Bitcoin Forum

I have to say that the writer, Lionel Laurent, certainly knows how to push someone's buttons. My head was boiling as I was reading the article. He does not only make it appear that bitcoin is a ponzi scheme, but he also implies that it will be in bigger political trouble, which might argue that we should stop supporting it and its ideals.

Who does he think he is?

https://amp.businessinsider.com/images/553fbfbe6da8111704a27559-750-562.jpg

Bitcoin was meant to make all of its investors rich, something that held particular appeal to a millennial generation hungry for a financial boost in a world of crushing student debt, income inequality and low quality jobs. It was meant to be free of Wall Street’s corruption and the US government’s meddling technocrats. It was meant to be secure, with a price that would go ever higher. For the hardcore evangelists, it would reward its acolytes when the inevitable financial apocalypse arrived. The dollar was destined for scrap.

And that we should all stop listening to fuddyduddy “experts” like Jamie Dimon, Warren Buffett and Jack Bogle. The old closed ways of investing would be usurped by the buying power of the masses.

Unsurprisingly, none of this has come to pass. The Bitcoin bubble of 2017 – mercifully short and economically contained – has enriched only insiders such as mining companies and crypto-exchanges, and the early birds and tech elites who cashed in at the right time.

For the patsies who arrived late to the party, it has been a tool of financial impoverishment. About $700 billion has been wiped from the value of digital money since January. One Korean teacher told the New York Times in August: “I thought that crypto-currencies would be the one and only breakthrough for ordinary hard-working people like us.”

Nothing on the Bitcoin label turned out to be in the bottle. As a means of payment, it is cumbersome, volatile and expensive. It has destroyed value rather than storing it. Its decentralized technology was sold to investors as being unique. It has been anything but.

Finally, if the frustrations that drove people to chuck their savings at a virtual ponzi scheme aren’t resolved, we’re only setting ourselves up for bigger political trouble down the line.

Read in full https://economictimes.indiatimes.com/markets/stocks/news/jamie-dimon-and-warren-buffett-have-the-last-laugh-on-bitcoin/articleshow/66744160.cms

Many articles similar to these have been rehashed and are surfacing every now and then, most especially when prices are not so good and the market is gloomy. True that during this time, we are experiencing tremendous losses over our investments but haven't these investing elites experienced the same back in the days? They are acting as if everything is all good on their side since they have a lot of money and a lot of government friends with them. They simply just want other people who found a way to get rich to be demoralized and stop pursuing getting rich. Just carry on, I'd say. With the number of bubbles and bursts we have had in the past few years, there are also countless other articles such as this that have spawned yet we still always find our way up.

@dothebeats. Is it only to demoralize and to make you stop pursuing getting rich? I reckon the Warren Buffets and the Jaime Dimons of the world do not want the technological development of the whole cryptospace for very clear reasons why. It is threatening the existence of the system that made them wealthy.

maybe i have seen too many FUDs that this one doesn't matter at all but it didn't do anything to me when i read it. this is yet another nonsense written by someone who either has zero understanding of bitcoin or has some hidden agenda for spreading this kind of nonsense in his article. in either case it doesn't really matter! idiots have been calling bitcoin "ponzi" and worse over the years and it is still growing stronger despite all that.

@Herbert2020. However for now Warren Buffett and Jamie Dimon are winning in their bitcoin is a ponzi and bitcoin is rat poison squared representation of the cryptocoin.

I reckon the whales dumping their millions in bitcoins also strengthens their representation.

Bitcoin was never meant to become an investment, it was created to become a global currency, and it is being developed and introduce, so for now the feature and condition still not yet 100% suitable as currency, as for the price, bitcoin price is doing great in this 10 years, the rising is very significant, some of the people still can't accept the bitcoin existence, they still prefer the old traditional investment, so can't blame them to look down on bitcoin

This is really well said and exactly right.  Bitcoin and cryptocurrency simply goes against many peoples political and social views of what money is supposed to be.  It's not that they don't think this is a solid technology or that it doesn't work well...it simply goes against the grain of the norm and they don't like it. 

When it comes to Buffett and Dimon, bashing bitcoin is in their best interest, financailly thiat is...so it's no suprise they continue to do so.

It's definitely meant to push cryptocurrency investors' buttons, it seems like.

I concur with you on this. They know nothing about the technology so they won't get involve in such investment vehicle that has a very volatile nature. Most of these people are looking for tangible things to invest upon and they just don't support something like crypto for these guys were accustomed to the traditional way of investments. Crypto is only for the people who has interest and fully understand its nature.

you seems to be a reported according to your id, well, is that photo a recent one? when was it taken?
I know you canst answer straight, you will say, came from a reliable source, or try to flag as confidential - but these are just some tricks you all reporters use to get more view, share or trp - just try to mislead the mas people!

Interesting that he's using the phrase 'Bitcoin bubble' when most of the pumpage and wreckage was ICO driven. If we switch Bitcoin to ICO most of his points are valid. Most of it was empty. Most of it did destroy wealth. Most of it will be brought to heel as is happening right now.

