Bitcoin Forum

Wow how this forum is an unbelievable echo-chamber fueling one big ponzi scheme. Bitcoin as a currency, give me a break. A currency where it takes days to clear payments unless you pay massive fees - fees that are hostage to whatever vagaries the miners have? And if you don't, you are left in limbo where you have no idea whether it takes minutes, hours or days to move your money? A currency which is heavily impacted by "civil wars" with rival crypto currencies? A "currency" even less stable than the former Zimbabwean dollar. Don't get me wrong - the other crypto "currencies" equally well fit the ponzi scheme.

It is abundantly clear from reading in here for quite a while that the vast majority of people speculating in here are simply pinning all their hopes and dreams on the notion that these tulip bulbs - sorry tokens - can only rise in value. Sorry to say, but some people are going to get hurt badly eventually....

So in other words you’ve missed out and you’re bitter?

If that is your take-away from my post, clearly you do not have the intelligence to understand the point. I just feel sorry for the people out there who can genuinely not afford to lose their savings, but right now have them tied up in this scheme, and if they don't get out will end up with no savings.

I think you're on the wrong forum mate...either that or you've missed the boat. You're entitled to your opinion, but you won't find anyone agreeing with you here, especially after so few posts and such a brief 'it's a ponzi scheme' claim.

Bitcoin does not meet the definition of a Ponzi scheme.

It does meet the definition of a bubble.
Just like real estate and equities in the USA are bubbles.

The key thing to keep in mind with Bitcoin is it is about to become a regularly traded commodity on the Chicago Mercantile Exchange.
This is very important in the evolution of BTC into a first rank commodity.
http://www.cmegroup.com/media-room/press-releases/2017/10/31/cme_group_announceslaunchofbitcoinfutures.html

It is not currency.
It is a commodity like gold, oil, silver, platinum.
Everyone in the universe who actually buys and sells BTC treats it as a commodity.

I know BTC has some aspects of a currency. This is because it is easier to exchange for something else in a barter transaction than, say, crude oil.
BTC and crude oil have well known  values. But taking possession of the latter and then reselling it is problematic.
Transactions are easier for BTC. But the mechanics of using BTC in a transaction are exactly the same as any other commodity.

I am in the exact right forum - if just one poor soul out there uses this as the final nudge to get them to sell and thereby save their life savings, then it is mission accomplished.

And this is exactly the forum where "true believers" are - looking at all the discussions in here it is clear that Bitcoin is neither a currency nor a commodity. Bitcoin is a religion where faith is the only thing that matters.

This aint about just to agree with bitcoin here.
There are other people who are just like you and you will see it in days observing this thread of yours.
They will somehow put their comments here and will agree with then will suggest another coin.
You have your own choice to believe it or not.
That is the forum all about. No one will force you.

A new symptom of an old problem -- namely Bitcoin's scalability -- that came with the increasing popularity of Bitcoin and that will be solved sooner or later. A few years back Bitcoin was both faster and cheaper than bank transactions and we'll reach that point again sooner or later. Meanwhile, even at its worst, Bitcoin is still cheaper and faster when it comes to international remittance.



I wouldn't call a weekend of a full mempool a "heavy impact". Otherwise you could also argue that banks are "heavily impacted" by weekends and banking holidays.

If you're talking about the impact on price, than that's a silly argument. Price changes like these are just short term fluctuations and don't change the technical and economical fundamentals.

If you're talking about other impacts, please elaborate.



How so? Please elaborate.

Insane Fees , weeks to receive a transactions.

Core version of Bitcoin is Broken!

Only idiots can't realize that.

and their are a lot of damn idiots in these forums.

Not just a religion also you will find the people here all in the forum who believes the bitcoin as a money and usage mode access anything. Even for normal money will be authenticate with the some government entity to make people believe it.
But bitcoin is both the transaction holders hold the bitcoin has the value and would like to have the trusted source. For me bitcoin is the hope for all the things to do.

Bitcoin and cryptocurrencies are still in an infancy stage.  De-centralized, distributed ledger of public ledger can't be a ponzi scheme but in the coming years we will see it being adopted by the whole world.  Financial and non-financial application opportunities of Blockchain technology are endless. It can be utilized in every industry.
Bitcoin is the king of cryptocurrencies and I see bright future.

