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Title: 2013-04-07 SeekingAlpha.com "Bitcoin: Buyer Beware, This Is A Classic Bubble..." Post by: Roger_Murdock on April 07, 2013, 12:34:58 PM Bitcoin: Buyer Beware, This Is A Classic Bubble And Possible Fraud
http://seekingalpha.com/article/1325271-bitcoin-buyer-beware-this-is-a-classic-bubble-and-possible-fraud?source=google_news Quote Has anyone ever bothered to understand what a "bitcoin" is before buying into this concept? It has every marking of a fraud. Believe it or not, people don't even know who created the bitcoin, or who is behind it. The whole concept was created by a pseudonymous person or group named Satoshi Nakamoto. And it only gets worse from there. Quote Sorry about the linking to a Wiki, but because of the secrecy of this bitcoin, there aren't a lot of credible sources. Quote This literally could be the ultimate Ponzi scheme, only this time Ponzi is hidden behind a collective network of computers. Gold can work as a currency because it is inelastic. You simply can't print gold out of thin air. That is not true for a bitcoin. A hacker can "print" as many bitcoins as there are electrons in a blink of an eye. Quote That is the perfect system to sucker people in, then dump a supply of new bitcoins on the market and quickly shut the whole system down and vanish before anyone can say Bernie Madoff three times. It's hard to even know what parts to quote. The whole thing is full of gems. :D Title: Re: 2013-04-07 SeekingAlpha.com "Bitcoin: Buyer Beware, This Is A Classic Bubble..." Post by: Roger_Murdock on April 07, 2013, 12:36:45 PM D'oh. Zomdifros beat me by a minute. Mods, feel free to delete.
https://bitcointalk.org/index.php?topic=169535.0 Title: Re: 2013-04-07 SeekingAlpha.com "Bitcoin: Buyer Beware, This Is A Classic Bubble..." Post by: Raoul Duke on April 07, 2013, 12:38:14 PM Thanks for saving me the time.
FFS... Title: Re: 2013-04-07 SeekingAlpha.com "Bitcoin: Buyer Beware, This Is A Classic Bubble..." Post by: chmod755 on April 07, 2013, 12:43:36 PM It's hard to even know what parts to quote. The whole thing is full of gems. :D Requesting a new subforum for misleading and inaccurate news articles. Title: Re: 2013-04-07 SeekingAlpha.com "Bitcoin: Buyer Beware, This Is A Classic Bubble..." Post by: Bitcoinpro on April 07, 2013, 12:53:51 PM how most ponzi's succeed is hard to believe, the fact is some are transparent and obviously BS, normally its a very savvy entrepreneur
virgin airway's had the potential to become a ponzi imo even though it had a a working business model, the fact that when a business does start to succeed the need to propagate lies to make profits is abolished also i have seen some products intended for sale to the mass market in my professional opinion are worthy products but their competition manage to paint them as a fake product which in turn confuses the user as well, the product is then shunned by the mainstream and anyone providing capital sees it go up in smoke bitcoin has flaws though the concept is sound and will likely continue even if it takes a few turns to become solvent even with fiat if someone is rich you need to question where they made the money if they cant answer that they obviously made it illegally same thing goes with fake resumes many many people these days are turning to fake resumes id say the proportion of fake resumes is higher than real ones maybe i need to add on my next resume that i worked for Microsoft for 10 years and Bill Gates is my Uncle :D actually i think Bitcoin Central Bank President will do just fine ;) |