Topic: Unfortunately people will learn the hard way that Bitcoin is a Ponzi scheme - page 3. (Read 814 times)

That is, I'm afraid, completely wrong.  The technology is open source and so can be used by anyone to set-up their own blockchain.

Bitcoin's value is mostly from it's brand, the fact that most people have heard of it.

(There is a little bit of value from it being a means of exchange, but that value has almost been destroyed by its recent volatility - the number one requirement for a means of exchange is that it be reasonably stable.  That underlying value will return once the speculators have been burnt and left.)

Value cannot be given by speculators. Only price can be given by speculators. Value is a capacity to satisfy human wants and it describes the benefits of ownership which include utility - the pleasure or satisfaction gained by consumption of a particular econimic good. Price on the other hand is the amount of money given in payment for something. If I pay $10,000 for a membership card in a Ponzi scheme, it doesn't follow that I gave this card a value. I didn't, I gave it a price. Again, it's a pretty simple syllogism.

Fiat currencies are not backed by anything. They used to be backed by silver and gold, aka assets that you can access, but now, they can just be printed out of thin air.

Based on your logic, gold is a ponzi scheme because a) people use it as a store of value and b) it has virtually no uses apart from some industrial applications which is so small that it can be neglected. Anything that does not originate from debt, apparently is a ponzi scheme.

A ponzi scheme, something like bitconnect, has a guy up top that is collecting all the revenue. Bitcoin hasn't got anyone doing that.

Bitcoin could crash, it could be eventually worthless, but dwhen that happens does it mean that it's a ponzi scheme? No.

The amount of intellectual rigidity you display is making me chuckle. Your kind is on its way out, friend. I'm not some conspiratorial nut. I'm pretty vanilla in the way that I see the current socio-political status-quo. But this status-quo will die a slow and painful death. And that is due to free market economics. It will not be feasible, effective or anything but cumbersome when we reach a certain level of advancement. Remember my words.

It's not, he's just trolling.

When the price of bitcoin fell sharply, there were always some people who came out and pointed out that bitcoin was a huge ponzi scheme.
I've not want to listen of there FUD, you don't know the mechanics of bitcoin, so why you say bitcoin is a ponzi scheme?

What you do not seem to understand is that bitcoin is being given fiat value by speculators. That might be construed as being a ponzi. But the decentralized nature of the system allows anyone to use bitcoin as they please. Do you understand the technology behind bitcoin? Are you so closed-minded that you cannot see the massive wave of decentralization in technology all over the world? It comes in various degrees, but things from torrents, netflix and video streaming platforms like youtube all have a certain decentralizing nature (not completely, obviously) in common. People are allowed more freedom of choice, as funny as that may sound when referring to netflix or whatever (compared for example to classic TV), but it's the underlying reasoning for the advancement of this pattern.

If you cannot see this pattern, as early as it may be at this stage, I have wasted my time. Bitcoin, as a vehicle for speculation, is not something I'm particularly fond of. Sure, I'm making money off it here and there, won't complain. But it's not the reason I'm here. Decentralization is the future and bitcoin is one of its prophets. And I'll tell you why decentralization is the future. It's because it's efficient. Pragmatic. Imagine entire cities having no need for central government. Cities that run on their own. And so...so much more. That is the future my friend, and I laugh at those that cannot see it.

Yes, we have learned the hard way. What are you even doing on this forum?

Reminds me of the flat earth dude.

What I have in my bank account is not a number but a legally enforceable instrument backed by enforceable loan contracts. Number only measures the size of this instrument.  But, like I said... you wil learn the hard way what bitcoin really is.

That's exactly what you have in your bank account, nothing but empty numbers, forget all those stories that you think you know about how things work because they are not true, if you still think that money is being created from people debt, you are completely lost, that's only a veil in front of your face

Be 100% sure my friend, there is bigger whales in the world than banks or even countries ...