Thank you for illustrating my point that Bitcoin is nothing but a religion based on faith

I was blind, but your bigger font and red coloring made it clear! thanks for this!

Thanks but its not faith based religion.  Market cap, being the first crypto currency etc make it no.1 and that made me say its the King.

Only uninformed, desperate individuals only put their life savings into bitcoin. Unfortunately, there are some. But your claim on bitcoin is a ponzi without actually backing it is intellectual dishonest. I bet you're just whinny about your transaction and didn't consider some things like this is an open source project and almost all of the efforts going on are voluntary. People here are diverse.

It is clearly a ponzi scheme looking in here. Nothing but lots of people being busy talking up the price spouting messages about how this will finance their house and car or other posts about how you can convince friends and family to "invest" in Bitcoin as well. The more people are brought into it, the higher the price.

Oh, it is abundantly clear what is happening here. Some very smart people have bought bitcoin and are perpetrating a long-term pump-and-dump where they are slowly selling out while they ride the curve upwards. The ones being left holding the bag when the whole thing collapses are the ones who are indeed uninformed desperate individuals who are then left even more desperate not only having lost their own savings, but also stand with the shame of being responsible for friends and family suffering losses as well.

So yes, people in here are diverse. Some are preying on the weak, and some are being preyed upon.

Ponzi has a very well understood definition. Your assertion that BTC is a ponzi does not make it so.
If it were a ponzi scheme, it would never get regulatory approval to trade as a commodity on the Chicago Mercantile Exchange (CME).
Now if you want to find a BTC related ponzi, you only need to go to bitconnect.com.

Your pump and dump argument may be more on point. A pump and dump is not a ponzi. Over the years, many commodities have been "pumped and dumped".

for a very long time which is nearly 9 years now, bitcoin had no issues, empty mempool and low fees even as low as 0 satoshis. and you were nowhere to be seen.
then this year, because of massive adoption that bitcoin had (adoption as a currency) the number of transactions suddenly grew too big and there was also the fight to take control of bitcoin was hot. so for about a month or so the spam attack was sever and  fees were high.

things were fine for a couple of months ever since that pre-August fights until for the past 3-4 days because of mining issues caused by bitcoin cash the mempool were big and fees grew two big.

you are using these two small incidents as your only point of reference and claiming bitcoin is not a currency!

either you are a fool or this is the only other explanation:

You're just describing the acts of shill. Based on your definition of what a ponzi is, - stocks, precious metals and forex have the same marketing mechanisms therefore they're ponzi scheme too.

this forum is undisputedly great with so much info regarding cryptocurrencies.

The technology is just at the beggining, there are some issues of course, but those issues will be resolved in the future. I agree that bitcoin is not the best option for commerce right now, but is a great asset for investment. If you want to move money around and have low fees , there are always other currencys you can look up into.

Why should I bother when no-one apart from a group of people were playing around in a sandbox. I couldn't care less.

But when I now see that a lot of people with absolutely no financial knowledge stand to be cheated out of their lifesavings because immoral people are convincing them to jump onboard, then I do care.

Perhaps a good illustration is from one of the other discussion threads in here where people were talking about what the main advantages of Bitcoin was. In here there was the following:

"bitcoin is one of the biggest potential to make us become rich in quick time"

Bitcoin is indeed a get-rich-quick-scheme.

If you are involved, look yourself in the mirror and ask yourself: Am I the one being cheated, or am I the immoral bastard who is cheating someone else out of his life savings ?

And just in time for this discussion, here is an article on the real pump-and-dump schemes in the crypto universe.
Note, BTC is not implicated, it is too big.

https://cointelegraph.com/news/buyer-beware-cryptocurrency-pump-and-dump-schemes-coordinated-in-telegram

ahhh..... so big in itself means it cannot be manipulated? Guess we should let Bernie Madoff out of jail then.....

Have you considered my previous question about looking in the mirror and figuring out which one of the two you are?

Your post is just the proof that bitcoin is obviously not for everyone, at least not for the people who don't know anything about bitcoin and its history, or any cryptocurrecy, how it's functioning and expect nothing but profit all the time. Huge price increase has brougth to bitcoin many good things but also too many ignorants who only wanted to get a lot of money over night and when they didn't manage it, they are very disapointed. For the things that you don't understand the easist thing to say is they are no good. 

