Will anyone admit that bitcoin is looking like a sophisticated ponzi scheme? - page 2.

Noruka

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Quote from: twiifm on April 10, 2014, 05:36:14 PM

Quote from: pungopete468 on April 10, 2014, 05:17:00 PM

It more closely resembles a pyramid scheme (but so does every other commodity ever traded).

Government currencies are ponzi schemes because when they collapse the central banks come out rich.

So wrong. Commodities are priced on supply & demand. Soybeans, oil, coal..all these commodities are priced on supply demand. Not pyramid at all

Government currencies are not Ponzi. Ponzi is taking in new investment money to pay earlier investors. Giving them the impression the investment is profitable so they invest more money.

In fairness BTC is not a Ponzi either. Its a pump & dump. Early investors try to draw in new investors to drive up price so they can dump their holdings

correct,
government currencies are legalized theft of the those at the bottom to benefit those at the top VIA inflation and manipulated interest rates to benefit early users of money created by bond sales. Thats technically a pyramid scheme not ponzi. Social Security would be a better example of a ponzi scheme.

Bitcoin is closest to a pump and dump, but only because its highly restricted since it has to interact with the outdated financial system which has loads of laws and regulations. This forces so much rise and fall because of governments changing the rules of their system as they go.

Once you have bitcoin and trade/buy things with bitcoin you remove all the costs that are associated with transactions; however the cost of interacting with banks will always be there so bitcoin will never truly be what it is intended to be until all fiat currency dies. (which will never happen)

BitCoinDream

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The revolution will be digital

Yah ...same for USD, JPY and other FIATs Wink

The point is valuation. When Satoshi owned 1m+ coins and none used it ...it could not even buy a single pizza. He had to distribute it to become a millionaire ...value works like this.

Now u call it a Ponzi ...its uR take

BitOnyx

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Cryptocurrencies Exchange

Ponzi were scam because people had no idea how it really works.

Everyone knows how bitcoin works.

hdbuck

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Quote from: turvarya on April 11, 2014, 04:13:57 AM

Quote from: twiifm on April 10, 2014, 05:36:14 PM

So wrong. Commodities are priced on supply & demand. Soybeans, oil, coal..all these commodities are priced on supply demand. Not pyramid at all

I didn't read the whole thread, but that made me just lol.

BTC is as much supply & demand as Soybeans with a lot of Manipulation from big Players, also the same as Soybeans.
The Problem about BTC is, that a lot of People just don't understand how actuall markets work and don't get, that most things they criticize about BTC are already in this "real" markets.

true that, in the end there is always 3-4 guys making the calls before everyone follows. thats just how economics works: full stock = full power ^^

turvarya

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Quote from: twiifm on April 10, 2014, 05:36:14 PM

So wrong. Commodities are priced on supply & demand. Soybeans, oil, coal..all these commodities are priced on supply demand. Not pyramid at all

I didn't read the whole thread, but that made me just lol.

BTC is as much supply & demand as Soybeans with a lot of Manipulation from big Players, also the same as Soybeans.
The Problem about BTC is, that a lot of People just don't understand how actuall markets work and don't get, that most things they criticize about BTC are already in this "real" markets.

Trillium

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OP is an anti-bitcoin troll. You all fell for it again, in another one of his threads, hook line and sinker.

Just read his comments from other threads. I have no idea WTF he's doing on this forum.

Bit_Happy

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A Great Time to Start Something!

...looking like a sophisticated ponzi scheme?
So sophisticated that it's not even a Ponzi? Cheesy

hdbuck

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Quote from: Timo Y on April 11, 2014, 02:34:49 AM

Yawn.

Every time the price drops, posts like these start appearing by the dozens. Every time it rises they disappear again.

If you are going to make a case for Bitcoin being a Ponzi scheme, then at least base it on arguments about Bitcoin's principle. Don't base it on Bitcoin's price. Otherwise the discussion is just about as interesting as a discussion about the weather.

annnd its sunny in here

Timo Y

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bitcoin - the aerogel of money

Yawn.

Every time the price drops, posts like these start appearing by the dozens. Every time it rises they disappear again.

If you are going to make a case for Bitcoin being a Ponzi scheme, then at least base it on arguments about Bitcoin's principle. Don't base it on Bitcoin's price. Otherwise the discussion is just about as interesting as a discussion about the weather.

pungopete468

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Quote from: btcxyzzz on April 11, 2014, 12:54:05 AM

Quote from: iluvpie60 on April 10, 2014, 11:02:45 PM

BTC isn't anonymous. Hate to break it to ya rofl... PUBLIC LEDGER ring any bells?

Bitcoin is definitely and completely anonymous if you use it from the Tor network. Period.

That's what you think...

I wish it was the reality.

jtsnau

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To uneducated eyes, who don't know what a Ponzi scheme actually is, yes that's what it might look like.

But it's not.

jparsley

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Bitcoin is not a ponzi. Some other alt may be designed that way. But as the first btc had a fair launch

btcxyzzz

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Monero - secure, private and untraceable currency.

Quote from: iluvpie60 on April 10, 2014, 11:02:45 PM

BTC isn't anonymous. Hate to break it to ya rofl... PUBLIC LEDGER ring any bells?

