Yes, BTC is 100% Ponzi scheme.
Reason being? Don't call insult Bitcoin when you can't even explain why.
Topic: What is your answer to "Bitcoin is a Ponzi Scheme" ? - page 5. (Read 6155 times)
Reason being? Don't call insult Bitcoin when you can't even explain why.
It is a bit of a ponzi scheme though isn't it?
Not at all.When the price rises the early adopters get rich at the expense of the new comers.
No. Explain why you believe it's "at the expense of the new comers".Those early adopters then get to enslave the rest of us.
Okay 
The coins they bought at a $1 or even less are now worth over $800.
Well, yes.They don't even have to spend whole coins anymore. Fractions of a coin can buy you a lot of a person's time.
The worth of an hours' work of labor is still the same, no matter what currency you use to pay for it.I fail to see where this is even Bitcoin-related.
The early adopters are now spending a lot of their coins on bitcoin propaganda because they know that is the best way to increase their wealth.
I don't see a lot of Bitcoin "propaganda", let alone any paid for by "early adopters". 
It is a bit of a ponzi scheme though isn't it? When the price rises the early adopters get rich at the expense of the new comers. Those early adopters then get to enslave the rest of us. The coins they bought at a $1 or even less are now worth over $800. They don't even have to spend whole coins anymore. Fractions of a coin can buy you a lot of a person's time. The early adopters are now spending a lot of their coins on bitcoin propaganda because they know that is the best way to increase their wealth.
Satoshi was arrested, and never seen again. That alone should tell you if it's a ponzi scheme. >_>
what is the source?
The source is when I infiltrated Guantanamo Bay. You can trust me. <_<
I say:
"Yes, Bitcoin is a dangerous Ponzi scheme. By the way, if you have any I would be glad to take them off your hands in order to protect you from this insidious threat."
"Yes, Bitcoin is a dangerous Ponzi scheme. By the way, if you have any I would be glad to take them off your hands in order to protect you from this insidious threat."
I think the average age of people in this thread <17yo, real simplistic way of thinking. Not much problem solving skills. Thinking in a linear fashion.
A ---> B
if
A -|-> C - You can't figure a way to go around.
I broke my no post rule, last one.
An easier comparison would be if i programmed a robot with hard coded rules that it must never break. I give it definitions of behaviors and words that is must take as gospel. Didn't know humans were turning into robots.
A ---> B
if
A -|-> C - You can't figure a way to go around.
I broke my no post rule, last one.
An easier comparison would be if i programmed a robot with hard coded rules that it must never break. I give it definitions of behaviors and words that is must take as gospel. Didn't know humans were turning into robots.
I don't see how bitcoin can be a Ponzi Scheme.
If I'm not mistaking a Ponzi Scheme means that you pay out now for something that is supposed to give profit later on (Never happens of course)
With bitcoins you get what you pay for immidiately, and can sell again at any time with or without profit. Its all up to you.
If I'm not mistaking a Ponzi Scheme means that you pay out now for something that is supposed to give profit later on (Never happens of course)
With bitcoins you get what you pay for immidiately, and can sell again at any time with or without profit. Its all up to you.
Satoshi was arrested, and never seen again. That alone should tell you if it's a ponzi scheme. >_>
what is the source?
Satoshi was arrested, and never seen again. That alone should tell you if it's a ponzi scheme. >_>
If Bitcoin is ponzi, gold must be ponzi as well. Both should be used as a way to store value, but because of greed in us, we hope (and expect) to profit with both Bitcoin and gold
There's no person or company that is paying out profits to investors.
