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

[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