about just post the question can some one please tell me what bitcoin is and how it operates, ill be more than happy to assist

lm2f

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Quote from: o_e_l_e_o on February 10, 2018, 05:31:01 PM

The problem with NASDAQ, and all stock markets, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price. (/s)

Quote from: ManaMan on February 10, 2018, 05:52:37 PM

Quote from: lm2f on February 10, 2018, 05:22:30 PM

The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.

You are basically saying how markets work - this is how we create value for the fiat currency as well. Bitcoin was made to be a currency and if we will want to use it of course it has to have value tied to it. Because there was no value people started to trade between each other and this is how the market formed itself from the beginning. You can't expect bitcoin to go around markets and be traded because this is how the value is created in the first place.

The USD is backed by a government with a $1 trillion+/yr military that consists of ICBMs, aircraft carriers, stealth bombers, etc. Gold has some limited industrial uses. Equity shares are backed by corporations with current or future expected earnings. What is bit coin backed by?

ManaMan

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Quote from: lm2f on February 10, 2018, 05:22:30 PM

The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.

You are basically saying how markets work - this is how we create value for the fiat currency as well. Bitcoin was made to be a currency and if we will want to use it of course it has to have value tied to it. Because there was no value people started to trade between each other and this is how the market formed itself from the beginning. You can't expect bitcoin to go around markets and be traded because this is how the value is created in the first place.

benalexis12

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Quote from: lm2f on February 10, 2018, 05:22:30 PM

The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.

Seriously you don't even know what bitcoin all about. Bitcoin is not a price mover its an innovation of technology product that will help the financial world. Bitcoin is bitcoin don't compare it to other currencies but crypto.

Ranly123

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★777Coin.com★ Fun BTC Casino!

Quote from: lm2f on February 10, 2018, 05:22:30 PM

The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.

Have you even researched about bitcoin? Isnt it that people only uses bitcoin to scam? Knowing that bitcoin is a currency, it will never be a ponzi since it is only used as inveyment and you need not to misguide people to buy the product but let you decide yourself on how much you invest or buy. What ponzi do is misguide those people with lowly mind and want to earn easily, and ponzi is a doing of people with scam mindset. So before you accuse make sure you have researched everything and stop throwing false accusation to something you dont know!

bishopcrypto

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The problem with real estate and automobiles and groceries and capitalism....

o_e_l_e_o

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The problem with NASDAQ, and all stock markets, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price. (/s)

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