This. In a Ponzi scheme, you pay money to someone, and they pay you a return. But that return that they pay you is actually stolen from someone else.Bitcoin is just like a stock or a commodity. You buy a piece of a limited resource, or you're given a piece of that resource, and then you re-sell your piece later. If you pay $1000 for a Bitcoin and you're only able to re-sell it for $100, that might make it a bubble, but it doesn't make it a pyramid.
this. Another point: Transparency. In a Ponzi scheme investors do not really know, how the profit is made. The scammer tell people something and the investors have to trust the scammer. In Bitcoin: Open Source + properties of Bitcoin, which makes it valuable (fast, cheap, anonymous, etc.). Maybe some investors don't know about this and just invest, because they see the huge price raise, but this is their fault. The informations are there and easy accessible by everyone, in a ponzi scheme never.
You couldn't have said it better, the investors don't know how the profit is made.
I just pointed out to you in plain sight how it works, and you still can't see it. You are the dumb investor, getting scammed. Open source, cheap anonymous, blah blah blah. It's all the same regurgitated bullshit each time.
A currency = successful ponzi/pyramid.
Greed, #1 motivator.
I'm going to stop posting here, it's like arguing with a school kid, I probably am...
The good thing is: You don't have to invest
But it is not a ponzi scheme. Bitcoin is scarce and has its properties which people consider valuable. You can open a shop and double profits if every client paid in Bitcoin. Therefore the price for the product would decrease. And it is fast.
Don't you think Bitcoin has value?
A currency = successful ponzi/pyramid
Are you suggesting we do away with currency?
There's no person or company that is paying out profits to investors.
This. In a Ponzi scheme, you pay money to someone, and they pay you a return. But that return that they pay you is actually stolen from someone else.Bitcoin is just like a stock or a commodity. You buy a piece of a limited resource, or you're given a piece of that resource, and then you re-sell your piece later. If you pay $1000 for a Bitcoin and you're only able to re-sell it for $100, that might make it a bubble, but it doesn't make it a pyramid.
this. Another point: Transparency. In a Ponzi scheme investors do not really know, how the profit is made. The scammer tell people something and the investors have to trust the scammer. In Bitcoin: Open Source + properties of Bitcoin, which makes it valuable (fast, cheap, anonymous, etc.). Maybe some investors don't know about this and just invest, because they see the huge price raise, but this is their fault. The informations are there and easy accessible by everyone, in a ponzi scheme never.
You couldn't have said it better, the investors don't know how the profit is made.
I just pointed out to you in plain sight how it works, and you still can't see it. You are the dumb investor, getting scammed. Open source, cheap anonymous, blah blah blah. It's all the same regurgitated bullshit each time.
A currency = successful ponzi/pyramid.
Greed, #1 motivator.
I'm going to stop posting here, it's like arguing with a school kid, I probably am...
There's no person or company that is paying out profits to investors.
This. In a Ponzi scheme, you pay money to someone, and they pay you a return. But that return that they pay you is actually stolen from someone else.Bitcoin is just like a stock or a commodity. You buy a piece of a limited resource, or you're given a piece of that resource, and then you re-sell your piece later. If you pay $1000 for a Bitcoin and you're only able to re-sell it for $100, that might make it a bubble, but it doesn't make it a pyramid.
this. Another point: Transparency. In a Ponzi scheme investors do not really know, how the profit is made. The scammer tell people something and the investors have to trust the scammer. In Bitcoin: Open Source + properties of Bitcoin, which makes it valuable (fast, cheap, anonymous, etc.). Maybe some investors don't know about this and just invest, because they see the huge price raise, but this is their fault. The informations are there and easy accessible by everyone, in a ponzi scheme never.
It is a Pyramid, the price is determined by miners and the mining manufacturers
Come on, miners and ASIC manufacturers, set the bitcoin price to 1 million USD now!!
It is a Pyramid, the price is determined by miners and the mining manufacturers
Come on, miners and ASIC manufacturers, set the bitcoin price to 1 million USD now!!
Your problem is you stopped reading after that line. How's that attention span doing for you?
Too bad, I lol'ed at that sentence so hard that I can't breathe...
I just can't continue reading it...
Okay, seriously, I can't agree with your analysis, and I truly believe bitcoin is not a ponzi scheme nor a pyramid...
