Bitcoin Forum

As you can see on the link below, another CEO of the another big advisory firm is saying that Bitcoin is nothing more but a big scam. A couple of years ago similar words said by Morgan Stanley CEO caused a huge amount of FUD that started a big wave of panic selling. But now we may see that those things doesn't really have much influence on crypto market.
How do you think, maybe the crypto market will soon become big enough to get resistance to such kinds of FUD?


Source: https://www.ccn.com/bitcoin-just-a-shady-ponzi-scheme-rants-goldbug-peter-schiff

As you just wrote in your title
*Rants *

People rant when they desperately are trying to achieve something also at the same time they are not thinking with a stable emotional condition therefore I won't take his words seriously .

I have been in this business since it was starting to gain popularity and since that time it has supported me in a way that I cannot repay to be honest, the opportunities Bitcoin is providing to the general public is commendable.

I would write paragraphs about it but it doesn't need to prove to someone that it is worth more than banks and all , it's associated with general public in a more Integrated way , providing online jobs is something that it does unmatched as compared to anything else .
I love Bitcoins and so does millions , people like that drags it down for no good reason .

Peter Schiff has been throwing crap at bitcoin for years; and I think one of the main reasons being that Peter Schiff owns a gold company, SchiffGold. Hence he really had an incentive to crap on bitcoin, and at the same time, advertise gold when he is being given publicity by the media.

As you mentioned it had a huge effect in the past but look at the market right now ,
This kind of FUD doesn't affect the crypto investors anymore we have been immune to this kind of words,
If you have been in crypto for a long time then this kind of rant's wouldn't be new to you and you would just get over it easily and wouldn't mind it at all.

He is just being a nice guy by calling bitcoin by the name, it is very childish behaviour to me, what can they do besides making a lot of noise and get some attention from the public? And I know all the no coiners are some of the best men in the world, they deserve a trophy for being good guy.

I am sure the crypto market will soon become big (we already bigger than before).
People will let them said anything because they don't know anything about bitcoin.
There is many people believe in bitcoin, and they can hold tight their bitcoin and don't want to get a trap by the negative news.
I guess he says that is because he is too late to buy bitcoin at a very low price, so he says like that to make panicking in the market.

Investors know better than these people and it's unlikely for most investors to panic only because of what these people say about Bitcoin or Cryptocurrency. If their hate comment towards Bitcoin brings the price down they're still helping investors in some way since it creates time for people to buy more for less then it'll recover.

He just a attention seeker and not last one that said Bitcoin Is a ponzi scheme

the answer to topics of discussion such as these are always my sympathy with the authors who have lost a lot of money by making bad decisions in bitcoin market because they went against the tide and tried shorting what was rising.
and now, in loss, they are lashing out by calling bitcoin names such as Ponzi scheme and news sites keep publishing their nonsense... ;)

The let their greed take a better part of them and after they make stupid mistakes and lose their money, they come and rant saying all kinds of negative things regarding bitcoins. Most of them sadly invest in some ICO which later turns out to be a scam.

It will be a continues cycle. I mean who have seen those who invested in late 2017, who just FOMO and just lost a lot of money got burned and quit. But I believed that they are going back to the market in the last couple of days contributing to the massive spike.

But then again, we will see some noobs jumping again FOMO and irrational buyers. Those are susceptible to FUD and panics and push the sell button only to realise their mistakes. So the cycle continues, those who got burned became battle tested invested and speculators, but a new breed comes along and repeats the same mistakes again.

Obviously Peter Schiff can't distinguish bitcoin from the crypto HYIP scam sites,that use bitcoin as a currency to receive payments and to scam people.Anyway,this type of FUD is expected.We shouldn't pay attention and create forum threads for every FUD nonsense that get published somewhere on the internet.

Bitcoin has been labeled like that for the longest time. If it was 5 years ago, a statement like that could start a massive dump on bitcoin. But bitcoin has become more stable and stronger that those petty statements could do no or very little harm to bitcoin.

One thing for sure, today the Bitcoin marketplace is not anymore affected by anyone no matter how powerful or famous saying that Bitcoin is just another big scam and that it will soon die a natural death -- or any similar statements for that matter. Bitcoin is here to stay and for now no power can stop much more a relatively unknown guy saying something against Bitcoin probably for the main reason of getting media mileage. I think we are already out of the woods for this kind of FUD. Bitcoin ignored the big hack in Binance and it will continue to ignore any misguided statements from anyone out there.

I wouldn't say that BTC cannot be affected by any powerful person since it certainly can, but it has grown resistant to such FUD over time which is great for the crypto ecosystem overall in my opinion.

We all have our own belief and understanding about Bitcoin but I don't know where his rant's coming from.
Maybe he has failed or just doesn't like cryptocurrency.
He's obviously comparing it to Bitcoin which we already know the answer.
However, this kind of right has no negative effect on Bitcoin but rather making it stronger.

What he has to say doesn't matter. There are a lot of naysayers who doesn't believe or support bitcoin. Let them be, once bitcoin is fully adapted and accepted as it how was planned and created by satoshi, does who doubted it will be left out. If you truly believe in bitcoin and cryptocurrency, just ignore those people who are spreading FUD.

