Bitcoin Forum

Now that China is banning bitcoin, don't expect the crash to stop. The best thing to do right now is to get out when you still can. This time around there will be no dead cat bounce, bitcoin crashed right in the centre of media attention and any faith gullible idiots still have in it will be destroyed.

It's over. Bitcoin is finished. Good riddance to this little Ponzi scheme.

 ::), http://www.coindesk.com/zipzap-offer-cash-bitcoin-service-28000-uk-locations/.

I'm about to watch a massive argument unfold, aren't I?

More ways to lure in suckers? How great.

I wouldn't say it is a ponzi scheme, but it does seem like it.  What worries me is this:

that 11,000 individuals owns more than 75% of the entire market.  And 47 individuals own 28.9% of the market.  

Cry baby cry..

I just bought all your coins @ $658. Thx for those cheap coins, appreciate that.

Send your coins before its too late to do so.

B-but muh free currency! Muh new paradigm!

Your the tenth BTC is dead thread today. YAWN

Here is the thing though, like any of those 47 individuals or less, could just destroy some ppl's lives with barely any of their holdings...

https://images.weserv.nl/?url=ssl:images.weserv.nl/?url=4.bp.blogspot.com/-k92tl6GClZ0/Uqe0qQX_QtI/AAAAAAAAKcQ/tb8joV99eKI/s1600/bitcoin+distribution.png&fnr&fnr

This is exactly what makes bitcoin a Ponzi scheme. By buying into bitcoin and driving up the price you're just making the early adopters ricer.

That's how stupid people are.

A sucker is born every minute.

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a currency that doesn't even exist, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC stock and more time getting remedial education.

How can you be so sure that those large holdings are held by individuals and not bitcoin related companies / co-ops?

It's just a small setback; long term Bitcoin is always going up.

The OP posted once in 2011, in Chinese, and then not again until 2013 with all his negative posts - and now always in English. Check out his posting history.

It appears his mission is an attempt at market manipulation through spreading negativity.FUD

why are you here exactly? nobody is forcing you into crypto & nobody is asking for your help to inform them.

To all the lurkers out there:  

The above pie-chart was created by the MSM using estimates from Risto's post here: https://bitcointalk.org/index.php?topic=316297.0.  Please refer to the actual post before concluding anything about the OP.

Also remember that there is no way to actually know what the bitcoin distribution by owner is.  The above chart is simply an estimate that Risto made with the help of other forum members.  The MSM then disseminated it as fact.  

chart doesnt matter, its like any other successful business investment ever.

And this is worse than the Bankers how exactly?

OP wasn't paying attention. Bitcoin died in 2011. Wired clearly said so.

When those 47 and 11,000 individuals buy mansions, yachts, private jets, and companies, their bitcoins will flow into the economy and be redistributed throughout the population of people who worked to provide the value that the bitcoin owners purchased.

Oh thank God. You have no idea how glad I am to see this. It's been awhile...

The only way this would be a ponzi scheme is if mtgox was actually spending YOUR USD and BITCOINS behind the scenes while you believe you have them in your account and thus making the system insolvent.

They make more legitimate money off the trading fees over time than they would profit by stealing your money. If you don't feel safe here or there or whereever you are take your shit out of the system like... right now.

I still don't get what "Bitcoin is finished" is actually supposed to mean.

So much for 'free' and 'liberated' currency.

I do not understand how it can be a ponzi scheme if the ultimate goal of Bitcoins is to replace traditional currency with a decentralized one. The USD, CNY, EURO value that you are placing on it does not mean it will end even if the value of the currency that it is trying to replace dictates it is worth next to nothing. Bitcoins is not suppose to be a stock where it is valued by the company that is offering it. Kinda defeats the purpose if the ultimate goal is to convert it back to something that it trying to replace.  

I have to agree with him. At least he sees where this is all heading. The current situation for bitcoins is very very bad, and the drop will be a lot lower than most people expect.

I also agree there will be no dead cat bounce here, there simply is no enthusiasm anymore for bitcoins, at least not for prices this high.


Buying into bitcoins now will only distribute your wealth into the hands of other bit coin holders as the price continusly drops. You will be cashing out people who most likely paid less than 100 dollars.

Anyone still in the game at these high price points is totally insane to not crash out. As I write this Mt. Gox is making new lows.