Have you even considered the implications of regulatory approval to create a bitcoin futures market on the CME?
And then the approval to create BTC exchange traded funds (ETFs)?
These are not events that occur for ponzi schemes.
Your point that BTC is not a currency is correct. But people here have limited understanding of the difference between a  currency and a commodity. They might think gold is a currency.

People here are like people who hold any other asset class be it real estate, gold, or stocks. There is no more reason for the price of BTC to collapse than there is for the price of gold to collapse.

Does really someone really take serious this post? Not see it's just a trolling without sense and arguments are poor?...

Of course they are  ::) . Read up on Bernie Madoff who is now in jail for the biggest ponzi scheme of all time in the US:
https://en.wikipedia.org/wiki/Bernard_Madoff

He was a top market-maker on Wall street not to mention non-executive chairman of the NASDAQ

hence your arguments prove absolutely nothing

I am neither. Nor is anyone on this board.
In order to define BTC as a cheaters game, you have to conclude that virtually every investment opportunity is "cheating".
People who buy bitcoin are only cheated in the same way that people buy stocks or real estate or commodities as investment.
The price either goes up or it goes down.

Thank you for proving my initial point - this forum is an echo-chamber of the believers only talking to each other, and are too thin-skinned to accept a dissenting opinion

Madoff was a classic ponzi. He operated outside of the scrutiny of regulatory oversight.
Exactly the opposite of the CME and any BTC ETF.

Where are the CME sponsored ponzi schemes?

then it seems to be choice #1

The whole financial collapse in 2007-08 is a pretty good example. At least there governments stepped in to salvage some of the damage done. For the cryptoworld there will be no such action. Even now many are finding it extremely hard to transfer Bitcoin - it takes hours or days. When the roof caves in, there will be no financial salvation of anyone trapped within and there will be no chance of selling out before all is lost

there are always idiots who use things in a different/wrong way than they should be using them, that doesn't make those things wrong. it makes their usage wrong.

i saw someone kill with a kitchen knife, does that mean you are a murderer because you have kitchen knives at home? ;)

Everyone is entitled to their own opinion but I’m not sure how you can call Bitcoin a Ponzi scheme!

Wow - you defend Bitcoin the same way some Americans defend why they need to have guns, with the result being an extreme amount of mass-shootings. I have no idea why you wanted to put Bitcoin in the same context as mass shootings, but to each his own I guess.....

"Ponzi schemes rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart"
In this case the returns are in the form of a higher price on Bitcoin

( https://en.wikipedia.org/wiki/Ponzi_scheme )

That is correct people need to wake up otherwise they are going to miss out on something great and they will hold this regret forever that will be extremely hard to shake because they can not help but think where they went wrong and why they did not listen to what the smart, yet few, people were saying about BTC. This is a revolution in money and you better start to learn why.

And why you are here in forum? If you are complaining about the high fees of transactions then you better go to alt coins. That's why alt coins are created to have alternative way of sending money to others. And that's the way that can answer your problem. And before you say that there are a lot of good people here in forum, try to distinguish first what is their and there.

freightjoe has a point, many blind believers in these forums. That being said, if Bitcoin was a ponzi scheme, it would be over by now IMO.
Currency, no. Here I agree with you.
Bitcoin will be a great asset though for people wishing to remain anonymous (I don't mean for crimes) for example to place bets on sports, or play poker.
I worked before in the betting industry, and I can tell, more and more people will be using Bitcoin, local governments want to control everything, Bitcoin will be useful to keep this "freedom".

But I have to agree big time about the transaction fees and slow confirmations. IMO it won't become a real currency, but if it has a future, will be usable for big purchase such as houses, cars, maybe flight tickets one day.

It was bad.
Not a ponzi.

To be honest I am disapointed. By the title I was hoping you will be talking that Jesus or Buddha is going to save my life but you are talking about some minor material passing things.
Then maybe you should wake up for greater truth than this ;)

good posting. I only have one comment - namely that the Ponzi scheme which Bernie Madoff lasted for decades and had a magnitude of more than 60 billion USD when it collpased, hence they can indeed last for quite a while....

Duuuh... Bitcoin only requires 2 full nodes to work. Like I said this is voluntary they come and go at will and we don't care. Maybe you're referring to bitconnect . lol

Hence even without new comers bitcoin still going to work. Making your ponzi argument invalid.

