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Author Topic: Peer to peer digital Ponzi.  (Read 2855 times)
sgravina
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April 03, 2013, 11:16:59 AM
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Two months ago all my digital coins together were worth less than the amount of money I just made while eating a bagel.

I am now of the opinion that bitcoins are a Ponzi.  As in most of the gains are coming from new investors and not from any economic activity.

It is hard for me to conceive of enough drugs, gambling and Alpaca socks to justify all this value.  Then again if I really think about it is hard for me to believe that there are seven billion people in the world.

The network has become sentient and figured out how to get people to give it government backed money.

Like all Ponzi's I wonder: What is the network going to do with all that money?

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piramida
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April 03, 2013, 11:21:58 AM
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Simple - once the network has all fiat money and wealth of every human depends on it's existence, it can command us to do tasks needed to extend and strengthen it's operations.

Oh wait, it already does that... Yes master, must mine more coin... Wink

i am satoshi
sgravina
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April 03, 2013, 11:22:15 AM
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and thus the BAGEL INDEX was born!!  Cheesy

this is too much fun. hopefully nobody gets hurt.

OK so the bagel index (BGI) is now 13%.  Bitcoins and litecoins are growing at a rate of 13% per bagel consumed.
tutkarz
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April 03, 2013, 11:22:51 AM
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i dont know if you noticed but everything on earth (including earth) that holds any promise of not loosing value becomes ponzi schemes fast. My favorites are useless painting of famous artists that sells for billions $$$. I think we cant be worse and lets make biggest bubble know to human that will eat all other bubbles.

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April 03, 2013, 11:26:39 AM
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Anyone who promises bitcoin cannot lose value is a fool.

everything will loose its value sooner or later. Your bet is what will be first fiat money or bitcoin.

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April 03, 2013, 11:31:31 AM
 #6

Bitcoin doesn't need to do what fiats have been doing, it just needs to prove it has the potential to do so.

The reason is that people have been screwed again and again by the fiat-based economy run by the government yet cannot do anything, because it was the only option. Now with Bitcoin they have a bargaining chip, with which they don't need to do away with the government, but can somehow threaten the governments to get more diligent with their work whenever they can't get off their ass to solve their problem. And people will certainly make sure to invest enough to keep their bargaining afloat.

Bitcoin is just like an opposition party of money, it may never get elected, but it must exist.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
Cluster2k
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April 03, 2013, 11:35:52 AM
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The reason is that people have been screwed again and again by the fiat-based economy run by the government yet cannot do anything, because it was the only option. Now with Bitcoin they have a bargaining chip, with which they don't need to do away with the government, but can somehow threaten the governments to get more diligent with their work whenever they can't get off their ass to solve their problem. And people will certainly make sure to invest enough to keep their bargaining afloat.

Bitcoin is just like an opposition party of money, it may never get elected, but it must exist.

The one problem with that is all taxes have to be paid in the local government currency.  If you make a capital gain in bitcoins most governments expect you to pay capital gains profits in the local currency.  Now, with bitcoin it's quite easy to conceal your profits and as long as you don't get MtGox to send you money then all is good.  Otherwise, be careful that your government doesn't select you to make an example out of you.


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April 03, 2013, 11:36:58 AM
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I am now of the opinion that bitcoins are a Ponzi.  As in most of the gains are coming from new investors and not from any economic activity.

It is hard for me to conceive of enough drugs, gambling and Alpaca socks to justify all this value.  Then again if I really think about it is hard for me to believe that there are seven billion people in the world.

Common mistake is to assess market price based only on current value without taking into account estimations of future value. You shouldn't make investment decisions considering only the bubble that is the present.
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April 03, 2013, 11:41:06 AM
 #9


I am now of the opinion that bitcoins are a Ponzi.  As in most of the gains are coming from new investors and not from any economic activity.


Quote
As in most of the gains are coming from new investors and not from any economic activity.

Quote
new investors

Quote
investors


OP are you sure that's the correct term ?

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
dg2010
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April 03, 2013, 11:48:40 AM
 #10

I agree. This is pure speculation and the risk is a huge correction.

humanitee
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April 03, 2013, 11:54:33 AM
 #11

I fully disagree.

It doesn't take some financial wizard to look at the fundamentals and recognize that everything is on the positive.
I still think these prices are fine.

Bitcoin doesn't work the way you want it to. It was designed to deflate and deflate hard.
People want their money in something that deflates like this. There is no such thing as a "savings account" in the bank world anymore.
GeoRW
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April 03, 2013, 12:02:45 PM
 #12

oh yeah, we will see single digits soon  Grin
myself
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April 03, 2013, 12:04:35 PM
 #13

I fully disagree.

It doesn't take some financial wizard to look at the fundamentals and recognize that everything is on the positive.
I still think these prices are fine.

Bitcoin doesn't work the way you want it to. It was designed to deflate and deflate hard.
People want their money in something that deflates like this. There is no such thing as a "savings account" in the bank world anymore.

versus

First ya pump, then ya dump.

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
humanitee
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April 03, 2013, 12:07:51 PM
 #14

I fully disagree.

It doesn't take some financial wizard to look at the fundamentals and recognize that everything is on the positive.
I still think these prices are fine.

Bitcoin doesn't work the way you want it to. It was designed to deflate and deflate hard.
People want their money in something that deflates like this. There is no such thing as a "savings account" in the bank world anymore.

versus

First ya pump, then ya dump.

Dude, come on. That comment is on Litecoin, which is a fucking joke.
myself
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April 03, 2013, 12:12:40 PM
 #15

I fully disagree.

It doesn't take some financial wizard to look at the fundamentals and recognize that everything is on the positive.
I still think these prices are fine.

Bitcoin doesn't work the way you want it to. It was designed to deflate and deflate hard.
People want their money in something that deflates like this. There is no such thing as a "savings account" in the bank world anymore.

versus

First ya pump, then ya dump.

Dude, come on. That comment is on Litecoin, which is a fucking joke.

so the same technology is serious business on btc but on ltc is a fucking joke


Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
humanitee
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April 03, 2013, 12:14:07 PM
 #16

so the same technology is serious business on btc but on ltc is a fucking joke

Troll post or you're ignorant. Pick one.

I can't buy anything with Litecoin besides some cookies.
I still think ASICs > GPU.

ElectricMucus
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April 03, 2013, 12:15:59 PM
 #17

so the same technology is serious business on btc but on ltc is a fucking joke

Troll post or you're ignorant. Pick one.

I can't buy anything with Litecoin besides some cookies.
I still think ASICs > GPU.



Now who's mad?

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
humanitee
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April 03, 2013, 12:16:38 PM
 #18

Not I.

Troller coaster, put your hands up when we hit this hill.
myself
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April 03, 2013, 12:17:52 PM
 #19

so the same technology is serious business on btc but on ltc is a fucking joke

Troll post or you're ignorant. Pick one.

I can't buy anything with Litecoin besides some cookies.
I still think ASICs > GPU.


what did you buy whit bitcoin in 2010 ?
how was bitcoin mined in 2010 ?

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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April 03, 2013, 12:18:07 PM
 #20

Not I.

Troller coaster, put your hands up when we hit this hill.

I sure do.

weee!  Cheesy

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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