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Author Topic: Big ponzi scheme pumps bitcoin.  (Read 2104 times)
The End Is Neigh
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March 22, 2017, 06:10:00 PM
 #21

Google trends still lists Nigeria as having the worldwide highest interest in bitcoin, but that is fading. Here is the Nigerian interest level in bitcoin over the last year.

https://i.imgur.com/SoJKFsg.jpg

Well that's obviously not accurate because it goes right up to 100% interest at one point. There's only so much statistics can get right, and this is not one of them. There is at least 1 person in Nigeria that is skeptical of bitcoins.
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March 22, 2017, 10:34:57 PM
 #22

Nah. After it collapsing last holiday season way back on 2016 it isn't as big as the same as it used to so it is impossible that it is them that is causing the btc price to pump and dump these days. People like you posting about them only give them recognition and helps them to get more fools to be involved.

You really think that somebody in his own mind gonna spend money there?
Ok so there is nothing to be afraid of?  I just think that this topic must be researched more. As capitalization of our bitcoin is just small ,that everything like this ponzi can afect it.

If we say 50mil people spend just 20 bucks, it's a $ billion in bitcoin already.


Average early salaries of $4000.You mean $4000 per year,right?
Why do you care about some ponzi that will steal a few million USD from the naive and poor people?
A few million dollars won`t pump the bitcoin price.
Ponzi schemes will exist as long as there are stupid people with money.Sad but true.


Well its actually 2500$ per year (2016) - not sure where that 4000 comes from.
I doubt there will be trillions of $ coming from nigera ^^"
Actualy  special to this mmm ponzi psihology, people like to go all-in there.
Aslo a quantity is important not a money amount.
p.s.
this site tells 3600 i rounded up to 4k  OK?

Post author smoking something green

I realy think this could be affecting bitcoin much. But a bigger research is needed to tell extacly. Can you prove that's they are not in a role of afecting price big. No? then ^$$#U&!  Tongue


if it would be 3,6 k but it isnt.
im looking at statista, worldbank, imf, tradingeconomics and even wikipedia.
there was a peak in 2014 at 3,2 k but since 2009 nigera has an average gdp per capite around 2500 $ - before that 2009 nigerias average gpd per capita was (much) less then 1000 $.


there might be 3 billion Naira in bitcoin Smiley
seriously though, your research is pretty questionable.

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DRaGoN RaNTaRo
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March 23, 2017, 12:25:21 AM
 #23

I am not sure what you trying to convey here but to be frank i am hearing about this for the first time. I am not sure about the ponzi story for the recent dump and dump activity but the  main reason for it is simply because the scaling issue and if that is resolved the bull run will start again.
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March 23, 2017, 01:11:24 AM
 #24

Steal $10 billion in a Ponzi scheme, get four years in prison... 
And here I am trying to make a few thousand dollars on Bitcoins. What am I doing with my life lol?

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March 23, 2017, 01:26:47 AM
 #25

These ponzi schemes will never stop sadly cuz there will always be someone who will invest.
A lot of people invest in ponzis even though they know how ponzis work. They end up making a profit for themselves by referring other people to the ponzi system. But like others have stated, a couple of ponzi schemes are not enough to "pump" bitcoin and won't necessarily affect the price that much.
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March 23, 2017, 04:45:46 AM
 #26

Google trends still lists Nigeria as having the worldwide highest interest in bitcoin, but that is fading. Here is the Nigerian interest level in bitcoin over the last year.



that doesn't prove anything. there has been a lot of talk around that time about bitcoin in Africa and obviously could have sparked some interest over there.
also it is the same time as the price rises of end of 2016 and reaching the ATH and again obviously the price rise always brings more people and attention to bitcoin.

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March 23, 2017, 05:13:58 AM
 #27

title thread and content is not equal
bitcoin is not ponzi scheme, but youre write about MMM is true, in there use ponz scheme system, you can get profit another member pay

I noticed the same, bitcoin is not ponzi but many people use bitcoin for their illegal activities. This ponzi schemes are not new, that is old trick, but now with bitcoins I think it's easier for them to work. Bitcoin offers anonymity, and its easier to fool the people on the internet.

Steal $10 billion in a Ponzi scheme, get four years in prison... 
And here I am trying to make a few thousand dollars on Bitcoins. What am I doing with my life lol?

You are right about this, this is constantly happening in the world. They scam people for millions of dollars and they only get couple years in jail and when they get out they continue to do the same. When people will learn?

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March 23, 2017, 10:20:50 AM
 #28

title thread and content is not equal
bitcoin is not ponzi scheme, but youre write about MMM is true, in there use ponz scheme system, you can get profit another member pay

I noticed the same, bitcoin is not ponzi but many people use bitcoin for their illegal activities. This ponzi schemes are not new, that is old trick, but now with bitcoins I think it's easier for them to work. Bitcoin offers anonymity, and its easier to fool the people on the internet.

Steal $10 billion in a Ponzi scheme, get four years in prison... 
And here I am trying to make a few thousand dollars on Bitcoins. What am I doing with my life lol?

You are right about this, this is constantly happening in the world. They scam people for millions of dollars and they only get couple years in jail and when they get out they continue to do the same. When people will learn?
Till people get to expect more and more cheaters will come up with plans that makes fool of the people easily. Now through bitcoin it's more secure for the scammers with the anonymity. People need to change with a satisfactory mind based on their requirement than being greed all the time.

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March 23, 2017, 10:29:37 AM
Last edit: March 23, 2017, 11:43:06 AM by mindrust
 #29

If you look at that way, everything is a ponzi scheme which gains value in time. That includes stocks, gold, bonds, real estate or any other asset and currencies like EUR or USD.

If something gets overvalued, sooner or later it will find its real value.

If you think USD is overvalued, you can compare it with EUR or GBP and see what you can buy with the same amount; that's how you can see if its overvalued or not.

The problem here is; we really can't estimate bitcoin's real value. Because there is nothing to compare bitcoin with. So it's a highly speculative asset.

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March 23, 2017, 11:55:36 AM
Last edit: March 23, 2017, 12:12:15 PM by guy_wonderful
 #30

Ohh. Seems they Collapsed back in february.
You was right they say MMM cannot pay out just 55million.
They are not going to influence bitcoin any way.  Cool

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March 23, 2017, 01:49:05 PM
 #31

Ohh. Seems they Collapsed back in february.
You was right they say MMM cannot pay out just 55million.
They are not going to influence bitcoin any way.  Cool
This is a bit old news related to MMM scam it does give awareness on bitcoin because its the main currency being used on this pyramiding scheme and seeing on the posted chart above it does show a spike on how many users engage to it which somehow affects bitcoins price because of the people who uses it but eventually dropped when they become scam and now for mmm scam victims they will surely have negative views already on bitcoin.lol

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