A turd by any other name is still a turd

So you fundamentally misunderstand the bitcoin network.
By your definition of a ponzi, if somebody sells me Apple stock that they purchased for a lower price, then they are participating in a ponzi scheme.

The bitcoin network is transparent. There are no paper profits.
Madoff falsified account documents to create fictitious profits. When someone wanted some or all of their money, he raided the account of other investors to make the payout. This is how a ponzi scheme works.

You clearly do not get the point - or maybe you do not want to get the point. Back to whether you see type #1 or type #2 when you look in the mirror

I also read quite recently that most search on Google had the word "investment" together with "Bitcoin", this was totally expected but it has to be said.

I am honest with myself, I "invested" only this year, already +80% profit, and intend to sell soon or later,  and the big majority think this way. By soon or later I mean 2 or 3 years so I am ok with a Ponzi of many more years. lol. Lets make money with it while it is still possible (and I would love to be proven wrong of course).

What's stupid is this > http://www.independent.co.uk/news/world/europe/man-sells-everything-for-bitcoin-moves-family-to-campsite-a7994751.html

Bitcoin is one of the greatest technological innovations of the last few years. Sure, there are people that are trying to make a quick buck out of it, but that still doesn't change the fact that cryptocurrencies have the potential to change the financial landscape for years to come. No one is forcing anyone to enter this market.

Did you blame the world wide web for the dot-com bubble? Does the current arguably questionable valuation of silicon valley companies reduce the value of the internet?

You can argue about whether current Bitcoin exchange rates are appropriate, but that doesn't change the value proposition that crypto-currencies bring to the table.

We are all so relaxed because we are making a lot of money! Just that, join or leave.

That is completely the wrong comparison. During the dot-com bubble a lot of people lost their money because as soon the word "internet" was mentioned, stupid investments were made. That doesn't change the fact that the internet was a great technology with many uses. But in the bubble only very very few actually had a sane business model - and they were the ones who made it (like for example Amazon). Most "normal" people who jumped on the bandwagon were lured in by rapid increases in valuation and lost out big time.

Right now we are in a similar bubble - except it is a blockchain-bubble. As soon as the work "blockchain" is mentioned stupid investments are made, and the vast majority of these will collapse similar to the dot com bubble. This does not mean block chain is wrong - block chain is a technology likely with a lot of good commercial applications, just like the internet. But similar to the dot-com bubble almost all of the current investments in "products" using block chain completely lack a fundamental sound business model, and the cryptocurrencies are foremost amongst those.

you'll need to provide supporting references to your assertion that bitcoin "is clearly a ponzi scheme".

what makes you say that it is so? what features of a ponzi do you see that you liken it to bitcoin? you'll have to elaborate on that here....or are you just saying that because that's what you've read and understood certain personalities like Jamie Dimon, Warren Buffett, or that Asian Bank exec say in the news like bloomberg, cnbc, and other news outfits covering bitcoin news?

i skimmed through some of those bits of news and recalling what i understood there, Dimon referred to bitcoin as a fraud and yet mentioned that it is a currency in a bubble that could reach $20k before it bursts... i think that maybe, he just hasn't reached the thought yet that our medium of exchange and assets could still evolve and change, and that in this digital age, a commodity or asset could in fact be digital or virtual.

an adviser of allianz, Mohamed El-Erian, admired blockchain technology but expressed uncertainty over the bitcoin price. he didn't say anything about bitcoin being a ponzi but he appears to be in a stage of accepting the idea that virtual commodities can be a store of value.

Warren Buffet was intrigued by blockchain tech saying it's a very effective method of transmitting money and you can do it anonymously. however, he believes that bitcoin had "no intrinsic value" - so he didn't say ponzi.

you don't need to "recruit" people to buy bitcoin and earn from their purchase. so what makes you call bitcoin a ponzi?

the amount of investment people are putting in bitcoin is their choice. when you invest in bitcoin, it's your responsibility to learn what it is that you're getting into. if you put all your money there, and the price goes down, then you have nobody to blame but yourself. it was after all, your choice to put in that big an amount. so if you're worried about all those people who're investing big, then you're fussing over something that you cannot control. that was their choice. you should make yours. if you don't understand bitcoin, stay away from it.