Warren Buffett is standing with one foot in the grave and he has all the money in the world and he is still a greedy a$$hole and Jamie Dimon's wealth was built on the financial ruin of many people that suffered from the Banking crisis. Let's them laugh, because the stock markets are over inflated and the Fiat system is on the brink of collapse.

We will have the last laugh, when their empire starts to crumble around them and when people starts running towards Bitcoin as a safe-heaven when the Fiat system will collapse.  ;)

Why don't you just read tit? Does he mention that he wrote the article?

And about Buffett, no one will care whatever he said or going to say, anymore, he is one of the primary haters of bitcoin eversince so what will you expect when it's related to bitcoin? Of course nonsense, haters talking bitcoin as a Ponzi despite people still use it. Anyway, this article is a joke me.

If they managed to push people's buttons, it means they are gamblers, and here only to fill up their pockets.

If you are here for Bitcoin's underlying tech, you will just laugh at anyone who thinks you're doing the wrong thing. If people tell me Bitcoin is this or that (negative meaning), I really feel sorry for them. They aren't only showing off their ignorance when it comes to Bitcoin, but also showing off their ignorance when it comes to the greater extent of what economics represent.

Bitcoin isn't here just to offer people more convenience. Centralized services already do that. Bitcoin's existence has a meaning. If people can't figure that out, they probably shouldn't be here in the first place. This also applies to all the XRP idiots.

Bitcoin is a ponzi?? - Certainly no!!

Bitcoin is a political trouble??  -  Probably yes! This statement is probably true! A lot more game will be unfolded in due time, keep watching the current game involving BCHSV!

For the article, I see that a lot of unknown and small-known websites are coming up with such articles since last 1 week because a lot more people are searching to know why the prices are going down and what can be the possible remedies!

BITCOIN IS NOT FINISHED YET!! If you are here only to make profits by investment, then you may have different version than me! But surely and certainly, bitcoin has a lot more potential left. Have patience and watch the market closely! Articles will come and go, but your support for bitcoin should not!

You are a fucking moron to post a pic of laughing Republicans from the "80s" as a representation of the elitists laughing at the bitcoin or small Bitcoin investors.  Ronald Reagan was the greatest leader the free world has ever known.  The man was instrumental in the freedoms your disgusting life in Europe still enjoy. 

It should not come from hodlers like them as if they really believe in certain stocks they will still bag during these times and would be really happy to get some more. Even so they won't enter it from the start. We're talking about years here and not just weeks or months of bearish like this.

He clearly doesn't see the bigger picture here. Bitcoin isn't simply a digitally shaped currency that is used to make profits for certain individuals. It is a revolutionary digital currency that will shape the future of our market industry. It isn't a simple thing that comes out of nowhere and stays for a sec until it suddenly goes away get eaten by time. That 2017 event supposedly can't be seen from only one perspective.

Bitcoiners are very similar to all these legacy investors and banksters, except for the fact that the latter group trash talk the entire crypto ecosystem, while Bitcoiners trash talk everything that isn't Bitcoin.

It's all about interests. Most Bitcoiners don't care about anything other than Bitcoin, so everything else by default is a shitcoin. That's exactly how these legacy gangsters think about crypto as a whole. Let them bark as much as they want.

I doubt they even care much. If they aren't being asked for their opinion on crypto, they probably will keep their mouth shut. If you are almost forced to say something about crypto, it's likely going to be trash talk. What else can we expect?

Bitcoin and cryptocurrency have a great future in the future and I’m sure that we can still make good money on it

However, was bitcoin not in a bubble stage? I read articles about families selling everything they have including their houses to buy bitcoin. I hope some of them sold in the right time.

@Huskerz. I changed the picture. Sorry for offending the cowboy John Wayne hehehe.

Of course but I'd say BTC was driven to those heights by ICO mania. The spark for all of this was arguably the ETF denial that set off a relief rally in alts. ETH was ten bucks or so before that.

@gentlemand. I reckon that presents bitcoin as what Lionel wrote in his artice. It was pumped by whales during the ICO mania and the whales dumped on everyone when they were done. Many many people came out poorer after this, many whales came out richer.

We can say its over when it is over but not Bitcoin and the whole crypto currency. The market is in difficult but it doesn't mean that it will going to be extinct as we have observed so many times before the rise and fall of the market but still Bitcoin continue to survived therefore let them laugh to death while they can.

They are probably looking at stock market
Billions of dollars vanished from stock just last month
Now Fed is going to help stocks by pausing ratesis
I am doubt will it help stocks in longer term
USA is losing to China on technology field
And there is hidden true in all that sell off
Blockchain technology will be worth 102 trillions  dollars in close future that is 3X more that all internet value
On that field China has huge advantage
There is already 41 patented blockchains in China some of them are already in use
AI VR AR all that technology of future will use blockchain