Topic: Why bitcoin never a ponzi - page 2. (Read 670 times)

This happens some treated bitcoin as ponzi scheme because lack of knowledge they don't know anything yet what truly bitcoin is. It's never a Ponzi scheme they should understand first how bitcoin works so that at a latter end they can avoid getting scam. It is important to have a better understanding about bitcoin.

This is enough for it to be said that Bitcoin isn't a ponzi and will never be one.

I agree with what you said that all of the ponzi schemes are centralized. All of them have companies and that company has members in short the members are on the bottom of a company. That isn't the case in Bitcoin. Yes there are times where Bitcoin has been used to scam people but still its the company that is scam and not Bitcoin itself.

This is also a problem right now for those newbies who really want to learn about Bitcoin.

Those so-called "gurus" and "mentors" are teaching these newbies the wrong way with regards to Bitcoin and crypto that is why they are falling easily into different ponzi schemes that is why it would be better if you will just do a self study and will not follow what these kind of people are saying.

Laziness and quick money earning . 2 terms that can easily make your money into a dust. TBH, this is the reason why most people are falling into these kind of common scams. They see that they can earn money in a quick way that is why they are investing and in order to maximize the profits, they will invest what they can afford to lose and when the worst thing comes they will feel regret and disappointed. I've seen many kinds of scams and ponzi schemes already here in our country and here in the forum and I have basis already whether an investment is a scam or not.

Bitcoin is not a ponzi its decentralized and a open source that we can use to pay peer to peer.Some aligation is not proven because some are using bitcoin to fraud the others by using the name of bitcoin. Maybe much better to study deeply about crypto and bitcoin so they undestand the meaning of it.

Calling Bitcoin a pyramid scheme is a very ridiculous assumption, i bet whoever write that article has no knowledge about finance. I really love the points you gave in debunking the claim.

I don't know what people stand to gain in tarnishing the image of Bitcoin. Anyway there have been a lot of attempts in the past do i am not surprised. Ponzi schemes have pyramid structure, Bitcoin don't, rather Bitcoin is structured just like our regular Dollar and Pounds, the only difference is Bitcoin is decentralized which makes it even better.

 So if Bitcoin is a pyramid scheme, Dollar is also a pyramid.

Not only there, there's also other countries who experienced the same
using crypto doing this scheme.



The only thing that those victims can do after experiencing such act
of scam.


They are greed thinking that bitcoin/crypto is a quick access to richness.


Yeah right, making a bad impression for doing this kind of scam business.


If being used to serve the real purpose, bitcoin and those other crypto
is not a scam but a system that can be useful.

That explains why Satoshi will be a mystery for quite a long long time. Unless, someone will uncover his identity by serendipity. Bitcoin will never be a ponzi because the creator is not greedy. So there's really no way CSWright is what he claims to be. Because he wants all the attention and recognition.

One of the best articles on the matter has in our opinion been written by Ray Dillinger, who has been working with Satoshi before the public launch of the protocol.


https://www.linkedin.com/pulse/id-known-what-we-were-starting-ray-dillinger/


We also translated this article into Vietnamese due to its outstanding quality and importance once historians look deeper into the origins of Bitcoin  :

https://news.bitcoinvn.io/bitcoin-neu-toi-biet-nhung-gi-chung-ta-da-bat-dau/

In the past two months, somewhere in Nigeria territory promoted Bitcoin and Etherum to be used as a ponzi scheme pyramid. It crashes within 1.5 months and they started blaming each of them for falling into a big scam if bitcoin. They never understand how bitcoin works and they only keep saying bitcoin is a scam. Laziness and quick money earning is their number one priority agenda which is bad. Bitcoin and other altcoin can never be a scam because it's decentralized.

There are people who really do not believe in bitcoin even though they have not tried it yet. Bitcoin can never be a ponzi  because many people in different parts of the world are already using it. Scammers often use the name of bitcoin to deceive people so people get a bad impression of it.

@OP sure, and in Ponzi schemes they always needs to refer people, but in Bitcoin no one cares about that, you just join the train if you want to , no one is referring you to join Bitcoin, it’s something you do when you make up your mind to do that, no one is forcing you to stay or leave, but the community will still continue to go stronger every year.


Bitcoin will definitely go far and a lot of people are going to join and start making use of it. But the way I see it , that doesn’t mean that there will not be people who are hating on it. If I remember correctly, in the beginning days of bitcoins, people used to compare bitcoin with ponzi programs.

In my understanding, bitcoin works exactly like how stocks are working hence we do not need to worry on what haters are saying. We can simply focus on saving more bitcoins instead of that .

Whenever you introduce bitcoin or any of the cryptocurrency surely they'll term it a Ponzi. I'm saying this from my personal experience, I used to brief it as a technology associated development and we can't feel it as we have the traditional currency. The visible number has got specific value with the market condition. Immediately they say people aren't fool to believe what you say. Another thing it is something unique, many ponzi used bitcoin's name to make money. This too had made people think bitcoin a ponzi.