Welcome to Jamie Dimon team bro! Lol, I don't know why there're always people calling Bitcoin a ponzi scheme while It doesn't meet any conditions of a ponzi scheme. You're the one have to wake up and take some courses about Bitcoin mate. Peace!

Wow - a lot of dancing around to avoid the word "ponzi" being attached to Bitcoin. A turd is still a turd no matter what you call it.....

When LN and Segwit will be fully implemented we will forget about this issues (looks like you buy BCC for 0.4BTC  ;D)

Yes, you're right. Here you can find out more about cryptocurrency. You can discuss trading. Experts can take the help of many more.

It is interesting to see to what lengths are some people on this forum prepared to go to "enlighten" the participants here that this is all wrong. Somehow i doubt their altruistic reasons. I'm just waiting to see something along the lines  of "BCH is better"...

hey, look, some FUD (that's been coming out since $.13 cents)

you've got it all wrong.

it's not a currency.

maybe one day it will be when the price stabalizes which will take further adoption.

but regardless.  it's a network.  not a currency.

and not only is it a network, it's an assert.

All cryptocurrencies are the same. If you truly value your savings stay out of all of them.... If you want to invest in blockchain technology, look for companies focused on having an actual solid business model - just as Amazon had a solid business model during the dotcom bubble where everything named ".com" saw valuations skyrocket only to crash and burn.

The clearest indication that the peak of the bubble is nearing is when a company's valuation quadrouple simply because they put the word "blockchain" in their name: https://www.theregister.co.uk/2017/10/27/biz_quadruples_value_over_night_by_adding_blockchain_to_name/

This is progress. Your original premise is that BTC is a turn because it was like a ponzi scheme. Now that we agree it is not like a ponzi scheme, perhaps you can clarify your argument.

On the spectrum of turdiness, is BTC more or less turdy than an early stage biotech startup?  Is it more or less turdy than a Canadian platinum mining play?  Is it more or less turdy than Tesla?

A blockchain without tokens is just a distributed database. There's nothing new about that. It's like claiming that telephone lines were the innovation behind the internet.

It's when piecing the various parts together that lead to cryptocurrencies that things get interesting.



I absolutely agree with the first part of your sentence -- that blockchain "investments", specifically ICOs and such -- completely lack the fundamentals of what makes a worthwhile investment. I also agree that in this part of the crypto-ecosystem there's a lot of shady shit going on, trying to sucker people into what they believe is quick money.

The point I am trying to make is that Bitcoin is not simply one of many startups -- it's the fundamental technology that lies at the heart of it. It is not the equivalent of dot-com company -- it's the equivalent of the internet.

The only thing I think we can agree on is that you appear to be in category #2

No. Wrong.  Block chain is the technology. Bitcoin is merely one use of the technology.

Now you are engaging in labelling and name calling. This not reasoned discourse.
You make a two good points: BTC is not a currency and the current price run-up looks like a bubble.
Everything else you claim is without intellectual foundation. Especially the manner in which you criticize the participants in this forum

You are entitled to your opinion, of course, many people still think the earth is flat beside all the evidence otherwise. You are right when you say that the higher fees are a setback on the bitcoin system, but also because you may need to learn a little more how to use, and other tokens may alleviate this burden on the near future. Just an example if you use coinbase you will pay around $11 to transfer $25 but will pay the $11 if you transfer $100,000 or more. Try this at Western Union. But no the other side you can pay as low as 96s/wt on blockchain.info what would cost around $2 or less, so if you know how to use, yes it´s a painful process, but a $200B growing market is more than a lot of stock exchanges for some countries has. Would you say that when you buy a regular stock or options you´re living on speculation? Cryptocurrencies are not different and just because NASDAQ crashed in 2008 became a fraud, did it?

That perfectly sums up the discourse in every single thread on this entire forum

The US economy collapsed because immoral people tricked ordinary citizens to take on loans which they had no hope of ever repaying - but packaging it in a way so people did not understand what was going on. They were simply lured in by the prospect of easy access to money. Same thing repeating now, only with different tools.

I understand your soncern and your point of view. I will not say that you are wrong, because we all have free will to think what we want. Also I agree on some parts of your thinking, but also you are wrong on some too. Of course this is my opinion. We invest in Bitcoin on our free will, and most people understand possible consequences. I think it is good to hear other people's opinion even if its oposit from ours.

