[2017-03-24] Moneycontrol: BJP's Kirit Somaiya terms bitcoin a ponzi scheme

[polynesia]

BJP's Kirit Somaiya terms bitcoin a 'pyramid ponzi scheme'. Is he right?

http://www.moneycontrol.com/news/business/markets-business/bjps-kirit-somaiya-terms-bitcoin-a-pyramid-ponzi-scheme-is-he-right-2245911.html

BJP MP Kirit Somaiya hit out at the increasing use of bitcoin in India, raising the issue in the Parliament, terming the digital currency as "hypothetical" and a "pyramid ponzi scheme".

"The use of bitcoin, a hypothetical currency, is increasing at a rapid speed in India as well as in the world. Experts have expressed concern that bitcoin is a pyramid ponzi type scheme," he said.

He urged regulators RBI and SEBI, besides the Finance Ministry, to look into its regulation and take steps to "save people from another big ponzi fraud".

Somaiya's concern over the digital currency is not surprising: the stellar rise of bitcoin as an instrument of speculation or investment, if not a currency, has given rise to plenty of hype, and even confusion, surrounding it.

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[chronicsky]

pyramid ponzi scheme


lol

[Blackshadow007]

Wow ... lol
Now Bitcoin is Ponzi ? how ? :v

[cryptoheadd]

pyramid ponzi scheme


lol

Wow ... lol
Now Bitcoin is Ponzi ? how ? :v

Guess where Kirit Somaiya got this idea?
Hint: Amit Bhardwaj.

[chronicsky]

pyramid ponzi scheme


lol

Wow ... lol
Now Bitcoin is Ponzi ? how ? :v

Guess where Kirit Somaiya got this idea?
Hint: Amit Bhardwaj.

hahah yeah

Maybe he's pissed becuase he invested in GB and now he isn't getting payments! so he marks bitcoin as MLM but that's not his fault as amit bhardwaj is selling his company claiing to own and work with bitcoin

[cryptoheadd]

hahah yeah

Maybe he's pissed becuase he invested in GB and now he isn't getting payments! so he marks bitcoin as MLM but that's not his fault as amit bhardwaj is selling his company claiing to own and work with bitcoin

Lol. That may very well be true.
Because GB hasn't paid any payouts since the last 2 months and Kirit just announced this shit now after all this time.
Coincidence?

[Blackshadow007]

pyramid ponzi scheme


lol

Wow ... lol
Now Bitcoin is Ponzi ? how ? :v

Guess where Kirit Somaiya got this idea?
Hint: Amit Bhardwaj.

hahah yeah

Maybe he's pissed becuase he invested in GB and now he isn't getting payments! so he marks bitcoin as MLM but that's not his fault as amit bhardwaj is selling his company claiing to own and work with bitcoin

Now what he told here > https://twitter.com/BTVI/status/845193250851860482
As per his comment RBI Governor will address this in 2 months , so lets see what comes out from there . Well it only matters what RBI thinks in final decision about it . Till then this is just baseless illiterate comments what just out honorable MP told .

[S_D]

"Pondi" Scheme 

[polynesia]

Other coverage

https://cointelegraph.com/news/bitcoin-ponzi-scheme-indian-ruling-party-mp-asks-government
http://www.business-standard.com/article/news-ians/bitcoin-issue-to-be-taken-up-with-rbi-governor-bjp-mp-117032401034_1.html

[bitcoinisbest]

What are the views on this news, because since Kirit bhai himself is an MP and if his views are that Btc is ponzi then certainly its not a good news for Indian users. This may impact the btc in coming days if government decides to take some regulation on this news.

[zahra4577]

Very unfortunate that some Indian politicians are not well informed about the issues they raised in parliament.
Bitcoin may involve risk of losing money because it is based on trust of its users just like any other currency but it is certainly not a ponzi.