It is a Pyramid, the price is determined by miners and the mining manufacturers
Come on, miners and ASIC manufacturers, set the bitcoin price to 1 million USD now!!
Your problem is you stopped reading after that line. How's that attention span doing for you?
The greed in miners is a self regulating system, and i didn't use the word set, it's not like someone goes and enters some arbitrary number somewhere. The trend will keep on continuing. Go chart difficulty vs price.
It is a Pyramid, the price is determined by miners and the mining manufacturers
Come on, miners and ASIC manufacturers, set the bitcoin price to 1 million USD now!!
Yes, BTC is 100% Ponzi scheme.
You guys clearly all have vested interest in Bitcoin, this is the hornets nest after all. I am heavily invested in Bitcoin, but I see it for what it is.
It is a Pyramid, the price is determined by miners and the mining manufacturers who produce the hardware at a set cost. When you purchase that hardware, that is your "buy-in" price. From the time you purchase that hardware, you are unlikely to see a ROI, unless you are lucky. The Manufacturers mine with your hardware for a few months until ROI is no longer possible and blame it on delays, the Manufacturers then begin producing the next wave of machines with 3-10x the amount of hashing power. For the 90% of people who get their machines and start running into ROI problems, they begin hoarding all the coins they have mined, as if they were to sell them they would be selling at a loss. They hoard them in hopes the price will go up, as the entire network of consumers who does this occurs, there is less Bitcoins on the exchanges for sale. Less demand --> higher prices. All it takes is a wift of good news at these points and you will see the 20-90x increase hills that have happened time and time again. This process usually occurs in 4-8 month periods.
While this is true, you are forgetting the other angle.It is a Pyramid, the price is determined by miners and the mining manufacturers who produce the hardware at a set cost. When you purchase that hardware, that is your "buy-in" price. From the time you purchase that hardware, you are unlikely to see a ROI, unless you are lucky. The Manufacturers mine with your hardware for a few months until ROI is no longer possible and blame it on delays, the Manufacturers then begin producing the next wave of machines with 3-10x the amount of hashing power. For the 90% of people who get their machines and start running into ROI problems, they begin hoarding all the coins they have mined, as if they were to sell them they would be selling at a loss. They hoard them in hopes the price will go up, as the entire network of consumers who does this occurs, there is less Bitcoins on the exchanges for sale. Less demand --> higher prices. All it takes is a wift of good news at these points and you will see the 20-90x increase hills that have happened time and time again. This process usually occurs in 4-8 month periods.
As hardware is very scarce, the demand for good hardware will be high, both from savvy miners that calculate precisely the ROI of a machine and from filthy casuals that click forum/google ads regarding BFL miners with hope to get into the game. This causes the price to be higher than perfect ROI, thus leading to your scenario, but not from the offer's side but from the demand side. Higher price demands more mining and raises difficulty, too high difficulty demands a higher price.
However, once new Bitcoins cost X dollars to make and because miners will raise the floor and acquire the cheaper ones (remember they WANT the actual bitcoins as collectibles, not necessarily to ROI on hardware) the system will mostly grow in size and adoption, the new price of Bitcoin is set in stone slowly by having transactions made on this new price.
Without a technological or infrastructure flaw, or maybe a better replacement with simpler and better design (like Dogecoin) , Bitcoin is still and will be valuable and will have no reason to drop in price until it engulfs sufficient value to replace some currencies. Even if we end up using only Bitcoin, it's relative value will still increase as coins are lost, destroyed or saved for later. Consider for a bit just how cheap Bitcoin will make our financial system. No more banks, safes, coins, bills, stock markets, people to operate them, places to store them, buildings, communications, infrastructure, risk funds. How many resources we can release for other constructive purposes in our society, besides handling our collective effort rewards.
Not a bubble, in the same way as trains, automobiles, radios, televisions and internet connections are not.
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