Bitcoin isn’t the future of money — it’s either a Ponzi scheme

[Lethn]

*Takes five seconds glancing through the article*

Yep, bullshit, don't pay any attention to anyone that tries to criticise currencies without even having a basic knowledge of how they work.

I've done the same. Well I was just waiting for these articles to start popping up again; however, I'm hoping that they are going to be less in number than before.
Remember the times when we have an article like this spreading FUD almost every single day, and sometimes multiple times a day.

To simplify the situation used to be:
If you bought Bitcoin on time, you would state the following:          Bitcoin is the future
If you hadn't bought Bitcoin on time, you would state the following: Bitcoin is a scam/ponzi and whatnot.


I guess this reporter from Washingtonpost thinks that he is smarter more than 100 000(+) merchants that DO accept Bitcoin. This includes Microsoft, Dell, Overstock, Newegg and several other big companies.  

The currency as we all know, works absolutely fine and functions the way it's supposed to, it's all the infrastructure and services that have grown around it that needs some work, once we weed out all these scammers then we'll see more real businesses getting set up.

[zetaray]

Bitcoin is as much of a ponzi scheme as the stock market 

[Digit-0]

Also the writer is reffering to the massive pollution caused by bitcoin mining. What about the massive servers the banks and VISA/Mastercard need to host currently? They probably use a shitload more energy than the current mining operations. If bitcoin can replace parts of this, wouldn't we be better off?

wasn't the bitcoin network considered the most powerful network in the world, most power than any numbers of supercomputer combined? i doubt they are wasting more energy than the mining operations for bitcoin

i agree with you man, for me havent sense if they are wasting more energy than the mining operations for bitcoin.

just because of that i really think it’s not either a Ponzi scheme

[romjpn]

An interesting quote from the article about the HODLers:

......The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them.
But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause.....

This is far more complicated than that ! Some people HODL and spend as well. Some people use it to send money overseas, some people use it for trading, some people invest with it, some people gamble with, some people use it to get paid for freelance job, some people use it for borrowing money etc.

[hangar18]

Bitcoin itself is nothing like a Ponzi. they can call it a bubble if they really it is , but it's NOT a Ponzi.

[iWokeUpLate]

So, with that in mind, let's take a look at Bitcoin and see if it meets any of the criteria of a Ponzi scheme, even a little bit. Note that one key feature, one that many of its proponents are touting as a primary benefit is its transparency. In other words, everybody around the world can follow what's going on with Bitcoin. Yes, it is true, you may not know the inner workings of the Bitcoin exchanges, but you can know what is going on with Bitcoin at any moment of the day.

[funkenstein]

Ctrl-s "counterfeit"  - -  no results.


OK, yet another article about hammers that doesn't mention nails. 

[AGD]

This reads like either written from a paid shill or like he lost some money on the bubble and is now on a war on Bitcoin. 

[jeannemadrigal2]

So is HODL a thing now?

This is easily the worst article I have ever read on bitcoins.  Less factual that the latest bigfoot or alien report in the tabloids at the market.  I almost want to say that this should be illegal to publish such lies.  Heck if corporations get constitutional protection like people, then why not bitcoin?  OK now its a person so is this libel or slander I forgot which.

[Amph]

An interesting quote from the article about the HODLers:

......The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them.
But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause.....

this is assuming that all the holders, does not buy others coins, which is blatanty wrong, it's obvious that not all the holders are just holding and watching the market, and hoping for it to skyrocket overnight or 10 years

some of them are shorters, other are buying like crazy to help sustain their holding(this is a good strategy, you just need to buy a little everyday), those that have big amount of money are still investing in bitcoin, only newbie that are afraid of losing everything, hold and do nothing else

[Agestorzrxx]

At now, he is right.
Bitcoin just make the early adopt rich, and it's just a zero sum game.
but bitcoin is still in developing. Only the time can tell us the truth.

[Lauda]

At now, he is right.
Bitcoin just make the early adopt rich, and it's just a zero sum game.
but bitcoin is still in developing. Only the time can tell us the truth.

Stop posting because of your signature.
What you wrote is just, simply, nonsense. Bitcoin was never created in order to make people rich. Besides, for someone to become rich someone else has to lose money, it can't magically show up (aside from the government printing out more than it should, but that is another story).

