Topic: The Real Reason China Banned Exchanges? Cryptocurrency is a Ponzi Scheme (Read 1248 times)
October 04, 2017, 08:57:32 PM
Op, your whole Ponzi argument is based on labor theory of value - the value of something is equal to costs of its production. So, in your mind Bitcoin should cost pennies because it was acquired for pennies. The problem is, real market doesn't care about it, people base prices on their personal feelings, costs of production is just the bottom line for a seller. It's true that some people are hodling since early days and would get insane returns when they decide to sell, but there are much more people who sold earlier, so it's wrong to say that all Bitcoins were acquired cheaply. And lastly, read the story of bearwhale - a good example how market can soak up dumps of early investors and continue growing.
October 04, 2017, 08:10:35 PM
They will not absolutely ban exchanges. China will put stricter regulations to these exchanges because there might be some problems to exchanges that China have seen and try to solve it by adding these strict rules.
October 04, 2017, 12:23:25 PM
China's plan is quite simple. They want to end the petro-dollar and have said countries can sell there oil to Chinese Yuan which they can transfer into Gold.
China also let's people buy Yuan from other Fiat Currencies, but not sell Yuan into other Fiat currencies. It's a one-way direction only.
The reason they have banned ICO's is to stop people transferring Yuan into other things.
What I am saying is basically China is trying to make their currency into the World's Reserve Currency. So if Cryptocurrency stops their plan they will take action against it. They don't care about Cryptocurrency, they just want to stop Chinese people selling Chinese Yuan.
Lastly, Chinese Yuan is a different Fiat currency, it's 'PEGGED' not 'Floating' meaning they have a fixed price and its not moving, this helps keep the yuan down and they can sell all their products cheaply to the world.
China also let's people buy Yuan from other Fiat Currencies, but not sell Yuan into other Fiat currencies. It's a one-way direction only.
The reason they have banned ICO's is to stop people transferring Yuan into other things.
What I am saying is basically China is trying to make their currency into the World's Reserve Currency. So if Cryptocurrency stops their plan they will take action against it. They don't care about Cryptocurrency, they just want to stop Chinese people selling Chinese Yuan.
Lastly, Chinese Yuan is a different Fiat currency, it's 'PEGGED' not 'Floating' meaning they have a fixed price and its not moving, this helps keep the yuan down and they can sell all their products cheaply to the world.
September 16, 2017, 12:49:54 AM
Pure speculation. China's main issue here is control. Ponzi Scheme in what aspect? Bitcoin is a currency not an investment ( it looks like but it is not, and it is not bitcoin's original use and bitcoin's primary function.).
September 16, 2017, 12:24:41 AM
My only problem with crypto is the ability to fork and produce lots of money from nowhere - otherwise it is perfect for me.. man, I hate that practice, wish they could find ways to address it . We don't want crypto to become another fiat. All "Regulated" Governments constantly print trillions out of nowhere. Crypto must avoid copying the "governments" by all means.
I won't deny a single word of yours. In the case of fiat, the Federal Reserve manages the money supply. In case of people hoarding cash, then it will pump massive amount of cash into the system causing the value of said cash going down slightly, hence stopping people from hoarding money. Same is happening with cryptos now and it is a sad thing. 
September 11, 2017, 10:16:09 AM
This is the second thread started by this person with the word 'Ponzi' in the title. I think he could do with a holiday or a crowd funded hand job.
September 11, 2017, 10:14:01 AM
The news is too misguided, no Ponzi in bitcoin. Only a fool would apply this system.
Some people try to take advantage of this situation to push the price of Bitcoin. The government is afraid of losing its power in managing finances.
this is very shameful this action is purely due to taxes, and bitcoin does not know the tax.
Government of China is really afraid regarding on managing finances if they do let their citizens do engage with Bitcoin and ICO.This is why they do make such decisions just to block the further possible effects of bitcoin into their economy since money aren't circulating at its full extent because of cryptocurrency investment.As long they cant impose taxes they will ban anything. Some people try to take advantage of this situation to push the price of Bitcoin. The government is afraid of losing its power in managing finances.
this is very shameful this action is purely due to taxes, and bitcoin does not know the tax.
September 11, 2017, 10:07:10 AM
The news is too misguided, no Ponzi in bitcoin. Only a fool would apply this system.
Some people try to take advantage of this situation to push the price of Bitcoin. The government is afraid of losing its power in managing finances.
this is very shameful this action is purely due to taxes, and bitcoin does not know the tax.
Some people try to take advantage of this situation to push the price of Bitcoin. The government is afraid of losing its power in managing finances.
this is very shameful this action is purely due to taxes, and bitcoin does not know the tax.
September 11, 2017, 08:06:54 AM
Think of the worst case scenario: China banned Google, Facebook & Twitter years ago. They're doing fine. And they ain't even decentralized. This is just a game made in China, if you already know long china character you must already know the decision that you specify later.
