Is Bitcoin is a ponzi game

[BTCBLOGGER]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

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[erikalui]

No. Bitcoin is used by ponzi websites but it is not a ponzi game but just a virtual currency. It's just like forex and stock markets where there is no surety of the price and right now it's $219.

[twister]

How is it like a Ponzi?

In Ponzi the profit of the A depends on the Deposit of B and so on... Bitcoin doesn't comes with any such scheme. It's a currency and like other currencies it has it's ups and downs.

Don't know how you see a Ponzi in it.

[LiteCoinGuy]

In a Ponzi Scheme, the founders persuade investors that they’ll profit. Bitcoin does not make such a guarantee. There is no central entity, just individuals building an economy.

A Ponzi scheme is a zero sum game. In a ponzi scheme, early adopters can only profit at the expense of late adopters, and the late adopters always lose. Bitcoin can have a win-win outcome. Earlier adopters profit from the rise in value as Bitcoin becomes better understood and in turn demanded by the public at large. All adopters benefit from the usefulness of a reliable and widely-accepted decentralized peer-to-peer currency.

It is also important to note that Satoshi Nakamoto, creator of bitcoin, has never spent a bitcoin (other than giving them away when they were worthless) which we can verify by checking the blockchain.

[ChuckBuck]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

WRONG!  Bitcoin is not a Ponzi scheme.

It's the new Tulipmania, Nigerian Prince, or Beanie Babies!  



Beaniecoin, I meant Bitcoin, collect them while they're still hot!





/endsarcasm

[GenTarkin]

Thats like asking if gold itself is a ponzi scheme....
Of course not!

[LiteCoinGuy]

Thats like asking if gold itself is a ponzi scheme....
Of course not!

Stocks are too  !

[tokeweed]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

Yes it is.  Dump your coins now.

[Netpyder]

no bitcoin itself is not a ponzi scheme, but there are ponzi games based on bitcoins. like any other currency.
the thing is since it is highly volatile the reason of price decline is quite obvious. big wallet owners are selling bitcoins as fast as they can, then they will just buy buy buy rising the price again. and when this is done, its only the big wallet owners who will benefit largely from bitcoins. they will again sell when they see the price enough for them to make 5-10 millions $ at one go. they will just sell again for 500btc at a time. like i have seen on some wallets going on.

if you had 20,000 bitcoins in your wallet, this is actually what you would have done you would think about the profits first. its the same as $ eur or ukpounds. same story with different currency

[1Referee]

With the price going lower and lower I was waiting for a thread like this to pop up. It took a while, but finally it's here 

Today Bitcoin is a ponzi, tomorrow it's dead, and the day after that it's wonderful, and another day after that it's pure shit again.

[Light]

It doesn't fit the definition of a ponzi hence is not one.

It doesn't pay new investors using old investors funds or guarantee a profit either of which are required to be actually classified as a ponzi.

[Netpyder]

With the price going lower and lower I was waiting for a thread like this to pop up. It took a while, but finally it's here 

Today Bitcoin is a ponzi, tomorrow it's dead, and the day after that it's wonderful, and another day after that it's pure shit again.

be dead i dont think so, but the price will drop yet again and then will rise. YET AGAIN.. its a game as long as you can take part of the game.

[Mehek]

no..,.its not a ponzi game...because it is getting accepting everywhere and it really pays a good amount if u give a little hard work on it.now days u can see bitcoin on most of the places

[Snail2]

Not even similar. Actually it's called free market, and the current situation is called correction (after a big bubble).

Only overzealous noobs think that btc has only one way up up up to da moon .

[Blazr]

It's not a ponzi scheme, take our word for it and don't bother doing any research yourself, because doing research is always a bad idea.

[Tlee88]

I think Bitcoin similar stock, you must have the knowledge and took the information quickly to decide exactly.And to me, Bitcoin is profit: D

[JayCoDon]

The reason that people keep saying bitcoin is a ponzi scheme is because the early adopters are going to make the MOST money just like in a ponzi scheme. But that doesn't mean it is a ponzi scheme.