This reads like either written from a paid shill or like he lost some money on the bubble and is now on a war on Bitcoin.  

To simplify the situation used to be:
If you bought Bitcoin on time, you would state the following:          Bitcoin is the future
If you hadn't bought Bitcoin on time, you would state the following: Bitcoin is a scam/ponzi and whatnot.

I guess that there are still going to be individuals who are going to preach this nonsense. However, I'm hoping that their numbers are less than in 2014.

[daddybios]

Nothing new in this article is not for me. But I agree that it is necessary to keep a certain number of Bitcoin, just in case.
The small amount that does not mind losing. Perhaps the price will go up further.

Besides, for someone to become rich someone else has to lose money

Clever words! Everybody can not become millionaires.
But I hope to join them. 

However, I'm hoping that their numbers are less than in 2014.

Not so little. Read the article - "10 countries that have a negative attitude to digital currencies"

[dollarneed]

Nothing new in this article is not for me. But I agree that it is necessary to keep a certain number of Bitcoin, just in case.
The small amount that does not mind losing. Perhaps the price will go up further.

Besides, for someone to become rich someone else has to lose money

Clever words! Everybody can not become millionaires.
But I hope to join them. 

However, I'm hoping that their numbers are less than in 2014.

Not so little. Read the article - "10 countries that have a negative attitude to digital currencies"

nice, i just wondering about that article "10 countries that have a negative attitude to digital currencies" where would i find it,do you have its link? i wish my country is excluded

[Q7]

When I read the article, first thing that came to my mind is that there are obviously people or organization hoping and wanting to see bitcoin fall at all cost. And the more I read, the more I treasure my coins because these people obviously look at the network as a threat and who says that bitcoin isn't the future of money. Not me...

[AtheistAKASaneBrain]

Also the writer is reffering to the massive pollution caused by bitcoin mining. What about the massive servers the banks and VISA/Mastercard need to host currently? They probably use a shitload more energy than the current mining operations. If bitcoin can replace parts of this, wouldn't we be better off?

These guys are clueless and history will put everyone in its place. With it's pros and cons, overall Bitcoin is objectively the best form of money. The world needs to come to the realization that "money" is a representation of wealth that others are willing to recognize, not wealth itself. Given such realization, Bitcoin is better money than anything that has ever existed.

[arivar]

Matt O'Brien also announced on 11th march that the dollar was soon gonna be worth more than the euro(http://www.washingtonpost.com/blogs/wonkblog/wp/2015/03/10/at-this-rate-it-wont-be-long-before-the-dollar-is-worth-more-than-the-euro/). Since then the euro gained almost 7% against the dollar.

[cbase]

Oh the good old days when journalists know whatever the hell they were writing. This is just plain stupid. Bitcoin can change lives and has more appliances than just merely buying drugs online. I'd use it more often if it was accepted more often

[Fooality]

An interesting quote from the article about the HODLers:

......The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them.
But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause.....

This article actually led me to this forum. I know there are a whole lot of new changes coming, and Bitcoin will be even better as an exchange system, but that catch-22 is the hazard of it all. Its good for exchange when its price is stable, but the volume of exchange will drive up the price. They need some kind of a smoothing instrument, so the price can rise slowly, but never so much as to mess up exchanges in it. I am going to be very curious to see what kinds of things are innovated next, I think many things depend on it.

[funkenstein]

An interesting quote from the article about the HODLers:

......The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them.
But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause.....

This article actually led me to this forum. I know there are a whole lot of new changes coming, and Bitcoin will be even better as an exchange system, but that catch-22 is the hazard of it all. Its good for exchange when its price is stable, but the volume of exchange will drive up the price. They need some kind of a smoothing instrument, so the price can rise slowly, but never so much as to mess up exchanges in it. I am going to be very curious to see what kinds of things are innovated next, I think many things depend on it.

This "catch 22" is really just Gresham's law.  The same is true of USD in Zimbabwe, Gold in Yugoslavia, etc.  The canonical example to understand why it isn't a problem is Moore's law.  Why would we buy computer memory today when it will be cheaper tomorrow?  Well, because we actually want it today.  This explains a good portion of the 120k TX / day.  People actually want stuff, and all they have left is good money.. so, they have to use it.  Yes, any sane person would rather spend their their USD if possible, but..  watch the cold storage being brought out over the next few years.