Bitcoin Forum

Two months ago all my digital coins together were worth less than the amount of money I just made while eating a bagel.

I am now of the opinion that bitcoins are a Ponzi.  As in most of the gains are coming from new investors and not from any economic activity.

It is hard for me to conceive of enough drugs, gambling and Alpaca socks to justify all this value.  Then again if I really think about it is hard for me to believe that there are seven billion people in the world.

The network has become sentient and figured out how to get people to give it government backed money.

Like all Ponzi's I wonder: What is the network going to do with all that money?

Simple - once the network has all fiat money and wealth of every human depends on it's existence, it can command us to do tasks needed to extend and strengthen it's operations.

Oh wait, it already does that... Yes master, must mine more coin... ;)

OK so the bagel index (BGI) is now 13%.  Bitcoins and litecoins are growing at a rate of 13% per bagel consumed.

i dont know if you noticed but everything on earth (including earth) that holds any promise of not loosing value becomes ponzi schemes fast. My favorites are useless painting of famous artists that sells for billions $$$. I think we cant be worse and lets make biggest bubble know to human that will eat all other bubbles.

everything will loose its value sooner or later. Your bet is what will be first fiat money or bitcoin.

Bitcoin doesn't need to do what fiats have been doing, it just needs to prove it has the potential to do so.

The reason is that people have been screwed again and again by the fiat-based economy run by the government yet cannot do anything, because it was the only option. Now with Bitcoin they have a bargaining chip, with which they don't need to do away with the government, but can somehow threaten the governments to get more diligent with their work whenever they can't get off their ass to solve their problem. And people will certainly make sure to invest enough to keep their bargaining afloat.

Bitcoin is just like an opposition party of money, it may never get elected, but it must exist.

The one problem with that is all taxes have to be paid in the local government currency.  If you make a capital gain in bitcoins most governments expect you to pay capital gains profits in the local currency.  Now, with bitcoin it's quite easy to conceal your profits and as long as you don't get MtGox to send you money then all is good.  Otherwise, be careful that your government doesn't select you to make an example out of you.

Common mistake is to assess market price based only on current value without taking into account estimations of future value. You shouldn't make investment decisions considering only the bubble that is the present.

OP are you sure that's the correct term ?

I agree. This is pure speculation and the risk is a huge correction.

I fully disagree.

It doesn't take some financial wizard to look at the fundamentals and recognize that everything is on the positive.
I still think these prices are fine.

Bitcoin doesn't work the way you want it to. It was designed to deflate and deflate hard.
People want their money in something that deflates like this. There is no such thing as a "savings account" in the bank world anymore.

oh yeah, we will see single digits soon  ;D

versus

Dude, come on. That comment is on Litecoin, which is a fucking joke.

so the same technology is serious business on btc but on ltc is a fucking joke

Troll post or you're ignorant. Pick one.

I can't buy anything with Litecoin besides some cookies.
I still think ASICs > GPU.

Now who's mad?

Not I.

Troller coaster, put your hands up when we hit this hill.

what did you buy whit bitcoin in 2010 ?
how was bitcoin mined in 2010 ?

I sure do.

weee!  :D

What's your point? I still think Litecoin is a joke.
It offers little to no improvement over the current protocol.
Just a bunch of GPU miners sad they finally got axed from Bitcoin.

Plus some reasonably wealthy people pumping value in the system.

Y'know Vladimir - we (the world, that is) don't have any experience with any currency/commodity/whatever like bitcoin.  We all know that.

But we also have no experience with a network of the size and power that bitcoin has created.

What if....?

I wonder if it's possible to insert snippets of code into the blockchain that might hasten some singular process... :o

Here's another Ponzi scheme for you: Mozart! I mean, after all, what value can waves through the air possibly have?

True.

I'd argue a lot of that is Bitcoin though.
Once you're in crypto it's easier to go into another crypto than it is to go back into fiat.

Not quite
But I won't tell you because explaining it would be giving away an advantage I'd rather keep.

litecoin dont use SHA256 and that's patented by US government

You talking about hedging with it?



"The United States has released the patent under a royalty-free license."
Are you tin foiling? Make me one while you're at it.

single digits for mBTC :)

Jeebus, without merchants why would anyone choose litecoin over bitcoin? About the only claimed advantage of litecoin over bitcoin, is that the confirmations take less time, where can it find some uses without merchants accepting it?

And no, next time when bitcoin goes up 800% in one day I will call it a bubble about to bust/pump and dump/whatever you like, like what litecoin is doing now.

myself, BTW, your panic button is broken, wanted to tell you this for some time now. I click it and we're still at $141.

As for litecoin minable with gpus, thats only because it is a joke. If it ever gets serious, same thing would happen. But it never will, so I guess it'll be using GPUs forever ;)

that does not mean the US dont hold the patent only that the patent if for free, there was a long discussion about this topic free license is not public domain

The Internet was a pretty geeky past-time which only had value for a few small groups, until over the course of a decade it commercialized and become absolutely essential for everything.  Bitcoin has this potential, which drives the value.  There is definitely risk here, but as the risk decreases the price goes up.

Following this logic, gold is also a ponzi scheme

Normally when people can acquire the gold/coin through mining, they will go that way instead of buying, but there is only 3600 coin per day, that is a deadly design

Well if it is a joke it certainly is a profitable joke! http://dustcoin.com/mining

You hit the nail on the head.

An open source ponzi.  ::)

Bitcoin: The Ponzi with an Endgame ™

Bitcoin is quite difficult to understand for a non tech-savvy person. But the ones that understand it, know its pure genius, because it will trigger a revolution that will set us a free from the bankers and financial elites.

And most of the people understanding it is buying BTC to never look back.

Plenty of room to grow