Let's say that I bought Berkshire Hathaway when Warren Buffet completed his takeover. I think each share was trading around $20. If I had held that stock from the 1960s to today, I would have gone from around $20/share to $213K per share. Does that make it a ponzi scheme? No, it just means I was an early adopter.

It works the same for investors in bitcoin. Every day I wish that I had learned about bitcoin in 2010 and 2011. I could have acquired hundreds if not thousands of bitcoin for pennies on the dollar. So yes, later investors could then buy those bitcoin off me and I would profit, but that doesn't mean that it's a ponzi. Just means it's an investment.

[amaclin]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

Yes.
And this is very ineffective ponzi, because everyday all bitcoin community throws $1mln of electric power to the window as a heat of asics

[Netpyder]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

Yes.
And this is very ineffective ponzi, because everyday all bitcoin community throws $1mln of electric power to the window as a heat of asics

i would love to know on what your analysis is based on to get this price?
$ 1 million seems a lot to be exact. i think its about 100k daily maybe. but $1m is way too much

[amaclin]

i would love to know on what your analysis is based on to get this price?
$ 1 million seems a lot to be exact. i think its about 100k daily maybe. but $1m is way too much

Let us calc together
How much energy do *all* miners spend daily if the current Bitcoin hashrate is 351,347,317 GH/s ( https://bitcoinwisdom.com/bitcoin/difficulty )
and the current hardware runs ~1kW for 1TH/s

OK. here are my calculations.
So, we can think that there are 351,347 asics each 1TH/s
Each ASIC takes 24kWh daily

So, Bitcoin network eats 8,432,328 kWh each day
How much energy costs in different countries? $0.12 per kwH - can we agree with it?
$1011879 - total daily spending only for mining
This value covers only electric costs

[BillyBobZorton]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

WRONG!  Bitcoin is not a Ponzi scheme.

It's the new Tulipmania, Nigerian Prince, or Beanie Babies!  



Beaniecoin, I meant Bitcoin, collect them while they're still hot!





/endsarcasm

I still fail to understand the stupid ass analogy with the stupid ass teddy bears. They are comparing some useless, cute teddy bears with the monster of thought and technology advancement that Bitcoin is. Can someone explain this one to me for Jesus H Christ's sake?

[NyeFe]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

Yes it is.  Dump your coins now.

The price is obviously going to continue to decline, so I will take your pain away btcblogger. I'll buy your coins at £130 each, before it reachs £100. I wouldn't want you to make too much loss on this 'ponzi' scheme

[franckuestein]

Why don't you check all the bitcoin features and source code to obtain the answer?
Revise it and you're going to see how it's made.  

(This is the open-source advantage)

[BTCBLOGGER]

This thread for all who thought that Bitcoin is a waste material/currency.

[Amph]

what make it a ponzi? the early adopter? they just got lucky, their coins were worthless at that time, i'm sure many of you would have sold those early coin at $10 at best

because of mega farms controlling the network? it is how bitcoin is supposed to be, nothing wrong here, you can still mine altcoin and dump for bitcoin, it's the same in the end

because rich guys are manipulating the market? rich guy can buy everything and manipulate other assets too, it's not bitcoin fault

[LiteCoinGuy]

[randy8777]

this forum is full of threads like this. if you really think it's a ponzi then sell your coins quickly. then you don't have to worry anymore.

[ashour]

No, Bitcoin is not a ponzi . To be a ponzi it needs someone to control it, and that's not possible since bitcoin is decentralised and nobody controls it. The price is still unstable and falls but it's not because bitcoin is a ponzi. The bitcoin price will stabilise and find a floor once it's mass adopted, right now is the best time to invest in bitcoin since the price is really low at the moment.

[acid_rain]

The thing is bitcoin's name is being dragged through the mud in conventional media. If you mention btc to a lay person on the street, they would tell you "Ah yes I've heard of it...Isn't it the drug dealers funny money?"

When someone mentions bitcoin and ponzi in the same sentence on a niche forum they're basically propagating more FUD, because if a noob comes along and is slightly interested, it will make him shy away almost immediately. Also what's most likely to happen is search engines pick up both "ponzi" and "bitcoin" being repeated on page topic and whenever someone searches for bitcoin, they will be displayed context ads related to ponzi topics.

