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NotLambchop
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October 29, 2014, 03:13:19 PM |
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Stop liking stuff I like  |
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fonzie
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October 29, 2014, 03:17:27 PM |
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Mervyn_Pumpkinhead
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Activity: 876
Merit: 1000
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October 29, 2014, 03:19:05 PM
Last edit: October 29, 2014, 03:30:37 PM by Mervyn_Pumpkinhead |
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BTC is an pyramid scheme, not an ponzi scheme.
may be both It can be similar to an ponzi scheme if it turns out that whoever started the currency actually pre-mined couple of million coins and will end the entire project with cashing out and braking the market. But it still isn't an Ponzi scheme because it's too transparent for this. People can actually observe what they're getting into and BTC itself actually does offer what is promised. But the system is addicted to new investors/victions to keep afloat and the only way that people can earn is if there will be a new layer under them in the pyramid. So, a pyramid scheme in a classical sense, but not a ponzi. |
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grappa_barricata
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Activity: 154
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playing pasta and eating mandolinos
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October 29, 2014, 03:19:19 PM |
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less than 2 hours to the FOMC announcement... what kind of effect will it have on btc/usd price?
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Bittings
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October 29, 2014, 03:19:49 PM |
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I believe that last point is a bit much, and merely seems to be playing into concepts that BTC is a ponzi scheme, which you should realize by now that it is NOT a ponzi scheme, even though you want to continue to project theories and to see data that are in support of those kinds of ideas and the spreading of those kinds of frameworks.
Once again, YOU are saying "BTC is a ponzi scheme", not me. Those entrepreneurs obviously have substantial interest in making people believe that bitcoin has a bright future and is going "to the moon" any time now. They are selling their funds, services, and bitcoins; and no one expects salesmen to provide unbiased evaluations or sponsor impartial data gathering and publication. That is all. It should be noted also that no one should expect a balanced view of the market/Bitcoin from people who define their identity on Bitcoin being a failure either. Someone who claims they have no stake in the game, and is skeptical of Bitcoin (to the point of having it included in every post) should be viewed in the same light you are projecting on the these "salesmen". That is all. |
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Wandererfromthenorth
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October 29, 2014, 03:26:11 PM |
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less than 2 hours to the FOMC announcement... what kind of effect will it have on btc/usd price?
In general in BTC markets when we break key support levels like we just had there's nothing that can be done to stop the dumps until we find a local bottom much lower. News won't do anything IMHO. |
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inca
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Activity: 1176
Merit: 1000
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October 29, 2014, 03:28:00 PM |
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less than 2 hours to the FOMC announcement... what kind of effect will it have on btc/usd price?
In general in BTC markets when we break key support levels like we just had there's nothing that can be done to stop the dumps until we find a local bottom much lower. News won't do anything IMHO. The key support level we were at three days ago? |
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BitAddict
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Activity: 1190
Merit: 1001
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October 29, 2014, 03:28:52 PM |
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A ponzi scheme means it can only work if new people keep investing fresh money to sustain the pyramid. Bitcoin will be useful even at $1, so it is not a ponzi or a pyramid.
Also a ponzi scheme usually guarantees profit (like for example 5% monthly), bitcoin doesn't guarantee any profit.
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NotLambchop
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October 29, 2014, 03:33:09 PM |
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... Check out that new Sunn + Scott Walker album, it´s got a song called "Bull"  Sunn: "shit I bought in Daddy's bargain basement "as is" bin"   |
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greenlion
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October 29, 2014, 03:36:54 PM |
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There's NOTHING that is really bearish about the data contained in your first two links above, and your last point seems to be near total pie in the sky speculation with NO real world evidence to support the point that you seem to be attempting to outline (as if bitcoin is kind of dying away... hehehehe.. yeah, right...)
YOU are saying "bitcoin is kind of dying away", not me. But, indeed, there is NO real world evidence about bitcoin usage. Those plots do not show such growth, and we have no idea of what that blockchain traffic really is. That is all of my point. But, if you care to know, I also believe that the bitcoin entrepreneurs like Andreessen, Sielbert, Draper, Matonis etc. (and the bitcoin "news" sites that they support, like Coindesk) have no interest in such data becoming available, because they know that it would be depressing and bad for their sales. Just like they want people to believe that China is irrelevant. I believe that last point is a bit much, and merely seems to be playing into concepts that BTC is a ponzi scheme, which you should realize by now that it is NOT a ponzi scheme, even though you want to continue to project theories and to see data that are in support of those kinds of ideas and the spreading of those kinds of frameworks. Whackjob conspiracy theories to support a very artificial worldview about Bitcoin painted with a broad brush is way easier than a sober nuanced assessment of skin in the game vs talking their own book for these individual players. Stop the presses everybody, some retard on the internet who can't even spell the names of the entrepreneurs just figured them all out! |
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JustGuess
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October 29, 2014, 03:37:17 PM |
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Lambensteins pink preference revealed. This is how he looks while online. The unicorn is used for typing.  https://i.imgur.com/Atpu88U.jpg |
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Mervyn_Pumpkinhead
Legendary
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Activity: 876
Merit: 1000
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October 29, 2014, 03:39:20 PM |
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A ponzi scheme means it can only work if new people keep investing fresh money to sustain the pyramid. Bitcoin will be useful even at $1, so it is not a ponzi or a pyramid.
Also a ponzi scheme usually guarantees profit (like for example 5% monthly), bitcoin doesn't guarantee any profit.
Actually the definition is that a pyramid scheme can only hold value with constant flow of new investors. And this applies exactly to bitcoin with people starting to cash out as soon as it seems that there won't be a new level in the pyramid that would be under them. Bitcoin as a currency doesn't work for other reasons anyway. Because it lacks a stability mechanism that is crucial to any currency. Bitcoin as a currency has lower quality then the worse of currencies because of extreme instability. |
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spooderman
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Activity: 1652
Merit: 1029
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October 29, 2014, 03:40:37 PM |
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this dumpage. 2014 sucked bro!
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fonzie
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October 29, 2014, 03:40:38 PM |
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... Check out that new Sunn + Scott Walker album, it´s got a song called "Bull" Sunn: "shit I bought in Daddy's bargain basement "as is" bin" It´s more like sunn + Scott WalkerThere is no reason on earth for disliking Scott Walter especially if you´re into early Suicide. I think his album "The Drift" is probably among the best 5 in the last decade.  Edit: https://www.youtube.com/watch?v=5fJ0_uWjMfk |
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NotLambchop
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October 29, 2014, 03:41:15 PM |
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.@JustGuess: Well aren't U an edgy yungster!  |
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dakota neat
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October 29, 2014, 03:43:14 PM |
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Bears look quite weak i don't know why they are so happy about it. Seems like the bottom is near.
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jeezy
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Merit: 1010
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October 29, 2014, 03:44:48 PM |
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