Bit Coin is a Ponzi Scheme

[bitbollo]

Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.

After satoshi nakamoto every one start to use btc was a newcomer. When I start to buy and sell my first btc I remember all people with same complaints: "price to high" "ponzi scheme" etc... some years has passed and these post seems just a blame against the missing opportunity

That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.

Try to talk in a polite way. They are not stupid. If you see in a long period view every one could gain from bitcoin.
Or if you haven't an economical earn, you have played with a nerd hobby. This is not for all of us

The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.

Japan made the same for btc. Stores doesn't accept directly btc in your country?
You can exchange btc easily with a card/ exchange / people?
Yes superpower is an issue because each tx consume a lot of energy. But not all bad points are heavier to address, I think this is also a point for the future.
Even, superpower is not casually. People are not crazy to spend lot of dollars each month only for a hype software.

Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?

This is one of the hardest question to reply, because bitcoin is the first-one of its type.
Humanity have ever seen something like this? This could justify by itself the price? Only speculation? Only potential evaluation?

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.

There is a regulation inside bitcoin, the software by itself. But I think you are a little bit confusing.
This an economy without any issuer, any central governance. This doesn't mean totally anarchy but just not one could made the decision that can impact in other people life. No one could froze, lock your coins. No one could decide a fixed price. No one could force you to spend your money.
You have a sense of freedom that we haven't see before. If you call it as "faith-based" economy I can agree with you.
After Cyprus crisis btc price has get a upper trend. People have more faith in btc and not fiat currency.

[mufettis]

Actually you are right , btc is a ponzi, but the thing that you are missing is all the economy based on the Ponzi scheme. Look at the Marxist theory or Keynesian theory, they says in every new producement capital owners will take a share from that, and at some point workers will be payed too little salary that they will not can live with that salary. To prevent unemployment or starving government should intervene economy or should be a revolution. That is all economy is a zero total sum game.
Eventually you are right it’s a ponzi and based on speculation but the important point is all economy is a ponzi , if governments accept bitcoin it will be a normal and “healthy” term

[no0dlepunk]

Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.

That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.

The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.

Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.

False. Actually, bitcoin mining requires power, shells, wares, rigs, and etc. Before you could produce 1 bitcoin, you must shit bricks. (of course you didn't get it, did you?); Now, let me tell you something... your paper money is useless, actually you can wipe your shit with it, the only reason it has a value is because your "most powerful superpower" dictates likeminded people like you to believe that it represents federal golds or something. But in reality, people don't really agree on the value of your fiat. In fact, people are always looking for an asset where the buying power of their wealth won't deflate as time goes by. Bitcoin is increasing it's value annually while your fiat does the other way around... now ask your self which one is the real ponzi?

One more thing, if you really think that we were being scammed by bitcoins then why the hell would you bother? It's non of your business, anyway... we didn't ask your money nor your opinion. Do your self a favor - save your fiat and come back here on 2020 and let's discuss who between us had been ponzied.

[Cubanlinx81]

It’s only a Ponzi scheme, if people are waiting for an end result. There is no end result with bitcoin; it is the result!!

[Ninapz]

Has CME jumped in in any of the other Ponzi schemes?

[Micerker]

No one ever invests in bitcoin's project, it simply gets trader-sellers to create value so it's not ponzi.

[bitfocus]

In Any Ponzi Scheme there is something valuable is related, and that Something is always Money or Currency. Now, if Mr. X opens a Ponzi Scheme you should blame him or the stupid people who went for that, but you can not blame money, ok?

now read all those "Money" as "Bitcoin".

The thing is, anybody can open any Ponzi Scheme based on Money or Bitcoin - here Money or Bitcoin is not to blame.

[speedware01]

It is not a ponzi scheme. It acts as a store of value
Nobody is waiting for a particular amount at the end of the year or month.

[lm2f]

It is not a ponzi scheme. It acts as a store of value

until it's illegal, and then it will be worthless

[AGD]

Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.

That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.

The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.

Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.

So you are here since 2011 and are still not capable to write Bitcoin? GTFOH
You either bought this account or you hacked it.

[bitbollo]

Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.

That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.

The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.

Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.

So you are here since 2011 and are still not capable to write Bitcoin? GTFOH
You either bought this account or you hacked it.

yes probably is not the original owner, because in 2014
https://bitcointalk.org/index.php?topic=514995.msg5689089#msg5689089
this user was able to spell correctly bitcoin

[MinarchistCoin]

From Wikipedia........"A Ponzi scheme (/ˈpɒn.zi/; also a Ponzi game)[1] is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading. Operators of Ponzi schemes can be either individuals or corporations, and grab the attention of new investors by offering short-term returns that are either abnormally high or unusually consistent."


Operator? Who is that?

Who offered you anything?

Definitions are fun. Delete your account.

Where I live Ponzi schemes are everywhere.  I know several people that recently were able to get out of them with their money plus about 20% profit since I explained how it would end.  It eventually did and several others that didn't listen to me lost everything.