Dude just doesn't understand what a Ponzi scheme is.

This is stupid!!!!

You do realize that in 1913 the 25% of the WORLDS wealth was owned by only 4 people!!!!! So shut the fuck up!!!! Ill give u a hint, same dudes that started the FED!

I think it may not meet all the requirements for a Ponzi scheme, but in a way it is acting like one. At least it has many similarities. However, there is no fraud involved with bitcoins, and was never intended to be a Ponzi scheme.

With the recent rise of bitcoin, the original people holding the coins made millions, while the people entering down the road lost millions. Kind of a similar to a Ponzi scheme. When a Ponzi scheme fails it falls quick and the last investors lose big, similar to the recent price bubble.

But you could also call the US housing bubble a Ponzi scheme, the people who sold at the peak and got out made the most money.

However, I blame the idiots who bought bitcoins at the peak thinking it would go higher, they were just gamblers looking for easy money. I also blame the idiots who did not sell at over a $1000 when they had plenty of chances to.

ABANDON YOUR POSTS!!!

FLEE FOR YOUR LIVES!!!!!!!!!!!!!!111!!!!!!!!!!111!!!!!!!!!!!


amidoindisrite

Why Bitcoin is NOT a ponzi scheme:

http://www.youtube.com/watch?v=7u4F8cpzqao (http://www.youtube.com/watch?v=7u4F8cpzqao)

OP, learn what a ponzi scheme is and isn't... Gawd. ::)

http://mattovermatter.com/wp-content/uploads/2011/07/2011-03-21-American-pie-chart-distribution-of-wealth.jpg


Too ezee to counter....

Those coins can be yours...for the right price.

The top 1% is still 3-4 million people, no single individual or small group can significantly manipulate the market. On the other hand, 47 people controlling a quarter of the supply can easily influence prices and value.

IMF, FEDERAL RESERVE, ROTHSCHILDS...

The London gold fixing or gold fix is the setting of the price of gold, determined twice each business day on the London market by the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons.

http://en.wikipedia.org/wiki/Gold_fixing

In case anyone has forgotten, OP is against bitcoin for political/social reasons. His/Her views are, in a word, adolescent:



Edit: ...and just noticed this gem, too...lol:



</thread>

If I only bought before it died then  :'(

Sounds like he's looking an opportunity to become privileged in the face and rejecting it because "there are too many privileged people over there".

@OP
Bitcoin belongs to nobody.  Anybody can acquire them.  Anybody can spend them.  Nobody can stop them as long as they have someone who wants to trade with them.  If you have a problem with the makeup of the current community, invade.  You and the people you like are more than welcome.  Bitcoin belongs to everybody, and while trolls may troll, they can't do shit to take away the power that bitcoin gives you.

I feel sorry for him and you guys should do too. It sucks to not be privileged  ;D

Hey, I've had a net worth above 0 for about 2 months now.  I know what you mean.

This is a good sign. A random idiot trying to spook bitcoin peeps so he can buy in lower, he must secretly be quite keen ;)

This is bitcoin's Christmas present to speculators.  Bitcoins going for almost 50% off. 

I'd say Brazil would also be worth watching for uptake of BTC.

http://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)

Compare to Bitcoin. First adopters are the ones who benefit the most, growth requires continuous supply of NEW money to flow in, once supply of new money stops the price will drop.

Every 2nd post on this forum is about price or getting some return AKA speculation. Nobody is in this to change the future, every 2nd post is talking about ridiculous returns and than cashing out to fiat. Come on.

You have to admit, it was the best pyramid ever designed. Hats of to scammer Satoshi. So deceptive.

+1

And the hero members are spewing the most deceptive propaganda as they know whats up. Many hero members are intellectually dishonest and love getting pedantic about ones defintion of ANYTHING. They place red herrings and filibuster any critique.

Hi lm2f. I check your post history. Seems like there's only negativity in there. What do you get out of this? There's been several ups and downs in regards to bitcoin. This doesn't change the value of the underlying technology.

Would you kindly explain why you think bitcoin is a ponzi scheme?

The Pareto Principle (which is shared by all financial systems) makes bitcoin a Ponzi scheme?