The greatest trick the Devil ever pulled was convincing the world he didn't exist

Bitcoin is a legit investment and not a scam or a Ponzi scheme in which you believed. The ones who make Bitcoin become a scam is the fraud people who used it to scam people. If fiat currency or the paper money can be used to scam and cheat people, it will be the same with Bitcoin too in which it can be used the platform to scam investments. Same to be called as currencies but different forms.

All one needs to do is look at one simple concept – numbers – empty mathematical numbers because it must point to something outside the place where it exists.

Analogy: $85 on a telephone bill measures the size of a claim that the telephone operator has on its consumer. This claim is legally enforceable right that exists independently of a number on a phone bill.

The video is more about how banking system works through debt. It's not number on its own, its numbers on a proof-of-work distributed trustless system (Blockchain) where rules are enforced through consensus.

What intrinsic value does dollar have?

What is fiat backed by? Debt.

Decentralized - consensus - rules - enforecable.

You Don’t Understand Bitcoin Because You Think Money Is Real

https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952

You don't own technology by having numbers in your bitcoin wallet, which is why bitcoin's value cannot arise from the technology. It's a pretty simple syllogism.

Here is the reson why cryptocurrencies never were and never can be money: cryptocurrencies don't have value on their own and as such they cannot serve as a measure of value.

A measure of value is pretty simple concept. It expresses the value of one thing in terms of another. In principle anything that has value on its own can serve as a measure of value. For example a toothpick. Although the intrinsic value of a toothpick is very small it is not zero since toothpick has practical utility.  So perhaps the iPhone is worth 500,000 toothpicks. A shirt may be worth 25,000 toothpicks. One hour of guitar lesson may be worth 15,000 toothpicks. And so on. Since it has value on its own toothpick acts as a measure of value and we can use it to compare the value of different goods and services. The same is true for fiat currencies. Since fiat currencies are legal claims connected to property of borrowers through loan contracts we can easily measure how many units of newly created money corresponds to a particular good, service, claim or other asset. This legal connection to property is the reason why fiat currencies can be used as a measurement of value. This is also the reason why the exchange rates of fiat currencies maintain relatively stable and have low volatility. It is precisely because these currencies are legally connected to real property and real tangible goods.

On the other hand, in the case of cryptocurrencies besides having zero intrinsic value they are not legally connected to property. In other words there are no enforceable contracts or collateral behind them. There is no legal claim that is measured with them. There is no right which is granted to their holders. All there is, is open source software which generates stores and transfers empty numbers between members. Given the fact that number is an abstract mathematical object thet has no value on its own it is impossible in principle for cryptocurrencies to serve as a measurement of value. This is the reason why crypto currencies never were and never can be money. Also this is the reason why their price is so volatile unstable and can jump from few cents to several thousand dollars. Since they have zero intrinsic value and no legal connection to property their price depends entirely on the number of people that enter into the scheme.

I wasted my time by watching your video.
You have a legal claim in a bank and with fiat???
Study history before believing this.
(Why do you use a digital computer voice in your video?)

Someone needs to go and reread the definition instead of trying to make some convoluted arguments to make it "fit" so he can use the term Ponzi in a controversial topic in order to troll ppl.. Bravo for the attempt though. Very creative.

Bitcoin's inherent value comes from the technology. The internet was about as useful as bitcoin is now before people realized the potential and it was widely adopted. Ideologues will never care about the current fiat value of Bitcoin. It's the potential to bring economic slavery to its knees.  

Yeah censorship is always good, funny how people never call for their own level to be censored though !

Lolz, Im sure its not Ponzi scheme. Bro, this system was made with great smartness and the codes, logics whatever it was designed, it was designed with great reality. This thing is not ponzi and is made for the real use and not for the fun. Bitcoin is getting popular day by day and everyone knows that bitcoin is more than reality and can help the real world applications too. Thats why we have many ICO projects which are successful on the basis of bitcoin principle. Thus, the bitcoin can make real bridge in the real world and help us grow it in the positive ways if given the chances. So for sure its not ponzi.

Rich idiots