It's all relevant guys. Whenever someone mentions something FUD, we should mention that Microsoft is now accepting bitcoin payments on xbox, paypal is looking into crypto etc.

[JayCoDon]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

Yes it is.  Dump your coins now.

The price is obviously going to continue to decline, so I will take your pain away btcblogger. I'll buy your coins at £130 each, before it reachs £100. I wouldn't want you to make too much loss on this 'ponzi' scheme

I'll raise his £130 and give you £135.  

At the end of the day, if you want to sell, do it. Someone will buy your coin and make money.

[crazyivan]

It ll bounce back. It always do. This is just another round of profit skimming.

[ChuckBuck]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

WRONG!  Bitcoin is not a Ponzi scheme.

It's the new Tulipmania, Nigerian Prince, or Beanie Babies!  

-snip-

Beaniecoin, I meant Bitcoin, collect them while they're still hot!





/endsarcasm

I still fail to understand the stupid ass analogy with the stupid ass teddy bears. They are comparing some useless, cute teddy bears with the monster of thought and technology advancement that Bitcoin is. Can someone explain this one to me for Jesus H Christ's sake?

Back in the 90's, Beanie Babies were the must have item to have, being bought, sold, traded at very high prices.

The beartrolls in the Speculation forum liken Bitcoin to Beanie Babies like it's a investment fad vehicle that will peak very high in a short period of time, then die off like just like Beanie Babies did.

[PoS]

no.

[oblivi]

Hello everyone!!!
Today I was looking at the price of Bitcoin and I suddenly a question arise in my mind is Bitcoin is like a ponzi scheme first investor will get a definite profit while other will get nothing

First investors get a higher profit than those that take the risk of buying later: It's called risk-reward and it's a phenomena given in every single fucking investment ever! Jesus.

[johnyj]

Just a highly manipulated commodity like silver, majority of the price movement is done by speculators. Hope this volatility will change after more and more people are using it to do real business

It is already very positive that the current user base is much larger than 2 years ago, but that is not enough to maintain a price rise of 100x from $10 to $1000

[Beliathon]

In a Ponzi Scheme, the founders persuade investors that they’ll profit. Bitcoin does not make such a guarantee. There is no central entity, just individuals building an economy.

A Ponzi scheme is a zero sum game. In a ponzi scheme, early adopters can only profit at the expense of late adopters, and the late adopters always lose. Bitcoin can have a win-win outcome. Earlier adopters profit from the rise in value as Bitcoin becomes better understood and in turn demanded by the public at large. All adopters benefit from the usefulness of a reliable and widely-accepted decentralized peer-to-peer currency.

It is also important to note that Satoshi Nakamoto, creator of bitcoin, has never spent a bitcoin (other than giving them away when they were worthless) which we can verify by checking the blockchain.

Debunk other bitcoin myths here: https://en.bitcoin.it/wiki/Myths

[Slark]

"It is also important to note that Satoshi Nakamoto, creator of bitcoin, has never spent a bitcoin (other than giving them away when they were worthless) which we can verify by checking the blockchain." - so if Satoshi never used his coins (at this point his coins is worth A LOT, so he could easily sell them and become a multimillionaire) so who will benefit from it beside him? Early adopters?

[ticoti]

that is nonsense, First bitcoin buyers are not receiving money from last bitcoin buyer.  So Is FIAT a ponzi ?

Bitcoin is in a trading system where everyone can commerce just like in the stocks, and that does not make it be a ponzi.

[BayAreaCoins]

I wish Bitcoin was Proof of Stake.

[Hazir]

Can we just get over it already? Bitcoin is not a Ponzi scheme or any other type of HYIP (to the moon, they said!). For Bitcoin to be a Ponzi scheme certain conditions must be met and the most important one is this:
In a Ponzi Scheme, the founders persuade investors that they will profit. I want to tell Op this - Bitcoin does not make such a guarantee. Also there is no central entity or organisation nor person, just individuals building an economy. My question is: who who will win in the end? And the answer is: Everyone.