Bull market achieved - cue the "weekly random CEO trying to spread FUD about Bitcoin", like clockwork  ::)

We've resisted FUD from way bigger public figures, but tbh, we've reached a point where the market no longer cares about such lame attempts at spreading FUD. Hell, the market doesn't even care about big negative news such as the Binance hack, so why would it react to some random gold loving idiot?  ;D

what do you expect from a goldbug? they put all their hopes and dreams into a shiny rock despite the fact that the world is entering the digital age. they are the quintessential luddites of our time.

schiff trashing bitcoin is basically the polar opposite of grayscale's "drop gold for bitcoin" campaign. people on both sides obviously think gold and bitcoin are in direct competition. naturally, people on both sides are gonna shill their bags too! :P

I have heard a hundred times that bitcoin is a Scam and a bubble from many famous and not so people.And the result?And in the end, everyone wants to buy bitcoin as quickly as possible!Today's price is all the same who dissolves FUD. The market is growing and turning green.

Shame on them, they always when bitcoin grow or something happen start to say bitcoin is "scam, bubble or ponzi", they not see the real value of bitcoin and i wish on future bitcoin to be more used than any other currency and then they will come and say bitcoin is good, i only made a wrong supposition, as others already change opinion about bitcoin.

Wow I thought "Bitcoin is a ponzi" narrative has died out already, and nocoiners prefer to come up with fancier terms like "rat poison squared" or "gambling device". I think calling Bitcoin a ponzi scheme makes one look really stupid or misinformed, ponzi schemes are run by small groups of people, who always promise some fantastic returns to inexperienced investors, so suggesting that something like that happens with Bitcoin is really just a crazy conspiracy theory.

So far we've seen so many CEO's and popular people calling people a scam or a ponzi scheme and as we can see it didn't affected bitcoin that much. It could be because none of the accusations came together at the same time but even so I think bitcoin is strong enough to overcome all of this. Bitcoin is rising and none of this bad rumors could have an impact on this, at least not a very big impact as they would expect.

Now if you call Bitcoin a ponzi scheme you'll only show that you're an ignorant idiot who doesn't know how a ponzi scheme works. He's like a broken record playing the same thing for years. At least this time there won't be any panic selling because somebody said something bad about Bitcoin.

You can scream at a dog a few times and it will run away at first but if nothing unpleasant happens to him he'll learn that turning around and ignoring you works as well.

Maybe he failed to buy bitcoin when it was $3,300 or probably sold off all his holdings at $4,500 and was thinking it will go back to $3k zone for low buying and boom it's now looking to test $8k and now he doesn't know whether to get in or wait for a better correction hence the ranting because of frustration. He should learn from Dimon Jamie.  The community of bitcoin are united to conquer.

First of all FIAT is a unshady slavery scheme!

also
Bitcoin has nothing to do with the markets

that is people, it is called trading it is not a scheme or anything, people come to my market in toronto and buy peaches in bulk so they can sell them for more to other people,  it is called wholesale and retail, The markets are a ponzi scheme, all stocks are a ponzi scheme and fiat itself is the biggest threat to our species which outweighs the threat of any natural disaster 100x fold and is a $lavery $cheme!

do you know who came up with the words and definitions for ponzi scheme and conspiracy?

lol google this guy

Peter Schiff
American stock broker

BROTHER YOU ARE A PONZI SCHEME AS A PROFESSION!

This men are just seeking attention from the general public and since they are losing they relevance the are constantly looking for what is making wave to attack and at this moment bitcoin is the deal of the day, so they come out to say what they don't know about bitcoin and in they secret moment turn back to buy bitcoin and hold but newbies seeing they public attack of bitcoin will rush to sale out of panic. But I see that is at minimal level now because, bitcoin users are now wiser then before when everything scare them.

He's a great economist and an experienced trader, I'm pretty sure of that. But when it comes to bitcoin and other disruptive fintech that has been introduced recently, I don't think they have studied the said subject matter quite well to throw shade just like that, and to think that they are vaguely stating things just like that in order to cause a buzz. Either way, bubble or not, I'm pretty sure bitcoin already helped in the wealth redistribution somehow (I'm one of the lucky ones) and will continue to do so as long as people get to know about it. Peter Schiff can rant all he wants, but then again he knows that the stock market scene is going to collapse any time sooner and the only viable option is to hold other assets such as bitcoin.

They have alterier motives that is why. They have investments with places in direct conflict and they fear they will lose power and control and most of all money which as it happens to be gives you a fair amount of power and control.


I agree. If bitcoin is ponzi then everything is. Pretty much everything works in a pyramid anyway. You get rank and order and hierarchy. It is nothing new. Besides using fiat makes me feel dirty. Is physically is dirty too. Eeew.