All that one needs to understand is the concept that the OPERATOR is anyone who got into Bitcoin when the price was low.  In this case the OPERATORS are all that are on this thread that either cannot accept it or are lying to either themselves or anyone reading their reasoning...or both.  ALL OF YOU that are facing a profit if you cash out DEPEND on the price going up by the revenue paid in by new investors RATHER than from legitimate BUSINESS ACTIVITIES (i.e. PROFIT from selling goods or service) or PROFIT of financial trading which is basically the same as a form of business activities.  They go on to further break down what or who can be considered an operator...and again, that's ANYONE hyping or otherwise promising returns that are either ABNORMALLY HIGH (describes recent gains in BTC perfectly) or UNUSUALLY CONSISTENT (BTC is one of the most volatile financial instruments outside of pork belly futures...but the price consistently goes up).

I'm amazed that there are so many people out there that can't at least call a spade a spade.

And before anyone attacks me, I'm waiting for the CME to allow myself and people like me to short the crap out of BTC once we see the right moment.  I'm here to study the level of ignorance, stupidity, and greed here so I'll have the best idea of when that golden moment comes about.  Lots of people are going to get burned because they refuse to understand simple or even moderately complex English.

Then all stocks are ponzi's. I own Bitcoin, I don't "operate" it. I don't "operate" anyone. Alos, who promised you anything? No one. Just like stocks you hope it goes up.

And you delete your account. Stupid people everywhere trying to change definitions of words.

From Investopedia......What is a 'Ponzi Scheme'
A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors. This is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers. For both Ponzi schemes and pyramid schemes, eventually there isn't enough money to go around, and the schemes unravel.



Who promised you a high rate of return with little risk? No one.

LOL and you tried to sound so smart. Try a dictionary.

[fattyforhire]

This is how all skeptics reason. And not only in relation to bitcoin. Fortunately, bitcoin is voluntary. And most investors have a strong and convincing opinion about it, about its security. If in doubt, do not invest. It's simple.

[Faroxx]

The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.

Yes, Yes, Yes it is a powerful super power, which cheats people every day, providing them with green pieces of paper whose value exactly equal to 0.

[lm2f]

Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.

That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.

The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.

Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.

So you are here since 2011 and are still not capable to write Bitcoin? GTFOH
You either bought this account or you hacked it.

yes probably is not the original owner, because in 2014
https://bitcointalk.org/index.php?topic=514995.msg5689089#msg5689089
this user was able to spell correctly bitcoin

I've decided to spell it as bit coin since it bothers you so much.

[filharvey]

The valid currency USD as you have termed is in its last stage as global reserve currency.Its an inflation currency.It is being printed unlimited and sent for circulation.USD just gained its importance after OPEC countries decided to sell crude oil only for USD.Otherwise,this so called valid currency would have been nothing.

Bitcoin is not a ponzi scheme.It has some unique features for which it gets the trust of people world wide.Its true that it has given huge profits to its early adopters.But it is not now in its end phase.Just it has crossed its initial eight years and yet,a long journey is to go.Today's investors will get their returns tomorrow.

[lm2f]

The valid currency USD as you have termed is in its last stage as global reserve currency.Its an inflation currency.It is being printed unlimited and sent for circulation.USD just gained its importance after OPEC countries decided to sell crude oil only for USD.Otherwise,this so called valid currency would have been nothing.

Bitcoin is not a ponzi scheme.It has some unique features for which it gets the trust of people world wide.Its true that it has given huge profits to its early adopters.But it is not now in its end phase.Just it has crossed its initial eight years and yet,a long journey is to go.Today's investors will get their returns tomorrow.

If you believe this, you don't understand cryptocurrencies. By definition, they're set out to die eventually. The amount of coins that can be produced is limited, and if you consider that many things result in frozen coins (e.g. deleting your wallet), it's only logical that after all coins have been made, the number can only go down, which will eventually reach critical levels and make the whole system impractical. That's the equivalent of the ultimate fate of the universe for a crypto, and with IRL money that doesn't happen because you can always print more. That doesn't matter much, because in addition to being inherently finite, it's also a speculative bubble that will burst; proof is how unstable it is when reacting to supply/demand (e.g. that one time weeks ago when it dropped $2k because some people shilled another coin).

[pixie85]

I agree that some aspects of ponzi scheme applies to bitcoin, as the people at the bottom of the pyramid are getting profits from the people who joined at the top of the pyrmaid.

But one important Ponzi aspect is missing at the bitcoin netowork, there is not a big organization who manages the funds and can decide where to take the  funds away and apply an exit scam, no one can just close the network, and the network is not promising you advanced profits for referring friends, and no one is going to run away with your money, but the whole bitcoin price is based on how much new people are joining the network.

Ok, so if 2 out of 3 features of a ponzi scheme are not met then it's not a ponzi scheme!
If a robbery is taking someone's property against his will with the use of force or threats, and the last 2 conditions aren't met this means that you've just borrowed something. It's a huge difference, isn't it? OP is an idiot

[HashFace]

Also, Apple Stock, Real Estate, Numismatic coins, Collectable Cars, Classic Art Work ....  all Ponzi Schemes (by the OP's definition) ... the people buying now are just making the people who bought in 80s richer ...  

[gz1derbread]

Bitcoin more and more takes root in the global economy, it is involved in production, many large companies of the world use bitcoin in their activities. And on this forum even attached a long list of these companies. For me, this is a serious argument in the reliability of bitcoin. This is not Ponzi, not a bubble, not a hoax.