This is exactly my point. From now on, we have to promote the idea that China is not necessary for the survival and mainstream adoption of Bitcoin and that of cryptocurrency in general. We are not excluding China because Bitcoin is an open kind of thing but if China does now want Bitcoin then let it be...let's move on because I am sure that soon there would be other countries that are more open-minded and would love to be part of the Bitcoin movement.
China will never be the end for Bitcoin...far from it and in fact there are many big and valuable companies now that are not doing business in China yet they are doing just fine. Facebook is one hell of a company and yet it is not having a presence in China. China is just another one of those overrated country in terms of importance.
It is about time we get this message to the whole world. Bitcoin can go on without China!
September 11, 2017, 07:28:03 AM
OP: You are the one who does not understand what is a ponzi scheme, your arguments are trying to convice that it is a bubble, nothing to do with a ponzi.
And not, it is not a bubble (yet). It is just a new thing that many people like you do not understand and try to connect with old things that they know.
And not, it is not a bubble (yet). It is just a new thing that many people like you do not understand and try to connect with old things that they know.
September 11, 2017, 07:09:20 AM
Do people really think they are doing this? Playing the market by regulating and banning?
I see people say China is buying for low prices.
The price isn't "low" anymore, and what kind of investors or regular users will be attracted to a market that get's banned when a government needs to "buy in".
I'm just not buying these stories.
I see people say China is buying for low prices.
The price isn't "low" anymore, and what kind of investors or regular users will be attracted to a market that get's banned when a government needs to "buy in".
I'm just not buying these stories.
September 11, 2017, 06:56:33 AM
They want to build a "great wall" to anything that may disrupt the current system in their country
September 11, 2017, 06:47:01 AM
Not that is not a ponzi, I think because china is one big enough country to take part in cryptocurrency so they feel that if they banned bitcoin will have a big effect on the price, maybe its government try to monopolize bitcoin price, when bitcoin down they buy as much as possible, and when bitcoin price rise again they dump(maybe). but who knows? only the Chinese government and GOD knows, chinese is smart but also cunning. that is my opinion
September 11, 2017, 06:27:06 AM
China didn1't banned cryptos and cryptocurrency is not a ponzy
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September 11, 2017, 06:13:57 AM
Think of the worst case scenario: China banned Google, Facebook & Twitter years ago. They're doing fine. And they ain't even decentralized.
this is just a game made in china , if you already know long china character you must already know the decision that you specify later.
this is just a game made in china , if you already know long china character you must already know the decision that you specify later.
I agree with your point, now china is not holding the major position to shake the market, china is trying fully to pull the bitcoin price down but other country are fully giving support and next week we will see the price going back to 4800 level
September 10, 2017, 07:10:24 AM
Well, given that the Chinese arn't allowed to actually buy or sell goods and services with bitcoin, for them it is just a speculative token. So i guess from their point of view it's a ponzi scheme.
September 10, 2017, 06:47:08 AM
the reason china is cracking down is because they're determined to retain control of their population's money. they ended bitcoin's use as a currency in 2014 just as they did for qq coin and others in the past.
anyone throwing the word ponzi around is a worthless moron.
anyone throwing the word ponzi around is a worthless moron.
This is something I equally share and I must say after I have read the entire episode of what Op has said, the last part of the statement shows that he is not being objective because if not because of the alleged amount stolen from him, then he will be good with everything that is going on and would equally be counting his blessing about entering the bitcoin industry so early. Or what other explanation would he give to a 17k worth of bitcoin turning into over 250k worth in short period of time. He also went further to post his address to show he still believes in bitcoin and Roger that's another height of insinceirty in what he is preaching.
September 10, 2017, 06:33:10 AM
the reason china is cracking down is because they're determined to retain control of their population's money. they ended bitcoin's use as a currency in 2014 just as they did for qq coin and others in the past.
anyone throwing the word ponzi around is a worthless moron.
anyone throwing the word ponzi around is a worthless moron.
September 10, 2017, 06:16:30 AM
It is a market that needs government guidance and regulations. Why do you think big guns over at Twitter just kept spreading the news about China ban without even half of them questioning anything? Because they know that the fake news will spread panic among weak hands and that the prices will fall temporarily which means that these people can continue to buy cheap coins and keep increasing their wealth.
Without regulations you will see alot more scam coins and alot more greedy people joining the community in hopes of increasing their wealth and spreading panic among investors.
Without regulations you will see alot more scam coins and alot more greedy people joining the community in hopes of increasing their wealth and spreading panic among investors.
September 10, 2017, 05:52:44 AM
Governments and banks are BIGGEST scam. They printed paper and called it money and a push the society to use it.
Bitcoin is freedom and it was spreading by mining with Proof of work and that was very fair all people over the world.
Now the hundred of years scammers is called thier new competitor as scam..just wait and see who will win.
Bitcoin is freedom and it was spreading by mining with Proof of work and that was very fair all people over the world.
Now the hundred of years scammers is called thier new competitor as scam..just wait and see who will win.
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