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Author Topic: Re: [FAQ] Is BitCoin a Ponzi or pyramid scheme? (Newbie-Friendly)  (Read 5570 times)
HBBZ
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January 17, 2013, 01:42:25 AM
 #1

Who are pushing bitcoin towards the dangerous Ponzi scheme? Those who

  • hoard bitcoins and sell bitcoins in the exchane in volume
  • and don't BUY anything with bitcoins,
  • and they advocate that bitcoin is the future currency.

Who are friends of bitcoin that consolidate the value of bitcoin as currency? Happy and reasonable shoppers who BUY things with their bitcoins.

The risks of becoming a big ponzi scheme do exist if most bitcoins are bought and sold on the market.

[/quote]

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[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
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HBBZ
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January 18, 2013, 08:57:37 AM
 #2


Another person telling me I shouldn't save my money for a rainy day.

I worked hard for my Bitcoins. I'll do whatever I damn well please with them. What's good for you might not be good for me. I don't need to consume everything under the sun to be happy.

easy man, ONLY those who 1 ) sell more than 1k bitcoins in the recent week; 2) and don't BUY anything with bitcoins for the recent week are criminals,  seriously Roll Eyes.

Do you mean you meet the standards? Cheesy

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[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
drakahn
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January 18, 2013, 09:52:19 AM
 #3


Another person telling me I shouldn't save my money for a rainy day.

I worked hard for my Bitcoins. I'll do whatever I damn well please with them. What's good for you might not be good for me. I don't need to consume everything under the sun to be happy.

easy man, ONLY those who 1 ) sell more than 1k bitcoins in the recent week; 2) and don't BUY anything with bitcoins for the recent week are criminals,  seriously Roll Eyes.

Do you mean you meet the standards? Cheesy
... what?
if they sold bitcoins then they bought USD... so no one could meet both criteria

and... how is it criminal?

and... do you know what a ponzi is?

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arepo
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this statement is false


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January 18, 2013, 10:08:19 AM
 #4

Who are pushing bitcoin towards the dangerous Ponzi scheme? Those who

  • hoard bitcoins and sell bitcoins in the exchane in volume
  • and don't BUY anything with bitcoins,
  • and they advocate that bitcoin is the future currency.

Who are friends of bitcoin that consolidate the value of bitcoin as currency? Happy and reasonable shoppers who BUY things with their bitcoins.

The risks of becoming a big ponzi scheme do exist if most bitcoins are bought and sold on the market.

who are you anyway? this is a weird thread.

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
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January 18, 2013, 10:11:51 AM
 #5

Biological life on Earth is a ponzi scheme. Were all gonna loose out in 0.7 billion years!!


 
 
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bb113
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January 18, 2013, 11:02:54 AM
 #6

Biological life on Earth is a ponzi scheme. Were all gonna loose out in 0.7 billion years!!

Quote
The Medea hypothesis is a term coined by paleontologist Peter Ward[1] for the anti-Gaian hypothesis that multicellular life, understood as a superorganism, is suicidal; in this view microbial-triggered mass extinctions are attempts to return the Earth to the microbial dominated state it has been for most of its history.
https://en.wikipedia.org/wiki/Medea_Hypothesis
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January 18, 2013, 12:47:24 PM
 #7

S3052 and cypher - most respectable prophets of Bitcoin Ponzi here. Hehe. Also some idiots in Bitcoin Foundation.

BUY, BUY, BUY. DON'T SELL. HOLD. WE ARE UP 100500%, NO JOKE!
 
Grin
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January 18, 2013, 02:44:01 PM
 #8

Biological life on Earth is a ponzi scheme. Were all gonna loose out in 0.7 billion years!!

Quote
The Medea hypothesis is a term coined by paleontologist Peter Ward[1] for the anti-Gaian hypothesis that multicellular life, understood as a superorganism, is suicidal; in this view microbial-triggered mass extinctions are attempts to return the Earth to the microbial dominated state it has been for most of its history.
https://en.wikipedia.org/wiki/Medea_Hypothesis

So human kind is the Rothshield of the microbial life? We communicate and pollute invent antibiotics etc.

So at one point bacteria are gonna "hack" us to mass extinction so there can be free blobs on every rock on Earth!

Thats an amazing theory, thanks!


