2013-03-06 BitCoin Ponzi Scheme by Chris Duane (Truthnevertold)

[FreeMoney]

I've watched the video and what really pissed me off was the claim that six millions bitcoins were mined before the whole thing went public.

Someone correct me if I'm wrong but Satoshi published his idea, with the source code about one month after he mined the first block, didn't he?  It's not his fault or any other's fault if very little people paid attention at this time.

That's correct. It's disingenuous to say X number of Bitcoins were mined before it went public. In some very real sense, Bitcoin has not yet "gone public". Does that mean over half of them were mined before it did? No.

I actually thought it was just the genesis block which was published with the code and paper and the next block was a week after that. I may have it wrong, but I'm pretty sure he didn't spend a month mining alone.

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[marcus_of_augustus]

None of the people involved in the Ponzi ever think it is a Ponzi 

</troll>

[lophie]

I was introduced to bitcoin before the infamous crash of MTGox. Then stopped mining and actually lost a wallet with 10BTC in it. (I would like to think I would find a copy of the wallet on a dusty disk somewhere....). Then Bitcoin just slipped my mind.

When I came back to Bitcoin scene it already got up to 5$ so it got me to wonder about what is Bitcoin exactly? After spending a very long time reading and learning alot of things. Economics, Currencies, Cryptography and the Bitcoin white paper and BIP several times.......

Bitcoin are not worthless and a derivative of it if not Bitcoin itself will get main stream big time. That if we all pitched-in in a way or another to help it.

[lophie]

I just to add that with me coming from a computer science background and working in the IT field. What I like about Bitcoin the most is the idea of the block chain! That is the most awesome invention I lived to see so far! well, an invention that interests me 

[RodeoX]

I think he heard the word "ponzi" and liked it. Didn't understand it, but he liked it.

[Mike Christ]

I think he heard the word "ponzi" and liked it. Didn't understand it, but he liked it.

It has a tickly feel to it if you emphasize the z

[420]

Saw a short version or trailer. What a fucking dumbass if he thinks its a ponzi

EDIT: I just heard half a dozen errors and mistruths in the first 4 mintues

Who wants me to make a rebuttal video?

[lophie]

Saw a short version or trailer. What a fucking dumbass if he thinks its a ponzi

EDIT: I just heard half a dozen errors and mistruths in the first 4 mintues

Who wants me to make a rebuttal video?

Go for it man. But I doubt people with this way of stubborn thinking would understand you. They would simply answer with "I don't want to use money that I don't understand"

[420]

Saw a short version or trailer. What a fucking dumbass if he thinks its a ponzi

EDIT: I just heard half a dozen errors and mistruths in the first 4 mintues

Who wants me to make a rebuttal video?

Go for it man. But I doubt people with this way of stubborn thinking would understand you. They would simply answer with "I don't want to use money that I don't understand"

Oh I expect them to be more rude than that.

I'll see if I have time for this. I already have a way to reach out and touch this guy.

[grondilu]

If you stop promoting bitcoin because some random dude calls it a ponzi scheme, you are pretty stupid imo. Keep promoting it, how do you think we got here? Mute sheeple? No.

I'm naive enough to think it's possible to be interested in monetary alternatives, and then end up on the bitcoin Wikipedia article,  which is not supposed to promote bitcoin, just to inform about its existence make information about it available.

That's how I got to know about it anyway.

[Monster Tent]

Bitcoin isnt based on a secret business model /thread

[tjohej]

Edit: As posted by smoothie here is the reply: "Bitcoin Report Volume 27 (Bitcoin Crash 2 - Ponzi Scheme Debunked)" https://www.youtube.com/watch?v=CNLSvd4LyP8

First of all what is this doing in the Press section? You are linking to a video of some "Bitcoin hater" that doesn't want to learn about Bitcoin nor understand. Why should we be losing our time with these people? TruthNeverTold blocks any new comments. Ok some people don't wanna learn about Bitcoin and that's fine for me. I'll neither curse them nor blame them nor praise them. I'll just leave this thread alone

This was the comment I was not allowed to post:

Does TruthNeverTold even know that there was a problem for many years called the "double-spending problem" that has been solved by the HashCash idea in conjunction with Digital Signatures?

[smoothie]

Chris just mad because silver < Bitcoin. LOL he bet the "house" on silver and yet made less than if he bought bitcoin 2 years ago as opposed to selling his house 8 years ago to buy silver.

Guys like this dont want to lose the grip on the community buying what they have a lot of...in his case...silver.

Listened to BrotherJohnF's rebuttals to all Chris Duane's lies.....hilarious!

I love how misinformation is perpetuated by this silver bug.

LOL so fail

[420]

Chris just mad because silver < Bitcoin. LOL he bet the "house" on silver and yet made less than if he bought bitcoin 2 years ago as opposed to selling his house 8 years ago to buy silver.

Guys like this dont want to lose the grip on the community buying what they have a lot of...in his case...silver.

Listened to BrotherJohnF's rebuttals to all Chris Duane's lies.....hilarious!

I love how misinformation is perpetuated by this silver bug.

LOL so fail

hey link me the rebuttal please

thanks

[RodeoX]

Guys like him are just to be ignored. I believe bitcoin can do the talking from here on out.

[smoothie]

Chris just mad because silver < Bitcoin. LOL he bet the "house" on silver and yet made less than if he bought bitcoin 2 years ago as opposed to selling his house 8 years ago to buy silver.

Guys like this dont want to lose the grip on the community buying what they have a lot of...in his case...silver.

Listened to BrotherJohnF's rebuttals to all Chris Duane's lies.....hilarious!

I love how misinformation is perpetuated by this silver bug.

LOL so fail

hey link me the rebuttal please

thanks

http://www.youtube.com/watch?v=CNLSvd4LyP8

[nevafuse]

If you stop promoting bitcoin because some random dude calls it a ponzi scheme, you are pretty stupid imo. Keep promoting it, how do you think we got here? Mute sheeple? No.

+1

I'm not much of a bitcoin promoter, but I support the people that do.  Do some of them make me cringe?  Definitely.  But if it wasn't for those people we may not have the support of WordPress, Reddit, Mega, etc already.

And I can see people calling bitcoin a ponzi scheme.  The money people invest into it...goes directly to people who already own bitcoins.  And I'd argue all currencies are ponzi schemes.  Stocks, gold, fiat all follow the same pattern.  So calling it a currency is basically admitting it is a ponzi scheme.  And that is the main difference.  Knowing that is how it works before you get involved means you know the risks.  Ponzi schemes are only bad if the fact that they are ponzi schemes is hidden from you causing you to invest without knowing the true risks.

[RodeoX]

I guess if bitcoin is a ponzi, then I'm Madoff. 
I must be secretly behind this whole ponzi because I'm doing alright?
Maybe I'm Satoshi !!!

[420]

I guess if bitcoin is a ponzi, then I'm Madoff. 
I must be secretly behind this whole ponzi because I'm doing alright?
Maybe I'm Satoshi !!!

nah i think molecular joined the forum before you in like feb 2011 or jan 2011 so its him

[nwbitcoin]

I can see why there are so many angry people here - this video is not a criticism of bitcoin - its a criticism of bitcoin supporters!