You cannot have a Ponzi scheme without a Mr. Ponzi type person lying to customers.
As discussed above, you can if the earlier investors make unreasonable representations to later investors in order to get new investors whose investment will wind up in the hands of the earlier investors. The earliest investors in a Ponzi scheme have the same incentive the creator of the scheme does. Pirate, for example, could have just said "I'm borrowing money and paying x% interest" (which is true). He then could have shut up and let just his earliest investors keep the hype going and make the misrepresentations about where the money was going. It still would have been a Ponzi scheme. Pirate was not selling Bitcoins. He was selling a different product of his own design. Apples and oranges. |
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Would that mean people only mine gold just to make enough money to pay for their fuel? You also have to pay for bandwidth, equipment, insurance, maintenance, and administrative costs. Bitcoin mining will become a big business enterprise.
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I wanted to stop there when I drove pass the entrance to the community in '08, but was pressed for time. Taos, NM, is on my top ten places to retire, if not in the top five. I'd been thinking the same thing for a few years. |
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You cannot have a Ponzi scheme without a Mr. Ponzi type person lying to customers.
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There may be some hacks in store for careless people, but the only thing slowing Bitcoin right now is the bottleneck at the exchanges.
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Checkout the Zeitgeist Movement for ideas to live within the Venus Project ideals. |
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I am still waiting for Berkshire-Hathaway BRK.A to crash down to a hundred bucks. |
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In Soviet Russia, bank withdraw you every Friday.
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I plan to sell when I can draw enough off to live while having enough to let grow. I want to take time off from slavery and do some things I want to do. My obligations prevented me from acquiring as much as I wanted, but it is enough. When I do start selling, I will know that it was for a great cause and not mere speculation.
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In the USA, the interest rate on credit cards is only a maximum 24.99 percent. Bitcoin is growing much faster than that. Why would anyone want to pay off their debts? I suppose VISA/MC will have to match Bitcoin now and raise their interest rates to ten thousand percent.
Having a clean credit report has a value you can't (easily) measure in dollars. Credit is meaningless if you have cash. I'm not saying you shouldn't pay your bills, but once you have wealth, you non't need credit. Being a well-qualified buyer just makes you a target for the fraudsters. |
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In the USA, the interest rate on credit cards is only a maximum 24.99 percent. Bitcoin is growing much faster than that. Why would anyone want to pay off their debts? I suppose VISA/MC will have to match Bitcoin now and raise their interest rates to ten thousand percent.
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Jon Matonis would be my second choice after Keiser. Vorhees definitely knows about Bitcoin and has an educational background, but while he articulates the Bitcoin idea well, he lacks the experiential base to communicate the message to a wider audience.
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I still see bots making those tiny price discovery trades against massive sell walls. They look ridiculous. The small daytrader's day is over. It's time for the big boys to play. If you want to do price discovery, just ask daddy to boost you up so you can look over the wall. You'll see that it's not about price, it's a ship that is sailing away.
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Do you people think there is only one guy out there with 2+ million USD to burn who wants some bitcoins now at market?
Do you people think these guys that are buying 2 million USD worth of bitcoin in one go are going to daytrade it?
Not I. |
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This is the expected FUD with the latest rally. Even FinCEN is nothing but fearful and ignorant bureaucrats. The winds of change are blowing even if political promises failed to do so.
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It won't work. They are talking about using a fork, not Bitcoin itself. Nobody will support their forked blockchain and it will be attacked.
they could use bitcoin itself, dividable down to several decimal points. What would be funny in that case is that if the price increases to the point where it's profitable to buy the video game just to take out the micro bitcoins. If they use Bitcoin, the tokens for the DRM will cost much more than the game and the business model won't scale. edit: OTOH, this may be brilliant and the game buyers could end up getting their money back by having bitcoins worth more than the game. They will play games for free. |
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It won't work. They are talking about using a fork, not Bitcoin itself. Nobody will support their forked blockchain and it will be attacked.
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