This reminds me of my country, I will tell a story similar to this:

every five years in my country make elections to choose the next president of my country, it happens that when it comes time to campaign all candidates to the presidency of my country make many promises and never fulfill these promises... and the result is that every 5 years fewer people will vote for these candidates, fewer people will participate in their rallies. is the same thing that happens in the crypto market, people are already tired of hearing things like: "bitcoin is a ponzi scheme"; "bitcoin is fraud". People no longer care about these things because they know it's not true

Any one who thinks Bitcoin is just a ponzi-scheme is just a shallow minded person. They just do understand and know the purpose of Blockchain technology and Bitcoin to the entire world.  Such people are just confused and do not want to use or accept any technology that do not suit their current way of doing things.  It is high time the crypto space avoid entertaining such false accusations and speculations. 

Finacial institutions will always do whatever they can to stop any financial instrument that they do not have full control. This is the same with gold and now bitcpin.

Might be after an year or two this guy will also take u turn like Dimon.
Bitcoin is attacked many times but every time it come out strong.

I find discussion in forum from 2013 that is explaining why bitcoin is not a ponzi scheme.

https://bitcointalk.org/index.php?topic=341778.msg3660966#msg3660966

and one from 2015
https://bitcointalk.org/index.php?topic=158784.10

Any of these shill and fud attempts won't make any significant difference toward the community and the ecosystem. Cryptocurrencies communities had learned the hard way to not to trust someone who is biased, and aren't open-minded. No matter how popular and respected the people who stated an opinion either it good or bad, the community should not be taking it to care too much since we are living in a decentralized and consensus manners.

It made me remember a website about buying digital roses for every article that spread negative things toward Bitcoin. The roses could be bought using LN. Can't remember the name and missed to bookmark such a unique idea. Nevertheless, the site shows that a lot of shills, FUD, and a negative attempt has failed toward Bitcoin.

Yeah, I witnessed all his lunacy when bitcoin was on the big hype before and he always just want to showcase his gold and nothing but gold. They are the people who are going to chase this market when they realize that they are really wrong and I think the $150k-$200k price of btc on 2020 is enough to make them change.

So they started talking again now that Bitcoin is making a great run, coincidence?  ;D

Let them talk until forever, the market has grown tired of this people. Let's just focus on investing, trading, explaining, promoting crypto.

Did you expect any other response from someone that makes their living and income on Gold investments? People should ignore comments and remarks that are made by people who have hidden agendas with comments like that. His agenda is clearly to discredit the competition, because if more people start buying Bitcoin, then less capital is available for Gold investments to push up the price of Gold.  ::)

Peter Schiff hates Bitcoin, because it is a better store of value than Gold at the moment.  ;D

I see no reason why they will be out there criticising Bitcoin to be a scam or a ponzi scheme, do we care? Why don't you face your non scam project and non ponzi scheme? We all love Bitcoin and in Bitcoin we trust for our privacy, freedom, anonymous and transparency.

Peter Schiff did have a point, not does. Bitcoin was a "natural-occuring" Ponzi when it started, in the same way gold was. But thanks to the dark markets, it started to shift away from being a Ponzi. The rest is, shall we say, history. 8)

I could be wrong, but the last time Bitcoin's price actually moved substantially following a famous person stating their opinion was in 2017, when Dimon ripped it. That closely coincided with China threatening to close off all exchanges though, so it's entirely possible that Dimon's words didn't have any effect at all.

Either way, far more influential people like Bill Gates and Warren Buffett have spoken, and the market didn't listen. I feel like it's safe to conclude that FUD of that sort can't affect crypto anymore. It actually has a solid userbase and a clear path ahead now.

When the market starts moving upward we will see more people coming out to bash the market and call it a bubble, they just wanted to be in the spot light all the time and hence they are doing so and if it was a few years back the movement would have stopped if there was any FUD news but not anymore, the market has grown to a point that these sort of silly rants wont pull the market down, if that was the case when the binance exchange got hacked, i expected the market to go down with the past experience but the market did not bother about that and kept on moving higher.

Probably. It seems to me like a lot of them (the high profile ones who people actually talk about) won't benefit from any additional publicity from bashing Bitcoin, but I'm sure they know how to utilize publicity more than I do.


I'm sure it would have had a much bigger impact if more coins were stolen. For a massive exchange like Binance, the amount stolen likely amounted to peanuts. User funds weren't even affected. The one I'm more confused about is all the bad publicity regarding Tether. I expected Bitcoin to take a dive considering all that talk about Tether propping up Bitcoin's value, but it doesn't look like anything of the sort is happening.

It's not entirely FUD. Someone has a point when he or she says that "Bitcoin is a Ponzi", because Bitcoin really was a "naturally-occuring Ponzi" the same way gold was a "naturally-occuring Ponzi". As people learning about Bitcoin, we should accept that.

They could say what they want but it wouldn't matter anymore.
We have experience it before so many rants so many negative things about crypto but look at us now,
Bitcoin is still alive and still pumping up .
I remember reading a thread back before about bitcoin being a bubble that would just pop out .
I think the one who says it are still waiting for it to happen .

We already seen in this bull run even the major exchange Hack doesnt effect crypto bull run . Bitcoin already passed 8000$ + form its lowest below 3800$ . If binance hack only doesnt effect then no others word also effects for sure.