Wake up before it is too late

[freightjoe]

Wow how this forum is an unbelievable echo-chamber fueling one big ponzi scheme. Bitcoin as a currency, give me a break. A currency where it takes days to clear payments unless you pay massive fees - fees that are hostage to whatever vagaries the miners have? And if you don't, you are left in limbo where you have no idea whether it takes minutes, hours or days to move your money? A currency which is heavily impacted by "civil wars" with rival crypto currencies? A "currency" even less stable than the former Zimbabwean dollar. Don't get me wrong - the other crypto "currencies" equally well fit the ponzi scheme.

It is abundantly clear from reading in here for quite a while that the vast majority of people speculating in here are simply pinning all their hopes and dreams on the notion that these tulip bulbs - sorry tokens - can only rise in value. Sorry to say, but some people are going to get hurt badly eventually....

[JTPhotography]

So in other words you’ve missed out and you’re bitter?

[freightjoe]

So in other words you’ve missed out and you’re bitter?

If that is your take-away from my post, clearly you do not have the intelligence to understand the point. I just feel sorry for the people out there who can genuinely not afford to lose their savings, but right now have them tied up in this scheme, and if they don't get out will end up with no savings.

[diguyo]

I think you're on the wrong forum mate...either that or you've missed the boat. You're entitled to your opinion, but you won't find anyone agreeing with you here, especially after so few posts and such a brief 'it's a ponzi scheme' claim.

[SMB-2525]

Bitcoin does not meet the definition of a Ponzi scheme.

It does meet the definition of a bubble.
Just like real estate and equities in the USA are bubbles.

The key thing to keep in mind with Bitcoin is it is about to become a regularly traded commodity on the Chicago Mercantile Exchange.
This is very important in the evolution of BTC into a first rank commodity.
http://www.cmegroup.com/media-room/press-releases/2017/10/31/cme_group_announceslaunchofbitcoinfutures.html

It is not currency.
It is a commodity like gold, oil, silver, platinum.
Everyone in the universe who actually buys and sells BTC treats it as a commodity.

I know BTC has some aspects of a currency. This is because it is easier to exchange for something else in a barter transaction than, say, crude oil.
BTC and crude oil have well known  values. But taking possession of the latter and then reselling it is problematic.
Transactions are easier for BTC. But the mechanics of using BTC in a transaction are exactly the same as any other commodity.

[freightjoe]

I think you're on the wrong forum mate...

I am in the exact right forum - if just one poor soul out there uses this as the final nudge to get them to sell and thereby save their life savings, then it is mission accomplished.

And this is exactly the forum where "true believers" are - looking at all the discussions in here it is clear that Bitcoin is neither a currency nor a commodity. Bitcoin is a religion where faith is the only thing that matters.

[Dart18]

This aint about just to agree with bitcoin here.
There are other people who are just like you and you will see it in days observing this thread of yours.
They will somehow put their comments here and will agree with then will suggest another coin.
You have your own choice to believe it or not.
That is the forum all about. No one will force you.

[HeRetiK]

A currency where it takes days to clear payments unless you pay massive fees - fees that are hostage to whatever vagaries the miners have? And if you don't, you are left in limbo where you have no idea whether it takes minutes, hours or days to move your money?

A new symptom of an old problem -- namely Bitcoin's scalability -- that came with the increasing popularity of Bitcoin and that will be solved sooner or later. A few years back Bitcoin was both faster and cheaper than bank transactions and we'll reach that point again sooner or later. Meanwhile, even at its worst, Bitcoin is still cheaper and faster when it comes to international remittance.

A currency which is heavily impacted by "civil wars" with rival crypto currencies?

I wouldn't call a weekend of a full mempool a "heavy impact". Otherwise you could also argue that banks are "heavily impacted" by weekends and banking holidays.

If you're talking about the impact on price, than that's a silly argument. Price changes like these are just short term fluctuations and don't change the technical and economical fundamentals.

If you're talking about other impacts, please elaborate.

A "currency" even less stable than the former Zimbabwean dollar.

How so? Please elaborate.

[TangentC]

Insane Fees , weeks to receive a transactions.

Core version of Bitcoin is Broken!

Only idiots can't realize that.

and their are a lot of damn idiots in these forums.

[solarion]

I think you're on the wrong forum mate...

I am in the exact right forum - if just one poor soul out there uses this as the final nudge to get them to sell and thereby save their life savings, then it is mission accomplished.

And this is exactly the forum where "true believers" are - looking at all the discussions in here it is clear that Bitcoin is neither a currency nor a commodity. Bitcoin is a religion where faith is the only thing that matters.

Not just a religion also you will find the people here all in the forum who believes the bitcoin as a money and usage mode access anything. Even for normal money will be authenticate with the some government entity to make people believe it.
But bitcoin is both the transaction holders hold the bitcoin has the value and would like to have the trusted source. For me bitcoin is the hope for all the things to do.

[vk279]

I think you're on the wrong forum mate...

I am in the exact right forum - if just one poor soul out there uses this as the final nudge to get them to sell and thereby save their life savings, then it is mission accomplished.

And this is exactly the forum where "true believers" are - looking at all the discussions in here it is clear that Bitcoin is neither a currency nor a commodity. Bitcoin is a religion where faith is the only thing that matters.

Bitcoin and cryptocurrencies are still in an infancy stage.  De-centralized, distributed ledger of public ledger can't be a ponzi scheme but in the coming years we will see it being adopted by the whole world.  Financial and non-financial application opportunities of Blockchain technology are endless. It can be utilized in every industry.
Bitcoin is the king of cryptocurrencies and I see bright future.