Look all markets crash eventually. Plenty of banks in our history that failed, and with their failure, most of the times because of corruption from their managers, resulted in a loss for those who invested in them. Is there a risk in bitcoin? Yes, there is, the same way there is a risk in every asset, or even currency, because governments fail to, and with their failure comes hyperinflation.

No, bitcoin is not a currency right now, and can't be used that way. Yes, fees are high, but the time for bitcoin to be a global currency simply hasn't arrived yet. Stability will come with more liquidity, and more liquidity will come when the institutional money starts entering the market. That will happen with CME futures, and eventually ETF's. That is happening now, so bitcoin is following a good path here. You don't have to invest in it if you don't like it, but right now, it's one of the safest investments out there, in it's relation to risk/profit. That's just my personal opinion of course.

Bitcoin is very popular becouse of investment tool not currency anymore . Like gold while have not much utility it is much higher in value than silver which is much common used in space.
So people have chosen BTC becouse this is ONLY one coin that have no clear CEO in space.

More name calling and reckless generalization.

Another inapplicable analogy. In this case people took on loans based on greed and their conviction that the bubble would continue. They were not innocent bystanders.
In this case, there is not a huge FIRE (Finance, Insurance, Real Estate) industry pushing bitcoin and encouraging people to take on debt.

You are correct that it may be a bubble. You are incorrect in labelling every person who believes in the future of bitcoin as a bad actor.

But I don't label everyone as a bad actor. You are either a bad actor - or you are the one being taken advantage of. Same as at the poker table. If you can't spot the sucker, you are it.

Wow.

So you are advocating for an investment because it has no CEO. Clearly an alternative type of endorsement - and given all the challenges with forks and the civil war raging for the past couple of weeks, how is that working out for 'ya?

What you are saying is true, because the way the transactions are getting delay in confirmation and fees taking higher limits will push more bitcoin value in dark but i think bitcoin cash is a good reply to this problem as it takes fraction of second to confirm the transaction and the fees is also very very low.

bitcoin cash is just as bad - as is any cryptocurrency

oh come on... you just refuse to be reasoned with and you can't provide conditions for your concept of ponzi  ;D so who's the turd, right  :D

look, a ponzi scheme generates returns for older investors by acquiring new investors. that's the standard definition of a ponzi. if you think that bitcoin or altcoin is just an illusion of value, and cryptofinance is a joke then you don't understand the history money.

how do yo think the stock exchange works? in stock exchange, you purchase a certain amount of stocks at a given price. if the price dips, the value of your investment drops and you're at a loss. the price goes up, you gain - if it goes up. if it crashes, your money is gone. in exchange for the money you invest in stocks, you're given a certificate that tells you about your chosen investment. your broker and the company you bought stocks from earns from your investment. you either provide a new investment and move to a different stock. other people do the same and even encourage others to get involved in stock exchange. one gets involved in stock exchange for the money.

in foreign exchange, you invest $10,000 usd so you'll have enough tolerance for the price movements. if you play with the proper lot size and you can read the proper indicators, you can place profitable buys and sells. your $10k usd goes to the trading house/bank that'll provide you with the platform to trade foreign currencies. you place a buy or sell order and the broker earns for every buy or sell order you make. the trading house earns from the spread. your tolerance for risk drops when your losing and after placing the wrong orders, your account closes. you lose, the trading house and the broker wins. they encourage others to learn and invest in forex. one gets involved in forex to earn more money.

in insurance, may it be life, non-life, health, and variable, money from clients/investors come in. that money is invested by the insurance company in mutual funds and other asset-growing activity that will firstly benefit the insurance company and its vips. more investors are encouraged so the cycle won't stop. you'll want insurance coverage for the money.

with fiat or the paper bill and coins that you have there with you, they're prone to demonetization. the government can just decide to demonetize and in an instant the bill that you have there will be of  no value. you believe that what you have is valuable because the government says so. that is an illusion of value created sadly by the powers that be. and when they say that by this time tomorrow, its value is stripped and you're not aware of it, then you're left with just paper.

with bitcoin and the alts  ;D ;D ;D connect the dots yet?

Yes you really need to wake up before it becomes too late for you. If that is your take-away from my post, clearly you do not have the intelligence to understand the point. I just feel sorry for the people out there who can genuinely not afford to lose their savings, but right now have them tied up in this scheme, and if they don't get out will end up with no savings. You need to save more money.

