Topic: What is your answer to "Bitcoin is a Ponzi Scheme" ? (Read 6155 times)

The last few posts before this one are so full of hubris.

hahaha good one

If someone tells you Bitcoin is a Ponzi scheme just agree with them and keep buying bitcoins before they figure out it is not.

like Estonia

its not only Kazakhstans its also some other countries also calling thisn Ponzi even in European countries

hahahhahah rofl

If Kazakhstan goes through with declaring bitcoin a Ponzi scheme, we'll have to pool our BTC together to get Sacha Baron Cohen (Borat) to do a TV commercial for us.  He could talk about the wisdom of his great country and the dangers of bitcoin....much hilarity would surely ensue.

It would take Proudhon's pre-emptive pseudo-FUD spreading to the next level. 

Kazakhstan (country in Asia) calling Bitcoin Ponzi Scheme!

http://www.coindesk.com/kazakhstans-central-bank-ban-bitcoin-protect-bankers/

should i sell now ?

FIXED

Yes, market/economy/society is a centralist, collectivistic monster. Crypto/p2p is THE revolutionary tool to bring all of that to an end. 10'000 years of collectivism and citizenship (instead of humanity) is enough.

Yes, plastic is almost kind of revolutionary, it made it much cheaper to make certain object which used to be made of wood or metal. But it didn't really lead to drastic changes in a sense that enabling things that were not only too expensive but unthinkable.
Electricity is not really an invention, it's a concept out of physics. Electric generators provide it, well there used to be batteries before that but they didn't really lead to drastic changes.
Of course some things on your list were important, getting into that isn't really the point of the debate here so I think we can leave it at that.

The rest of your post is sadly double speak. Distributed Blockchain ledgers and hash based proof of work is the innovation if you will, but Bitcoin is the product. It already comes with the ledger, which isn't really nessecary, so I say it's a product, not a protocol, if you strip the ledger you have a protocol (altcoins are using it) the rest is software.
It's not even an invention, in computing some progress in computer science is an invention. FFT for example, or more fundamental kernel bootstrap. Then you have applications, Linux for example or you have standards, like POSIX.
So:
The Bitcoin white-paper describes a standard for a protocol, like a RFC. (This raises the question why wasn't it published as an rfc...?)
Bitcoin is two different things: A proof of concept implementation of the protocol described in the white-paper and the product of the satoshi genesis block ledger (and perhaps this community)

Bitcoin is software and a p2p network. Bitcoin is FLOSS. Also its protocol is constantly being adapted by social consensus and not by any sort of central authority.
Its creator, Satoshi Nakamoto, never did a single commentary about "investing in Bitcoin", nor the core devs...

So tell me, how could Bitcoin be a Ponzi Scheme? if you think about it the old-fashioned stock market seems more ponzi than bitcoin

I'm glad
There is also a more laymans term blog post which doesn't take as much of your time to boil it down.
http://www.slate.com/blogs/moneybox/2012/08/03/the_monetary_base_is_irrelevant.html

Emucus,

i disagree. plastic did not make wood carving more efficent. it opened an entire new world that was not imaginable before. and printing is more than more efficient handwriting. it changed the world. electricity, illuminating the dark nights for the first time changed the way people lived in cities. trains are more than very efficient public stage coaches, they shrank the distances for the masses. never been done before.  

what exactly is the difference between an product and an invention ? distributed trust of the bitcoin protocol WILL change the economy: all of a sudden i can trade with anyone in the world with a click of a mouse. i don´t believe you don´t see some of this. entering the age of encryption, bitcoin is a start.

Yes please. I always have an open mind for both sides of the story. Maybe I change my opinion if I think it has a point.

This is also not true. But please post the infamous currency base+excess reserves hockey stick chart. It's already debunked, and even the FED itself published an article specifically about this misleading claim.
Do you want a link?

The money supply in the world is growing faster than the economy, because money is made out of money. It misses every correlation with the real world economic activity.

bullshit