[freightjoe]

Bitcoin is the king of cryptocurrencies and I see bright future.

Thank you for illustrating my point that Bitcoin is nothing but a religion based on faith

[Voice-Of-Reason]

Insane Fees , weeks to receive a transactions.

Core version of Bitcoin is Broken!

Only idiots can't realize that.

and their are a lot of damn idiots in these forums.

I was blind, but your bigger font and red coloring made it clear! thanks for this!

[vk279]

Bitcoin is the king of cryptocurrencies and I see bright future.

Thank you for illustrating my point that Bitcoin is nothing but a religion based on faith

Thanks but its not faith based religion.  Market cap, being the first crypto currency etc make it no.1 and that made me say its the King.

[n4poleon]

I think you're on the wrong forum mate...

I am in the exact right forum - if just one poor soul out there uses this as the final nudge to get them to sell and thereby save their life savings, then it is mission accomplished.

And this is exactly the forum where "true believers" are - looking at all the discussions in here it is clear that Bitcoin is neither a currency nor a commodity. Bitcoin is a religion where faith is the only thing that matters.

Only uninformed, desperate individuals only put their life savings into bitcoin. Unfortunately, there are some. But your claim on bitcoin is a ponzi without actually backing it is intellectual dishonest. I bet you're just whinny about your transaction and didn't consider some things like this is an open source project and almost all of the efforts going on are voluntary. People here are diverse.

[freightjoe]

Only uninformed, desperate individuals only put their life savings into bitcoin. Unfortunately, there are some. But your claim on bitcoin is a ponzi without actually backing it is intellectual dishonest. I bet you're just whinny about your transaction and didn't consider some things like this is an open source project and almost all of the efforts going on are voluntary. People here are diverse.

It is clearly a ponzi scheme looking in here. Nothing but lots of people being busy talking up the price spouting messages about how this will finance their house and car or other posts about how you can convince friends and family to "invest" in Bitcoin as well. The more people are brought into it, the higher the price.

Oh, it is abundantly clear what is happening here. Some very smart people have bought bitcoin and are perpetrating a long-term pump-and-dump where they are slowly selling out while they ride the curve upwards. The ones being left holding the bag when the whole thing collapses are the ones who are indeed uninformed desperate individuals who are then left even more desperate not only having lost their own savings, but also stand with the shame of being responsible for friends and family suffering losses as well.

So yes, people in here are diverse. Some are preying on the weak, and some are being preyed upon.

[SMB-2525]

It is clearly a ponzi scheme looking in here. Nothing but lots of people being busy talking up the price spouting messages about how this will finance their house and car or other posts about how you can convince friends and family to "invest" in Bitcoin as well. The more people are brought into it, the higher the price.

Oh, it is abundantly clear what is happening here. Some very smart people have bought bitcoin and are perpetrating a long-term pump-and-dump where they are slowly selling out while they ride the curve upwards. The ones being left holding the bag when the whole thing collapses are the ones who are indeed uninformed desperate individuals who are then left even more desperate not only having lost their own savings, but also stand with the shame of being responsible for friends and family suffering losses as well.

So yes, people in here are diverse. Some are preying on the weak, and some are being preyed upon.

Ponzi has a very well understood definition. Your assertion that BTC is a ponzi does not make it so.
If it were a ponzi scheme, it would never get regulatory approval to trade as a commodity on the Chicago Mercantile Exchange (CME).
Now if you want to find a BTC related ponzi, you only need to go to bitconnect.com.

Your pump and dump argument may be more on point. A pump and dump is not a ponzi. Over the years, many commodities have been "pumped and dumped".

[BitcoinHodler]

for a very long time which is nearly 9 years now, bitcoin had no issues, empty mempool and low fees even as low as 0 satoshis. and you were nowhere to be seen.
then this year, because of massive adoption that bitcoin had (adoption as a currency) the number of transactions suddenly grew too big and there was also the fight to take control of bitcoin was hot. so for about a month or so the spam attack was sever and  fees were high.

things were fine for a couple of months ever since that pre-August fights until for the past 3-4 days because of mining issues caused by bitcoin cash the mempool were big and fees grew two big.

you are using these two small incidents as your only point of reference and claiming bitcoin is not a currency!

either you are a fool or this is the only other explanation:

So in other words you’ve missed out and you’re bitter?

[n4poleon]

Only uninformed, desperate individuals only put their life savings into bitcoin. Unfortunately, there are some. But your claim on bitcoin is a ponzi without actually backing it is intellectual dishonest. I bet you're just whinny about your transaction and didn't consider some things like this is an open source project and almost all of the efforts going on are voluntary. People here are diverse.

It is clearly a ponzi scheme looking in here. Nothing but lots of people being busy talking up the price spouting messages about how this will finance their house and car or other posts about how you can convince friends and family to "invest" in Bitcoin as well. The more people are brought into it, the higher the price.

Oh, it is abundantly clear what is happening here. Some very smart people have bought bitcoin and are perpetrating a long-term pump-and-dump where they are slowly selling out while they ride the curve upwards. The ones being left holding the bag when the whole thing collapses are the ones who are indeed uninformed desperate individuals who are then left even more desperate not only having lost their own savings, but also stand with the shame of being responsible for friends and family suffering losses as well.

So yes, people in here are diverse. Some are preying on the weak, and some are being preyed upon.

You're just describing the acts of shill. Based on your definition of what a ponzi is, - stocks, precious metals and forex have the same marketing mechanisms therefore they're ponzi scheme too.

[rayymat]

this forum is undisputedly great with so much info regarding cryptocurrencies.