It makes me wonder why you believe bitcoin to be a ponzi scheme. Transactions have been taking longer bitcoin cash price rises haven't helped as miners will just switch to what is more profitable.

Just use another cryptocurrency

I think you missunderstood the whole concept of crypto currency. What fees do banks require? How many days do bank require? How does governemnt print money? How is your economical status trackable by the government?

#2

Quite a lot of hyperbole there, have you seen Bitcoin inflate a billion times in a day like the Zimbabwean dollar?  I'm new and have considered both sides of this argument quite a lot.  I do agree that for the most part this forum is a bunch of crazed cheerleaders whose best argument for it going up is that it has gone up already, or that they really REALLY want it to go up!

There are a lot of problems to overcome if it's ever going to be a currency and maybe it never really will.  But it is clearly in it's infancy and can go through all kinds of development between now and 'later'.  I think transaction times and fees wouldn't be that hard to drop with the right changes.  I also think one of the biggest problems to overcome is the INSANE amount of electricity that is used.  I read somewhere that right now it is at 1/2 a % of the global carbon footprint and that one transaction uses as much electricity as driving a Tesla 300 miles.  Crazy!  Plus, somehow it has to be idiot-proofed so that the average joe can easily use them without losing them all.

As a safe haven against inflation it seems like it could have a lot of potential, as it already does in several countries.  For the last decade the U.S. stock market has gone berzerk.  Why?  Among other things, with near zero interest rates there is literally no other place to put your money to invest.  What will people do with all those gains when (if) the stock market has a prolonged decline or inflationary period?  They could buy gold - or bitcoins.

Now I'm not insane by any means and I do realize that the idea of pouring your life savings into "invisible data coins' could easily be the worst decision of my life.  My plan is to get my initial investment out asap and let whatever's left ride.  And I don't plan on ever putting more than 15-20% of my savings into it.  I'd encourage everyone else to have an exit plan as well.  Because even though you don't want to admit it, the whole thing could collapse and you'd better make sure you have a plan B just in case.  Or, it could go to the moon and we all win! (rah rah)

just my .000002 BTC

Please expand. How would you define blockchain technology and what other concrete uses cases are there besides immutable atomic transactions?

So you are saying there really is no use for block chain

No.

I am asking what you mean by the term "blockchain" because you seem to be using it as a meaningless buzzword like the startups that you and me both critized just a few posts ago. So unless you are just parroting empty phrases you subscribe a different meaning to the term "blockchain" than me. It follows that for me to understand your point of view I first need to understand your terminology. And that's what I've been indirectly trying to achieve by asking the question above. Asked directly: What do you mean when you use the word "blockchain"? Or rather -- what do you think it means?

I do agree with some of your sentiment.Putting  all your life savings into something as volatile  as bitcoin are mortgaging your house to hopefully hit big jackpot   is beyond stupid .Me  unlike you would feel no sympathy what so ever if they lost everything .People who  are greedy and gamble everything they own well they deserve what comes to do then .Bitcoin/crytocurrecny is general is good to put away maybe 5-20 of your savings not 100%.You should also put some in stocks bonds gold silver   land etc etc .Spreading out   your investment/risk  is the key always

I am sorry to tell you this, but I disagree with what you said. As a matter of fact, this forum helped me financially. If this forum did not exist, I would have had been in a bad state, really bad. That is why you have to check for yourself before you put your judgement.

It is a fact that the fees increased, so what? As long as the signature campaigns pay you, it is okay for you to wait hours or days as long as you move out your money. I mean you are not going to be robbed or something!

Yes its true don’t be late because now a days bitcoin price is little down and the price is going high so I think we need to buy bitcoin as much as you can so I think if buy bitcoin now a days so I’m sure end of the year we can get a huge amount of profit same like last year because this year was better than last year and I’m sure I will get a profit from it.

Yes wake up because bitcoin price is going up and up and believe me it is going to reach a lot and you still have not invested or earn anything at all i would recommend to try it out right now because you can secure your future with it!

For my opinion its not too late to enter in crypto world , you can reach your goals by means of hard working and passionate to your work .. Some people say you can't earn money without having sweat on your face , body pain, stress etc. But as we discover there is a easiest way to earn money and that is to work with crypto currency