 
 
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Hexadecibel
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January 18, 2013, 03:03:29 PM
 #9

Who are pushing bitcoin towards the dangerous Ponzi scheme? Those who

  • hoard bitcoins and sell bitcoins in the exchane in volume
  • and don't BUY anything with bitcoins,
  • and they advocate that bitcoin is the future currency.

Who are friends of bitcoin that consolidate the value of bitcoin as currency? Happy and reasonable shoppers who BUY things with their bitcoins.

The risks of becoming a big ponzi scheme do exist if most bitcoins are bought and sold on the market.

7/10

Got some pretty good bites for the effort.

Also attracted other trolls to feed off your success.

You could have upped your score by godwinning or mentioning communism.

Congratulations and welcome to the forums and my ignore list.

Avoid the Censored /r/Bitcoin on Reddit.
/r/BTC allows open discussion, and public moderation logs.
Read Satoshi's White paper: http://nakamotoinstitute.org/bitcoin/
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January 18, 2013, 03:25:32 PM
 #10

(Maybe I'm feeding a troll, but I've met no shortage of people like this in real life.)

I am ALWAYS ranting about whatever amazing new computer program strikes my fancy. Lately it's been p2p financial software, and all of a sudden I'm pushing a Ponzi scheme?

There's just no winning with you folks. If I don't hold bitcoins, then I'm a hypocrite who implicitly acknowledges bitcoin's massive risk. If I do hold them, then I'm a hoarder who exemplifies what's wrong with deflation.

I'll spend my bitcoins whenever and wherever I want, taking into account my long-term assessment of their worth. Until then, I'll continue to talk it up, just like Ripple, Open Transactions, Linux, adblock, Bittorrent, Tor, and everything else I think is cool. Please excuse how I relentlessly promote these eeeevil schemes. If anything, I'm doing you a favor by making your coins worth more and letting you buy the things you want before I get mine.

Everyone is happy to rant about what they think is wrong with the economy. But when I accept a financial risk in order to actually DO something about it, I become as bad as the bankers they revile. Apparently the only thing I'm allowed to do is stew for four years and then vote for a lesser evil. No thanks, I want something to actually change, even if it means pissing off people who feel qualified to tell me what I should want.

TL;DR: no.
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January 18, 2013, 05:34:36 PM
 #11

Biological life on Earth is a ponzi scheme. Were all gonna loose out in 0.7 billion years!!

Quote
The Medea hypothesis is a term coined by paleontologist Peter Ward[1] for the anti-Gaian hypothesis that multicellular life, understood as a superorganism, is suicidal; in this view microbial-triggered mass extinctions are attempts to return the Earth to the microbial dominated state it has been for most of its history.
https://en.wikipedia.org/wiki/Medea_Hypothesis

So human kind is the Rothshield of the microbial life? We communicate and pollute invent antibiotics etc.

So at one point bacteria are gonna "hack" us to mass extinction so there can be free blobs on every rock on Earth!

Thats an amazing theory, thanks!


What do you mean by rothshield? Rothschild?
Quote
Who is roth shield?
Answer:
They are the family controlling the world ecomony
http://wiki.answers.com/Q/Who_is_roth_shield
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January 18, 2013, 08:45:13 PM
 #12

Biological life on Earth is a ponzi scheme. Were all gonna loose out in 0.7 billion years!!

Quote
The Medea hypothesis is a term coined by paleontologist Peter Ward[1] for the anti-Gaian hypothesis that multicellular life, understood as a superorganism, is suicidal; in this view microbial-triggered mass extinctions are attempts to return the Earth to the microbial dominated state it has been for most of its history.
https://en.wikipedia.org/wiki/Medea_Hypothesis

So human kind is the Rothshield of the microbial life? We communicate and pollute invent antibiotics etc.

So at one point bacteria are gonna "hack" us to mass extinction so there can be free blobs on every rock on Earth!

Thats an amazing theory, thanks!


What do you mean by rothshield? Rothschild?
Quote
Who is roth shield?
Answer:
They are the family controlling the world ecomony
http://wiki.answers.com/Q/Who_is_roth_shield

Bad analogy maybe, but we are the invisible higher lifeform that decides the life and death of bacteria.
It also made me think about the opening scene of the Prometheus movie; where a celluar poison decompile the alien to dna snippets that seed evolution on a new planet.

Related to ponzies: everything evolves as expected, until it does'nt.