If you're selling because you're worried it's going to go lower, remember that it's going lower because you're selling.

and also because everyone else is selling

take off your blinders pal

bitcoin still works perfectly at $100 like all summer long ya know?

so a bunch of greedy people went apeshit trying to out greater fool the other, doesn't mean it dies.   
Lots of pain though..  some miners will turn off after they dont need the heat for winter  :-*

every time btc crashes some troll reports about the death of something that is still alive.

If you bought in at higher prices, the best thing you can do right now is HOLD and enjoy the coming holidays for a while...Else you're gonna screw it up anyway.

http://videosift.com/video/The-Office-Pyramid-Scheme  ;D

But really, Bitcoin isn't any more of a ponzi-like scheme than something like gold. To be honest, neither make much sense to me as an "investment."

At the risk of repeating myself-

http://www.youtube.com/watch?v=7u4F8cpzqao

Obviously the OP hasn't got a clue.

P.S. Thanks for the cheap coins.

And someone else probably just bought yours @ 570, Good job losing almost 15% of your investment in a matter of hours.

Wonder how much of that monopoly money is real  ::)

Why don't you try to cash out and tell us? Somehow I don't think you're gonna get your money kiddo. I'm sorry you're so easily tricked.

is this thread the quintessence of stupid? lm2f, just so you have some perspective - most people (apart from losers like you) have benefited from bitcoin greatly; they don't need to sell anything during this tiny correction (they don't need any more fiat money); it is a great opportunity to buy more (everyone with half a brain understands that); in a year, the price would be solidly in four digits (and you'll be back in your filthy hole under the bridge).

Would be if what?

would be no matter what.

delusional much?

Opinions are fun, look I can make one too, it's that you're an idiot who thinks he's a big shot because he adopted earlier.

Newsflash, a lot of us did.

That does make you some market savant.

Kids these days.

not quite, but you are. look up your prior predictions of fail. think.

yawn.

I never made any predictions.

mucus is always saying bitcoin goes down. (except for a few days in september or october if i remember correctly)
if one says always bitcoin goes down, he will be right once or twice a year.

mucus you were right. feel better ?

for the rest of bitcoins history and future piramida is right.

You did make some but it's hard going through 350 pages of your posts :) "I think that we are not gonna move significantly away from 5 in either direction in the coming time" is one I found. Yet we did move to 266 pretty soon after that.

But ok, I give you that, you usually use vague terms to describe how bitcoin is doomed :) I am still positive though and you can quote me on that later, that bitcoin would  cross four digits again in 2014; my crystall ball tells me, that from Jan1 2016 it will not be possible for it to go below $1000 anymore (unless dead); and to achieve that, it would have to first go to some higher levels, maybe even touching 5 digits in 2015. I know you will be here in 2016, so we'll continue this :)

Read carefully, I rarely say the price would do anything in particular, if I point out some stupidity about Bitcoins or make some obvervation about you guys I don't say the price will drop.

ROW ROW ROW YOUR BOAT, GENTLY DOWN THE STREAM...

 In a few years bitcoin will be 10 000 each and people will still be making posts about it failing.

the volume is so tiny your statement sounds silly

Kid... what drugs are you on? You really need to work on your trolling, it's absolutely redic.

he yet has to understand that a bitcoin address != individual. he also thinks JP Morgan Chase is a strangely named individual, too.

That's why I said delusional, using a "crystal ball", or any faith based mental device is irrational. Don't use them.

In fact, I'm using exponential trend that has been consistenly on track for the last 3 years. So I will continue to :)

I don't think that validates any degree of certainty and no way "no matter what".

LOL @ you thinking piramida actually used a crystal ball.

I have one with Paris inside! It's not very good at predicting bitcoin movements though.

Move the decimal place, then:
http://www.politifact.com/wisconsin/statements/2011/mar/10/michael-moore/michael-moore-says-400-americans-have-more-wealth-/ (http://www.politifact.com/wisconsin/statements/2011/mar/10/michael-moore/michael-moore-says-400-americans-have-more-wealth-/)

No blinders, this is just how the market panics. Individual fear driving mass sell off.

Not a problem for me really, I'm buying all the way down to wherever it stops.

Yeah, the fear selling...But since this is widely known, why does it keep happening AGAIN and AGAIN?

there's always new participants who are nervous.

