Video: Bitcoin Ponzi scheme

[ManBearPig]

lawl at hashtag algorithm

Kinda undermines whatever point he's trying to make right?!

[1714128689]

1714128689

[Inedible]

lawl at hashtag algorithm

Kinda undermines whatever point he's trying to make right?!

Makes him look stupid but it would be if he just used the wrong term it'd be disingenuous to say that he didn't have a case from that alone.


(Personally I think he's missed the point).

[Inedible]

But even so, those buying later will never see the kind of appreciation in value that those who bought it for pennies achieved.

I'm not sure. I think there's a good chance Bitcoin could see values in the mid thousands.

[MiningUnited]

A lot who think of BitCoin as a ponzi scheme, even the ones that have not seen the propaganda video, do so because of how BitCoin is setup. They see the 'early' users being the king pins holding all the BitCoin. Since the amount of BitCoin generated decreases over time, they think of a pyramid type scheme in their mind.

Most are just jealous they didn't get in from the start.

[Inedible]

Most are just jealous they didn't get in from the start.

I think you'll find that most just don't understand how it works.

[Razick]

Soooooooo many problems with his perspective.

[Inedible]

Soooooooo many problems with his perspective.

There are but you've got to remember, this guy is probably smarter than average and this is the conclusion he's come to.

It's not an unreasonable assumption if you misunderstand key parts and also if you're suspicious of this new-fangled 'investment' vehicle.

How typical is he of the average person when it comes to Bitcoin?

[jamesblack]

I do not think a serious thing ...... 

[datz]

So as I was watching a video of Bitcoin, another video came up as featured:

http://www.youtube.com/watch?v=0UKC7iaBKvs

The author tries to explain how Bitcoin is a Ponzi scheme.

He's missing the most important point: Bitcoin is not a zero sum game!

He's just a silver bug. Guy probably types with two fingers. Ignore him, he's not ready for Bitcoin.

I type with two fingers

[cdog]

[massnerder]

LOL nice meme  ^^

This is a sad video, because I am familiar with Chris Duanes work and despite the content of this particular video he really IS a very intelligent person.  That being said he is one of those very opinionated people who probably wouldn't ever admit his error on this subject no matter what bitcoin does, and yes, he is also a huge silver bug so there is some bias.

Most importantly, if you are familiar with his work you are probably aware that he openly proclaims having very very little working knowledge of computers in general.  Never really touched a computer or used the internet until he taught himself just barely enough to write his blog and make youtube videos.  That ignorance of the technology and process combined with his bullion bias throws him way off base here.  It is obvious when he starts talking about mining as if you need a whole data center full of super computers or something, because that laptop won't work! The average person can't afford a highly specialized mining computer!  rofl

Apparently he has never seen pics of any of the crate rigs around here ...   

[johnniewalker]

LOL Chris Duane. He loves to "expose" everyone else as running some kind of scam to take advantage of the masses. This is the same guy who made a bunch of videos telling people to sell all their assents and BUY SILVER. A couple years later, what do you know? HE is the guy behind Silver Bullet, Silver Shield-the mint that makes the "Freedom Girl" and "Slave Queen" silver rounds. In his videos he urged Americans to buy silver, saying that it would kill the "Bankers' Scheme". Yet, he puts his rounds up for like $15 over spot and makes the MINIMUM quantity of rounds you can buy as 20. A guy who really cares about "the masses"? I don't think so.

Oh, and the issue of "backing".
Who backs money from the Fed? The Government.
Who backs bitcoins? US. Do you think all of us (bitcoin holders) will wake up one morning and say "Oh, all of those things (bitcoins) that I have, I don't want them anymore."? TOO BIG TOO FAIL
And on the issue of intrinsic value-I believe Bitcoins have intrinsic value. It lies in their utility. The ability to spend globally, anonymously, etc.

[massnerder]

A couple years later, what do you know? HE is the guy behind Silver Bullet, Silver Shield-the mint that makes the "Freedom Girl" and "Slave Queen" silver rounds. In his videos he urged Americans to buy silver, saying that it would kill the "Bankers' Scheme". Yet, he puts his rounds up for like $15 over spot and makes the MINIMUM quantity of rounds you can buy as 20. A guy who really cares about "the masses"? I don't think so.

SBSS is not a mint, but a 'brand' if you will.  The rounds were produced by Mulligan Mint, Chris Duane was only involved via partnering with the mint to sell his (SBSS) designs.  There is a long page on his blog dedicated to the current troubles with Mulligan Mint.  $15 over spot and 20 round minimum is also not accurate.  They were $3 over spot on BU rounds and $15 over for proofs.  There was no minimum order required, I personally know folks who purchased between 1 and 5 rounds at a time.  Cool designs, but I still think eagles would be a better choice....

Now I agree with your other points, and much of your overall sentiment.  What Chris Duane doesn't understand or want to acknowledge is that his gold and silver are just like bitcoin.  Only valued because of rarity and because people agree that they are worth *something*    If he knew jack about technology he might have a different view on bitcoin, but who has time to learn about crazy hashtag algorithms when you're busy charging your most 'special' readers a hefty fee for a couple blog entries a month?

[KSV]

wow. . . just wow. . .

If only he would spend his time reading up about BTC instead of bashing it.