 
 
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lucif
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January 18, 2013, 08:48:38 PM
 #13

You should look in the mirror. So far, you seem to only be their opposite.

Lucif - most respectable prophet of the Fiat Ponzi here. Hehe.

SELL, SELL, SELL. DON'T BUY. DON'T HOLD. WE ARE GOING DOWN 100500%, NO JOKE!

 Grin
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January 19, 2013, 05:45:44 AM
 #14

Who are pushing bitcoin towards the dangerous Ponzi scheme? Those who

  • hoard bitcoins and sell bitcoins in the exchane in volume
  • and don't BUY anything with bitcoins,
  • and they advocate that bitcoin is the future currency.

Who are friends of bitcoin that consolidate the value of bitcoin as currency? Happy and reasonable shoppers who BUY things with their bitcoins.

The risks of becoming a big ponzi scheme do exist if most bitcoins are bought and sold on the market.

who are you anyway? this is a weird thread.

Who am I? mmm, a newbie who just jumped on bandwagon, who doesn't know or have interest in mining, who planned to sell products for bitcoins, and found most articles are hype and most people are mining, buying and selling coins as a product. There's a long way to go for bitcoin to be a currency.
there's nothing wrong with bitcoin, but bicoiners might do great harm to what they love without noticing. If one has never bought anything with bitcoin, he does not have the right to spread the word bitcoin is the currency of the future. It sounds too close to lies. imho.

[/quote]

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Quote

Code:
[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
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Lescoin the first crypto-currency secured by wood


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January 19, 2013, 06:05:23 AM
 #15


Another person telling me I shouldn't save my money for a rainy day.

I worked hard for my Bitcoins. I'll do whatever I damn well please with them. What's good for you might not be good for me. I don't need to consume everything under the sun to be happy.

easy man, ONLY those who 1 ) sell more than 1k bitcoins in the recent week; 2) and don't BUY anything with bitcoins for the recent week are criminals,  seriously Roll Eyes.

Do you mean you meet the standards? Cheesy
... what?
if they sold bitcoins then they bought USD... so no one could meet both criteria

and... how is it criminal?

and... do you know what a ponzi is?

i do know what is speculation and what is a ponzi scheme and what is pyramid scheme.

Let's say, a miner has 100 k bitcoins, he sells 50 k for profit, he never buys anything with bitcoin, that's not a problem, it's his freedom perfectly. But if he tells people everywhere that bitcoin is the currency of the future, he's a disgusting liar and ponzi scammer. Does that sound reasonable? and if a substantial percentage of bitcoiners are this type of person, bitcoin is doomed and held victim of a ponzi scheme.

[/quote]

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Quote

Code:
[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
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January 19, 2013, 06:18:11 AM
 #16


Another person telling me I shouldn't save my money for a rainy day.

I worked hard for my Bitcoins. I'll do whatever I damn well please with them. What's good for you might not be good for me. I don't need to consume everything under the sun to be happy.

easy man, ONLY those who 1 ) sell more than 1k bitcoins in the recent week; 2) and don't BUY anything with bitcoins for the recent week are criminals,  seriously Roll Eyes.

Do you mean you meet the standards? Cheesy
... what?
if they sold bitcoins then they bought USD... so no one could meet both criteria

and... how is it criminal?

and... do you know what a ponzi is?

i do know what is speculation and what is a ponzi scheme and what is pyramid scheme.

Let's say, a miner has 100 k bitcoins, he sells 50 k for profit, he never buys anything with bitcoin, that's not a problem, it's his freedom perfectly. But if he tells people everywhere that bitcoin is the currency of the future, he's a disgusting liar and ponzi scammer. Does that sound reasonable? and if a substantial percentage of bitcoiners are this type of person, bitcoin is doomed and held victim of a ponzi scheme.

No...

If he has sold 50K bitcoins he has used those coins to buy USD, So it is impossible to both sell coins and not buy anything

People who save their coins mean someone else can get a good price for selling coins
People who sell their coins mean someone else can get a good price for buying coins
People who buy things other than USD with their coins mean someone else has a chance to save, sell or buy things with

all types are good

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January 19, 2013, 06:18:45 AM
 #17


Another person telling me I shouldn't save my money for a rainy day.