So when everyone's a winner it can't be a Ponzi.

[odolvlobo]

A person that calls Bitcoin a Ponzi scheme either doesn't know anything about Bitcoin or doesn't even know what a Ponzi scheme is, or both.

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.

Nothing in that quote applies to Bitcoin.

Bitcoin is not fraudulent. It is 100% transparent.
Bitcoin has no operator.
Bitcoin does not earn a profit and it pays no returns.

[Amph]

I wish Bitcoin was Proof of Stake.

it would be better if it was pow/pos, so miner can have their slice and poors can earn something without investing in costly miners

at least they would stop calling it ponzi because of the miner controlling the reward, while the other are forced to buy

[Hazir]

I wish Bitcoin was Proof of Stake.

it would be better if it was pow/pos, so miner can have their slice and poors can earn something without investing in costly miners

at least they would stop calling it ponzi because of the miner controlling the reward, while the other are forced to buy

If you want to know more about Proof of Stake you can look here: https://bitcointalk.org/index.php?topic=27787.0 it was probably first post where Proof of Stake was proposed by QuantumMechanic
But again I am not sure if this has much to do with Bitcoin being a Ponzi Scheme. You must be quite stupid to believe that Bitcoin is a Ponzi because there are not signs of it at all.

[BayAreaCoins]

I wish Bitcoin was Proof of Stake.

it would be better if it was pow/pos, so miner can have their slice and poors can earn something without investing in costly miners

at least they would stop calling it ponzi because of the miner controlling the reward, while the other are forced to buy

If you want to know more about Proof of Stake you can look here: https://bitcointalk.org/index.php?topic=27787.0 it was probably first post where Proof of Stake was proposed by QuantumMechanic
But again I am not sure if this has much to do with Bitcoin being a Ponzi Scheme. You must be quite stupid to believe that Bitcoin is a Ponzi because there are not signs of it at all.

I claimed my CLAMS off my Bitcoin & DOGE addresses.

That's my "test" for proof of stake... now we see if someone breaks it, but till it is broke I want it .

[Amph]

I wish Bitcoin was Proof of Stake.

it would be better if it was pow/pos, so miner can have their slice and poors can earn something without investing in costly miners

at least they would stop calling it ponzi because of the miner controlling the reward, while the other are forced to buy

If you want to know more about Proof of Stake you can look here: https://bitcointalk.org/index.php?topic=27787.0 it was probably first post where Proof of Stake was proposed by QuantumMechanic
But again I am not sure if this has much to do with Bitcoin being a Ponzi Scheme. You must be quite stupid to believe that Bitcoin is a Ponzi because there are not signs of it at all.

what i'm saying is that many people believe that bitcoin is a ponzi because of the centralization in mining, so making it pow/pos, can turn both side happy

[BayAreaCoins]

I wish Bitcoin was Proof of Stake.

it would be better if it was pow/pos, so miner can have their slice and poors can earn something without investing in costly miners

at least they would stop calling it ponzi because of the miner controlling the reward, while the other are forced to buy

If you want to know more about Proof of Stake you can look here: https://bitcointalk.org/index.php?topic=27787.0 it was probably first post where Proof of Stake was proposed by QuantumMechanic
But again I am not sure if this has much to do with Bitcoin being a Ponzi Scheme. You must be quite stupid to believe that Bitcoin is a Ponzi because there are not signs of it at all.

what i'm saying is that many people believe that bitcoin is a ponzi because of the centralization in mining, so making it pow/pos, can turn both side happy

One "great" PoS service can centralize the system pretty easy.

CLAM for example is super centralized at the moment due to Just-dice.  It will be interesting to see how it grows ect...

I wonder if BTC was PoS if one service would have over 51%... How many Bitcoins would actually stake?  Would Satoshi stake his coins?  

[kelsey]

my pet hate is ponzi being about the most miss used terms on this forum, to the OP and replies please learn what a ponzi scheme is before replying/posting.

[BTCBLOGGER]

Locking that thread now. all the posted post are enough to tell that it was not a ponzi scheme.