Bitcoin Forum

http://www.youtube.com/watch?v=Rp6-wG5LLqE

While listening to the awesome song, please take a moment to answer the pole

As for me, I answered "I have no clue"

I guessed the song before I even clicked. And yes of course people will get fooled again. The future generation of bitcoiners a decade from now will join the economy and someone will promise them 7% a week. Us older bitcoiners will tell them the legend of th man name Pirate who stole all our money. They won't listen to us old farts.

Of course.  Just like with housing and stock market bubbles, everyone will be running around assuring each other that "it's different this time".  I'm not even sure that the next big scam will be any more sophisticated.  Exploiting people's vanity and greed has been a winning combination for a very long time and I doubt that's going to change any time soon.

In the olden days, it took at least one generation (20 years+) before stupid mistakes were repeated and lessons had to be re-learned.

Times have shortened...and I'm slightly more optimistic going forward, because humanity now has really good archiving technology.  So the next time someone tries to start a Bitcoin Ponzi, knowledge repositories like this forum should still be up and running.  Interested parties will be able to see what happened in real time, hopefully learn from our stupidity, and avoid making the same mistakes.

Having said that, many people here blissfully ignored the great links posted in various threads to the EVE Ponzi story.  So it's not enough to have the historical info, you also have to be smart enough to use it.  To fix that, we need advances in human nature so that we think less emotionally and more logically.  But unfortunately, that will be a glacially slow process at evolutionary speeds.

:)

You make the mistake of assuming that evolution will select for the more intelligent (or "smarter").  Evolution ALWAYS selects for the best odds of the most procreation.  It is not certain that the more intelligent will have better odds of procreation.  If in the future less intelligence increases the odds or rate of procreation, then the human race will evolve to be less intelligent.

As our (USA) former President so eloquently put it: http://www.youtube.com/watch?v=eKgPY1adc0A (http://www.youtube.com/watch?v=eKgPY1adc0A)

That being said, https://bitcointalk.org/index.php?topic=104651.0 (https://bitcointalk.org/index.php?topic=104651.0)

This will happen in about a week.

Wait no, it's happening already.

Yup , there's already a thread promising %15 a week. Supposedly already 7000 BTC invested.

I think that thread's just a joke haha.

I hope so, but I would have assumed the same about BS&T when it first started as well.  We all know how that turned out.

But this other guy seems much more trustworthy. /s

anyone who believe 7% weekly, deserve to lose their money. Heck I'd be extremely happy with stable no risk 7% annually.

Of course people will be connned again.  Maybe not via the same means and maybe not to the same extent but bit coin makes it very easy for an individual to be parted from their money!

Another big site will go down within a year. Mark my words.

Picked "pirate will suddenly repay" for the lulz, but I gotta be honest: In the early days, there were open ponzis running, and people should have learned then what they look like. People don't pay attention in class, whose fault is it when they suddenly need to know when and where the trains will meet?

Yes. People here will get fooled again, probably in exactly the same way, and in all likelyhood, involving some of the same people.

Eventually, some of these people will get tired of all the blatant scanning and leave, only to be replaced by a new set of rubes.

And the circle of life continues.

Cool, good to see someone else also vote for "I have no clue." :)

Btw, just the bassline now:

http://www.youtube.com/watch?v=Rf6tp2c6nMM

Legendary!

thanks for the OP link

motherfuckers had it goin' on

I feel bad for those who lost money here. It appeared an obvious scam to me so I never went anywhere near it. I can't really understand why other people were sending this guy money. I see this kind of stuff all over the place, even the the Nigerian money transfer scams must have some victims or no-one would be trying them.

Hopefully some people learned something out of this.


Will it happen again? Most certainly.

mind=blown.

I hadn't thought of it in those exact terms before. I knew SSI was BS, but I hadn't made a connection to it being an actual Ponzi. That's exactly what it is, though, isn't it? If obligations are paid with later deposits, that's a damn Ponzi.

Hey... I don't suppose you can cash out all your SSI benefits all at once?  ;D

http://www.youtube.com/watch?v=eKgPY1adc0A

It's all part of a maturing free market.

welcome to the red pill brother

Oh, I took that a long time ago. My issues with SSI were just coming from a different angle. Realizing that it is not only a government program I'm forced to pay into but a government Ponzi that I'm forced to pay into was just a little shocking. ;)

Social security is not a ponzi, the money is invested in bonds, that generate real returns, and pays out using those returns. It may end up to be in deficit due to unrealistic promises and mis-calculation, and require government intervention (for example raising the retirement age, as they have done before), but it is not a ponzi.

George Bush said it best... well, he said it anyway:

http://www.youtube.com/watch?v=eKgPY1adc0A