Bitcoin is definitely and completely anonymous if you use it from the Tor network. Period.

btcxyzzz

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Monero - secure, private and untraceable currency.

Quote from: Edward50 on April 10, 2014, 05:06:51 PM

The ultimate sophisticated Ponzi scheme, so sophisticated you can even argue that it isn't a Ponzi scheme.

There are no promises here, but there are in ponzi schemes. And when ponzi scheme collapses it collapses for good. So far Bitcoin has risen from ashes several times. It's just zero-sum game, like any other stock if you ask me + it has currency properties. Actually complete new kind of good we have here. Bitcoin is opensourced, and if anything is clear by now IT'S NOT A PONZI SCHEME, and you are probably troll.

iluvpie60

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Quote from: MysteryMiner on April 10, 2014, 05:54:55 PM

Quote

All you have read over the last months and even today is people saying how you will get rich etc. To buy buy buy.

Wrong. To get rich You must work work work!

Quote

Pushing a digital coin which doesn't offer anything unique vs the other unlimited alt coins.

Wrong again. Altcoins does not offer anything unique vs Bitcoin.

Quote

A digital coin that doesn't do anything better than fiat.

Really? Can I anonymously buy pound of ganja and get discount order on submachine gun and pay for the order with cash with two clicks of my computer mouse while stroking my penis with other hand? While remaining completely anonymous and untraceable? Bitcoin offers that freedom and efficiency. Fiat does not.

Bitcoin look more like Goatse than Ponzi scheme. And Bitcoin is not Goatse either. Bitcoin is Bicoin.

BTC isn't anonymous. Hate to break it to ya rofl... PUBLIC LEDGER ring any bells?

iluvpie60

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Quote from: Meman on April 10, 2014, 05:09:00 PM

Pump and Dump - yes
Ponzi - impossible by design

Uh huh.

Devs can push an update out that changes anything they want. As long as 1 or 2 of the biggest mining "guilds" accepts the change, gg no re.

Bit_Happy

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A Great Time to Start Something!

Quote from: Peter R on April 10, 2014, 09:58:01 PM

Quote from: Edward50 on April 10, 2014, 05:06:51 PM

Just wondering if anyone has changed their ideas yet about bitcoin?

Name:   Edward50
Posts:   639
Activity:   406
Position:   Sr. Member
Date Registered:   June 09, 2011, 11:48:20 PM
Last Active:   Today at 12:41:47 AM

The date you registered 3 years ago marked the absolute peak of the 2011 growth spurt--bitcoin crashed by 93% over the coming months. Your post history shows that you were waiting to buy at $1 per BTC because you felt $2 was overvalued. On a day like today with the market in turmoil you decided not to buy despite your interest in the technology.

In spite of this epic crash, the bitcoin community continued to grow through 2011, 2012, 2013 and 2014, advancing cryptocurrency to where it is today. Although June 9, 2011 would have been the absolute most unlucky day to purchase bitcoin in 2011, if you had purchased all of your bitcoin on this day, your investment would now be up by 1,250%. If you had purchased at $2 instead of waiting for $1 you'd be up by 18,500%

That exact time period was also the first huge wave of negative trolls who were obviously trying to harm BTC.

Peter R

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Quote from: Edward50 on April 10, 2014, 05:06:51 PM

Just wondering if anyone has changed their ideas yet about bitcoin?

Name:   Edward50
Posts:   639
Activity:   406
Position:   Sr. Member
Date Registered:   June 09, 2011, 11:48:20 PM
Last Active:   Today at 12:41:47 AM

The date you registered 3 years ago marked the absolute peak of the 2011 growth spurt--bitcoin crashed by 93% over the coming months. Your post history shows that you were waiting to buy at $1 per BTC because you felt $2 was overvalued. On a day like today with the market in turmoil you decided not to buy despite your interest in the technology.

In spite of this epic crash, the bitcoin community continued to grow through 2011, 2012, 2013 and 2014, advancing cryptocurrency to where it is today. Although June 9, 2011 would have been the absolute most unlucky day to purchase bitcoin in 2011, if you had purchased all of your bitcoin on this day, your investment would now be up by 1,250%. If you had purchased at $2 instead of waiting for $1 you'd be up by 18,500%

It is the community of users that gives bitcoin its value. If we keep finding new ways to use bitcoin, the rest will take care of itself.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: ~Coinseeker~ on April 10, 2014, 08:50:23 PM

Quote from: hdbuck on April 10, 2014, 08:42:53 PM

time dude time. cant fight progress. they'll be plenty of incentives for using bitcoins.

I doubt it. Like I said, most people will never own Bitcoins and they honestly don't need to. The double-spend problem has been solved. The tech can be duplicated and enhanced in an infinite number of ways now. At this point, there is nothing unique about Bitcoin other than it was first. Any merchant accepting Bitcoin can easily accept an alternative and they will move to that which consumers deem useful, which means it needs to be available. And of course, not taxed as property. That's just a non-starter.

You got it backwards. Any super cool features discovered by alts will be absorbed by bitcoin.

Bit_Happy

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A Great Time to Start Something!

Edward50 are you a "sock puppet" that usually only posts during Bear markets?
If you hate BTC so much, why are you here?

Topic: Will anyone admit that bitcoin is looking like a sophisticated ponzi scheme? - page 2. (Read 5738 times)