I worked hard for my Bitcoins. I'll do whatever I damn well please with them. What's good for you might not be good for me. I don't need to consume everything under the sun to be happy.

easy man, ONLY those who 1 ) sell more than 1k bitcoins in the recent week; 2) and don't BUY anything with bitcoins for the recent week are criminals,  seriously Roll Eyes.

Do you mean you meet the standards? Cheesy
... what?
if they sold bitcoins then they bought USD... so no one could meet both criteria

and... how is it criminal?

and... do you know what a ponzi is?

i do know what is speculation and what is a ponzi scheme and what is pyramid scheme.

Let's say, a miner has 100 k bitcoins, he sells 50 k for profit, he never buys anything with bitcoin, that's not a problem, it's his freedom perfectly. But if he tells people everywhere that bitcoin is the currency of the future, he's a disgusting liar and ponzi scammer. Does that sound reasonable? and if a substantial percentage of bitcoiners are this type of person, bitcoin is doomed and held victim of a ponzi scheme.

How does him/her hoarding bitcoins and trying to play up the price damage the usefulness of them? If bitcoins aren't useful as money then they will fail regardless. Bitcoin is an experiment , let as many people experiment with it in as many different ways as possible.
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January 19, 2013, 09:58:17 AM
 #18


i do know what is speculation and what is a ponzi scheme and what is pyramid scheme.

Let's say, a miner has 100 k bitcoins, he sells 50 k for profit, he never buys anything with bitcoin, that's not a problem, it's his freedom perfectly. But if he tells people everywhere that bitcoin is the currency of the future, he's a disgusting liar and ponzi scammer. Does that sound reasonable? and if a substantial percentage of bitcoiners are this type of person, bitcoin is doomed and held victim of a ponzi scheme.

No...

If he has sold 50K bitcoins he has used those coins to buy USD, So it is impossible to both sell coins and not buy anything

People who save their coins mean someone else can get a good price for selling coins
People who sell their coins mean someone else can get a good price for buying coins
People who buy things other than USD with their coins mean someone else has a chance to save, sell or buy things with

all types are good

I also figured that out. hoarding bitcoin is not a big deal thanks to the fact that a bitcoin can be divided more than a million times. The moment a hoarder dumps his bitcoins, the price of bitcoin drops accordingly. The profitability of hoarding bitcoins can be compared to interest rate, no more, no less. If bitcoin fails, hoarders lose everything. So bitcoiners are in the same boat Wink


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January 19, 2013, 10:23:38 AM
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i do know what is speculation and what is a ponzi scheme and what is pyramid scheme.

Let's say, a miner has 100 k bitcoins, he sells 50 k for profit, he never buys anything with bitcoin, that's not a problem, it's his freedom perfectly. But if he tells people everywhere that bitcoin is the currency of the future, he's a disgusting liar and ponzi scammer. Does that sound reasonable? and if a substantial percentage of bitcoiners are this type of person, bitcoin is doomed and held victim of a ponzi scheme.

How does him/her hoarding bitcoins and trying to play up the price damage the usefulness of them? If bitcoins aren't useful as money then they will fail regardless. Bitcoin is an experiment , let as many people experiment with it in as many different ways as possible.

Since the profitability of hoarding bitcoin is linked to the growth of bitcoin economy and fluctuates around interest rate, the chance of revenue is far better to do day-trading than long-term possessing and dumping.

I totally agree that let as many people experiment with it in as many different ways possible. I see the greatness of bitcoin again.  Shocked

Bitcoin won't fall prey to ponzi schemers due to the abundance of supply and capability of division. The coming and leaving of hot money in bitcoin exchange only send the spectators and hoarders up in the air in a roller-coaster, business people and customers are not negatively affected at all in the long-run.

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January 19, 2013, 10:30:30 AM
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The profitability of hoarding bitcoins can be compared to interest rate...


No it absolutely can't! Interest rate is a tool central banks use to give the currency a value because the potential total moneysupply is infinite, and thus intrinsic future value of a USD is ±0. Now that can be considered a ponzi, because the people who get to spend/borrow the new money FIRST get most for their buck while the last people in the business-cycle pay inflated prices. (last pay for the first)

But in bitcoin there is no interest rate. Because bitcoins are in themself attractive due to a fixed, predictible supply similar to gold, nobody gets any benefit of spending/borrowing the money first or last.

Hoarding, is not an investment, its a speculation. And it can lead to losses.
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