I think you tried to say that 'It's obvious that bitcoin is not a ponzi '. The headline in your post is misleading   maybe typo.

Actually there are millions of ponzi scheme all over the globe and the new adopters in the ponzi scheme always gets some benefits. When the bitcoin value become the hot topic in the market then all the other people who have lost their money into some Ponzi scheme though that its a similar type of scheme, without knowing the actual fact about the bitcoin. Nowdays people are well aware that bitcoin is not a scheme at all.

maybe you forgot to add "NOT"


Want to thank to OP, Nice post. Many people may think of Bitcoin as a Ponzi scheme. If anyone looked at this pyramidal growth, it looks exactly like a Ponzi. But the points you added against Bitcoin vs Ponzi, I agreed with that. additional, Ponzi scheme is a platform where they take someone's investment and gives it to another one, Money is just change of hands. Uses of Bitcoin is completely different, it is used to transfer money quickly within a second without anyone's interference, to pay anyone through online and various purposes. So, the comparison of the Bitcoin with Ponzi doesn't make any sense.

There are always people who are against something. Bitcoin too has many haters who keep finding things to defame bitcoin in someway or the other.
All the reasons you mentioned as to why bitcoin cannot be a ponzi are very true. None of the ponzis last for a long time and bitcoin despite being completely decentralized has survived more than 10 years. I would say that it's still in it's early stage and once bitcoin is distributed worldwide then it will be more appreciated as a payment service.

It's obvious that bitcoin is a ponzi.

Ponzi still exist nowadays because of bitcoin, so it means that bitcoin is not a ponzi. There's a lot of new platforms spreading all over the social media that uses cryptocurrency just to attract many users in their ponzi platform. A ponzi is a pyramiding scheme, a business platform where the money you earned is from the other people who put initial investments. There's no referral bonus gained to those who recommends bitcoin to the other people. And there's no specific amount needed for you to invest in bitcoin, even a 10$ can make you money but don't expect too much.

Of course, Bitcoin is not a ponzi.
1. As was rightly pointed out by the op and some others, Bitcoin is decentralized and everyone has equal access to it (there are no privileges), whereas a ponzi is built on the hierarchy.
2. Bitcointalk is strictly against ponzis, and it would be weird if Bitcoin were itself a ponzi.
3. A person who recommends Bitcoin to someone doesn't get any direct profit of it.
4. A person who buys Bitcoin now is in the same condition as the person who bought Bitcoin at the same price more than 3 years ago (so there's no thing about 'being at the bottom').
All that being said, I understand why some people might feel it's like a ponzi.
1. Even though the op uses the same info to make a different point, one could use it as an argument for the position that Bitcoin is a ponzi and say that the early adopters are the richest if they didn't sell their shares prematurely (I'm talking about all those people who invested when Bitcoin cost less than $1k).
2. Some Bitcoin enthusiasts that promote Bitcoin talk about it as a way of getting rich and that it's something revolutionary. This kind of rhetoric is typical for ponzis.
3. Technically, one could argue that a person who gets another one into Bitcoin profits from it because if many people do this, the new bunch of investors will make the price go up.

Bitcoin itself isn't a ponzi or scam. But scammers dragged the name of bitcoin that makes it to the eyes of the other people as ponzi. They are actually using bitcoin to attract some investors. Making a fake company about bitcoin trading, introducing some the best bitcoin traders, showing good profits. That's how they do and invite some investors to put money as a fund and promise to double when they make a good trades. See? Bitcoin is legit, the ones who are just making it to be ponzi are the people who are desperate enough to do some illegal acts putting bitcoin's name.

Indeed and that is good because he is learning thr rigjt way. Though most of us already knew about it, I'm sure many beginners will still get enlightened by his post. Nice effort.
Well, consider yourself lucky. Me? The moment I explain that bitcoin is a cryptocurrency or a sort of digital currency, they are now starting to back out. Maybe because it sounds too complicated for them? I don't know .
How we can do it if they are already close minded to new innovations? Based on my own experience, what I see is that they are afraid to go away from the conventional fiat.

I like the argument bitcoin can't be a ponzi because it is a product with practical use, different from ponzi schemes which don't have any product, consequently no practical use. Bitcoin's success is attached to transactions of real goods and working operations, it doesn't rely solely on empty investments.
Outsiders think bitcoin is just an investment which you put some money and cashout the double in few months, that is why they think it's a ponzi, but in fact its main goal isn't to be an investment, but a currency to let you deal with others without third party interferences, very useful especially to be paid for working online for people on the other side of the world.

^ As I understand, OP did not tell bitcoin is a Ponzi. OP trying to explain and everything is right, you never call bitcoin is a Ponzi.
Because in my country, when you tell people that you have an x amount of bitcoin, they will say that bitcoin is a scam. That anticipation was always on their mind if they will never know that bitcoin is the decentralized and only a group of people who may we probably called a Ponzi scheme on their business using bitcoin. Because bitcoin here is easy to use as a currency. Nevertheless, if someone fully understands what is bitcoin and what is the mechanic on it and how it works, they will never call it a Ponzi scheme.