Because people invest with money they are truly not willing to lose, they have a huge emotional attachment and the thought of their $1000 investment being worth $300 is too much to swallow, so they take the $500 loss and move on. Only to regret it 6 months later when the price has recovered +a big %.

Thanks for posting this I was considering responding but clearly the OP is retarded. Saved me some time.

http://www.1037thebuzz.com/!userfiles/fonz.jpg


Bitcoin is now to be referred to as...... the Fonzi Scheme. ehhhhhhh?!

Bitcoin is going down for a serious reason and that is the Chinese regulation. How is that indicates a ponzi scheme?

Yes, it's over now. Everybody just go home!

Raw Dog? Is that you?

Oh well, into the deepend i go.. again.. Try this:

New currency released, creating faucets for folks to get into it with little or no money. The problem here, is those that got into bitcoin at the start know that bitcoin only has 8 0'z after the decimal point, anything less is not bitcoin, regardless of what you try to pull over people's eyes with satochi.. see, many sites say free btc, only for the customer to find that they were not paid anything anywhere near the 8 0'z after the decimal point.. in effect, i go to a site, collect 1.000 satochi for say watching video's.. the site then proceeds to rip off a good 30% of that in faked transaction fees using the excuse that they'll send it when they have enough.. I had a friend start with 0 bitcoins, and asked him to stick with trying to create 1 btc from faucets dotted all over the place.. he sussed quickly that it would take at least a year to earn a quarter of a bitcoin.. so just how long do you think you can all feed off each other when the only thing we see online is sites offering free btc when in fact they are offering something invented several years AFTER the origional creation? How many people with a faucet here can honestly say they pay out directly to the customers wallet? Most likely 1% of aLL bitcoin websites. And again to stress a point.. apart from trading online with btc, what can we actually do with them outside in the real world, that would make others see that this is in fact a viable currency instead of nothing more than club points?

Btc has no value based on the fact that the value is held around the same as every other currency.. I always did ask myself, well, if it's so good, and worthwhile, how come no-one is trading them in the street?

The fact of the matter is, new investors f*ck off at the first sign of not being paid.. Does your site pay out immediatly? Probably not. Thank you for killing your only chance of a de-centralized currency..

LMAO

Cool as it was, it dont change the fact that I wrote what most laymen are thinking.. 1 decent solar flare and all your btc belongs to..?

Imust also point out that bitcoin in itself is NOT a ponzi scheme, it is nothing more than a file that says how much credit you may or may not have.. it's the people running the sites that are ponzi.. just look at the scheme's they come out with, the hoops people have to jump through for something added on at a later date.. now thats the ponzi scheme.. gimme btc anyday, fek the rest..

There are tons of writings which explain why bitcoin isn't a Ponzi scheme.

1 decent solar flare that knocks out the entire electricity grid and we've much bigger problems on our hands than what will happen to btc lol.

If that happens we will all be living in a world like something out of mad max, except even cars won't work.

Ahhh, awesome. It's always great to come back to these kinds of threads after some time has passed and it is quite safe to say that those people were wrong. This kind of FUD has been spread since Bitcoin was invented. I guess it's just the normal course of events!

You know, the problem with that is, we don't really know if those big addresses really belong to individuals.
These addresses could very well be storing funds belonging to thousands of people.
Then, on the other hand, we don't know how many addresses the super-bitcoin-holders have.
We don't know the addresses belonging to the Winklevii. We already know that satoshi has around 20,000 addresses.
The chart is inconclusive at best.

What if more bitcoins have been lost than that chart shows. Some of the top 100 wallets have had no withdrawals for years. Would you admit it if you had one of those wallets and lost the key through your own fault, or a computer crash?

Go back and look at the OPs threads and responses.  This person has been trolling bitcointalk since 2011 !

I must point out here that a car will work if it has no electronics, and the battery disconnected at time of emp.. in fact, all electronic devices with no power in them, you know, like a backup battery, or residue current in the capacitors.. will in fact work.. if it has power at the time of emp, kiss it goodbye.. and how many people will be thinking of btc when everything stops working?

Nagle, is that you?

Wow, I really thought that more bitcoins were lost by now. How did they even figure this out??? How do we know the Bitcoins in the addresses with most Bitcoins aren't really lost? We've really only 10 million BTC left to be mined, so we're at about 1/2 of the total amount to be ever distributed. Amazing!