What is your answer to "Bitcoin is a Ponzi Scheme" ? - page 2.

BlockChainLottery

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Quote from: ElectricMucus on February 04, 2014, 02:39:20 PM

...
The ponzi scheme accusation highlights one of it's major shortcoming: There is no correlation between it's perceived value and the amount of economic activity.
...

Also true for fiat currency.

ElectricMucus

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600watt,

Those are important inventions which influenced the world very much yes, but they haven't really revolutionized anything. Just made existing things more efficient.

Bitcoin is neither of those things. It could be a stepping stone to something that might qualify into the important category but on it's own it falls short of that and even the level before it.
The ponzi scheme accusation highlights one of it's major shortcoming: There is no correlation between it's perceived value and the amount of economic activity.

Also it's more a product than an invention, I know you don't wanna hear it but you can't deny it if you are honest.

gpucoolingmethod

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Quote from: Holliday on February 04, 2014, 12:48:50 PM

Quote from: ElectricMucus on February 04, 2014, 12:15:05 PM

I don't see any revolutionary changes.

That's because you are being intentionally obtuse.

I know that you know that we can do things with Bitcoin that you can not do with any other asset on the planet (except other cryptocurrencies which came after Bitcoin). Just one of those things makes Bitcoin revolutionary and we both know that there are several.

like know what each person used it for

(EXAMPLE: I forgot what his method is called but lets say there are 8bilion people on planet.And you buy something with btc.Lets say a red car.Leys say only 200 milion people have a red car.Then you buy a g.un.Lets say only 2000 people have a red car and g.un.Lets say you buy tickets for Olympics Games.Then all it takes is to find out your name and add your btc address to whatever dtabase that has all that info.Now your "anonymous" bitcoin address is identified cuz you are the only person who has bought all three. OF COURSE you would have been identified by your car letters and numbers on that thingie or by gps in your car whatever. )

Most people dont take necessary steps to remain anonymous.Some just dont bother

600watt

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Quote from: ElectricMucus on February 04, 2014, 12:53:51 PM

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary. Revolutionary is when a novelty changes the way the world economy works.

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

what about plastic ?
printing ?
electricity ?
trains ?
mobile phones ?
software ?
clocks ?
lsd ?
Cheesy

RodeoX

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The revolution will be monetized!

I tell them it is not a ponzi, but that I could care less if they want to believe it is. Good ideas don't need my help or explanation. Perhaps in five years when everyone they know is using it, clarity will come.
It's kina like bigfoot. I know no such thing exists, but I don't care when some fool thinks otherwise.

podyx

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this is what electricmucus looks like to me Cheesy

BlockChainLottery

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Quote from: ElectricMucus on February 04, 2014, 01:03:55 PM

A digital asset is not money.

Why not?

igorr

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goodbye bitcoin, goodbye my USD,

ElectricMucus

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Quote from: Holliday on February 04, 2014, 01:04:48 PM

Quote from: ElectricMucus on February 04, 2014, 01:03:55 PM

Quote from: Holliday on February 04, 2014, 12:59:58 PM

Quote from: ElectricMucus on February 04, 2014, 12:53:51 PM

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

A digital asset is not money.

Anything can be money.

For me money is a shared accounting system where each unit represents a certain amount of economic activity. Fiat Currency is the only money currently.
Gold wasn't money for example, but gold ducats were. (Only certain mints were allowed to make them).

Quote from: Holliday on February 04, 2014, 01:06:30 PM

Quote from: ElectricMucus on February 04, 2014, 01:05:14 PM

Of course, though I wouldn't include The Internet.

We wouldn't be having this conversation without it.

Perhaps we would have it on some dial up bbs instead?

Holliday

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Quote from: ElectricMucus on February 04, 2014, 01:05:14 PM

Of course, though I wouldn't include The Internet.

We wouldn't be having this conversation without it.

ElectricMucus

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Quote from: Holliday on February 04, 2014, 01:02:36 PM

Quote from: ElectricMucus on February 04, 2014, 12:53:51 PM

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

Just off the top of my head.

Language
Wheel
Soap
Antibiotics
Black powder
Radio
Internet

Of course, though I wouldn't include The Internet.

Holliday

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Quote from: ElectricMucus on February 04, 2014, 01:03:55 PM

Quote from: Holliday on February 04, 2014, 12:59:58 PM

Quote from: ElectricMucus on February 04, 2014, 12:53:51 PM

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

A digital asset is not money.

Anything can be money.

ElectricMucus

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Quote from: Holliday on February 04, 2014, 12:59:58 PM

Quote from: ElectricMucus on February 04, 2014, 12:53:51 PM

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

A digital asset is not money.

Holliday

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Quote from: ElectricMucus on February 04, 2014, 12:53:51 PM

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

Just off the top of my head.

Language
Wheel
Soap
Antibiotics
Black powder
Radio
Internet

Holliday

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Activity: 1120

Merit: 1012

Quote from: ElectricMucus on February 04, 2014, 12:53:51 PM

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary.

In today's world of ever increasing capital controls, that is revolutionary. And that is just the tip of the iceberg. The systems that can be created from this new control we have over money is where the real fun starts.

ElectricMucus

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Marketing manager - GO MP

It provides a digital asset under exclusive personal control and non-reversible transactions.

That's a new thing, but it's not revolutionary. Revolutionary is when a novelty changes the way the world economy works.

Revolutionary inventions to date:
Engines working on the Carnot cycle.
Electric Motor/Generator.
Chemical fertilizer.
Transistor.

that's pretty much it.

Holliday

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Activity: 1120

Merit: 1012

Quote from: ElectricMucus on February 04, 2014, 12:15:05 PM

I don't see any revolutionary changes.

That's because you are being intentionally obtuse.

I know that you know that we can do things with Bitcoin that you can not do with any other asset on the planet (except other cryptocurrencies which came after Bitcoin). Just one of those things makes Bitcoin revolutionary and we both know that there are several.

ElectricMucus

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Quote from: Holliday on February 03, 2014, 07:34:14 PM

Quote from: ElectricMucus on February 03, 2014, 04:38:36 PM

The satoshi deserves this and that argument is hogwash.

Bitcoin, even if it fails tomorrow, revolutionized the way we store and transfer value. Money will never be the same.

I think a large fortune for giving this to the world is not too much to ask.

The thing is, our opinions don't really matter all that much. Bitcoin has value and he has a whole lot of them.

I don't see any revolutionary changes. The only thing is some people, especially satoshi have revolutionary capital gains... on paper.

Revolutionary would be to see the level of economic growth happening which is implied by it's price. A revolutionary currency could for example provide a closed loop economy instantly, or have each unit correspond to the same amount of value every time, or....

600watt

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Quote from: porcupine87 on February 04, 2014, 07:53:53 AM

Quote from: qwk on February 02, 2014, 11:05:52 AM

Quote from: Abdussamad on February 02, 2014, 10:33:59 AM

The coins they bought at a $1 or even less are now worth over $800.

Well, yes.

Yes, I bought 10 000btc for $100 (1Cent each). When the price was at 1$ people called it Ponzi Scheme and it was. I got scared that more and more people would find out. So I sold all for 11 000$. Nice profit, 11 000%.

But no police caught me and the buyer of my bitcoins got scammed really hard. Because he was so stupid. Hahaha

wow. 10k btc. Shocked