Bit Coin is a Ponzi Scheme

[swogerino]

How could someone possibly call bitcoin a ponzi scheme ? Bitcoin is the best thing it has happened to me, I bought a used mining computer rig with six RX 570 graphic cards and I am receiving about 400 dollars in bitcoin monthly without doing anything  except paying for electricity. Do you know what this means to a third world country ? It means they can end the tyranny of capitalists there as capitalists there are different than the ones in the USA or Western Europe. Bitcoin is not a ponzi scheme at all.

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[Glorious04]

You sound bitter on your statement dude. But nevertheless i agree with you when it comes to ponzi schemes and HYIP i dont like them either. But why would i back $$$? What benefit will it be to me unless i work 12 hours a day and get my pay in $$? If people find their financial freedom in bitcoin why not as long as they do not oppress or take advantage anyone?

[nh199008]

are we being trolled lol? Id expect this years ago but not so much now

[Wingo]

That is how it works, you hold for a long time and wish for the price to increase. Patience will give you great profit, and you can't stop the market from growing. The early bitcoin holders also did not know that bitcoin will be this big as of today, no one could ever know what exactly can happen in the future.

[Realist247]

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.

Go back and read what I said.  Several times.  I didn't "try" to do anything.  I made sense out of your nonsense and I said something that MANY honest Bitcoin veterans have admitted many times on this forum.  Just not much on this thread.  And yes, you ARE an operator.  You depend on new money and more people to prop up the price to give you a return.  IF you care about Bitcoin becoming a currency, it is secondary to your goals of fueling your greed.  Don't bring other things into this like stocks since that just shows that you do not know how to debate with any intellectual capacity seeing as how you rely on attacking using nearly every form of logical fallacy.  Learn about logical fallacy and then come back here and tell me that I'm the idiot.

P.S. Nearly everyone on this forum insists that BTC will be worth hundreds of thousands of $ and rarely admit to the enormous risk that can bring this whole thing crashing down overnight.  Seriously get over yourself...and read the insanity that is probably 90% of this forum.

[andylioe78]

to create a system that uses cryptography, and create blockchain technology just to run Ponzi. You just run the HYIP site within 2 hours and earn more money with less effort.

[V-t.Ester]

Well, guy, it's your opinion. Nevertheless btc and alt coins are todays reality. They're actively used all over the world in different transactions despite what you think about it, so don't aggrieve. Everyone makes their own choise!

[Tone147]

Say the ponzi scheme because you don't know bitcoin, you don't know the value behind it, but now bitcoin has gained too much, and there may be a bubble.

[bakerlisa510]

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.

If you don't want the benefit of it then you should stay out of it and its place to communicate, I mean this forum.

[endlasuresh]

This is not a ponzi scheme as people are buying Bitcoins for different purposes and they are paying for several reasons. If Bitcoin is ponzi scheme then it would have died already, but it staying more than 7 years and still continue growth, no one had asked to invest in Bitcoin for making them into profits.

If you loves so much to ban Bitcoin then consult to your PM and say everything about Bitcoin.

[Wall-ET]

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).

Well, I like what you have done. Hope this is all a joke to trigger people to write to you, as if you really think this, it is sad...

You do know that 1 BTC is divided into 100mil satoshi.

So if we take 1 satoshi to be 1cent, then with 20mil BTC (if we think there are 1mil lost) this makes 20 trillion dollar equivalent from btc...

The transaction to send USD from europe to us takes week (up to 10 days) and costs way more then $20....
and if you are not in a hurry you cans end it for 7cents (I have done this few times, takes no longer then a day to go)...

[megynacuna]

This is not a ponzi scheme as people are buying Bitcoins for different purposes and they are paying for several reasons. If Bitcoin is ponzi scheme then it would have died already, but it staying more than 7 years and still continue growth, no one had asked to invest in Bitcoin for making them into profits.

If you loves so much to ban Bitcoin then consult to your PM and say everything about Bitcoin.

It's  all a calculated attempt by some bad guys to spread FUD's and cause panic selling so that bitcoin can take a tumble in prices now that it is soaring up pretty well. We are used to their devices now and so it doesn't tickle me one bit when i read news like that about bitcoin being a bubble, ponzi scheme and whatever.

[Juggy777]

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.

Hmmmmm this account is not a newbie, otherwise would consider that he really is not even aware what he's speaking. Why are you here on the very platform that satoshi was, okay if you think it's a bubble or a ponzi to bad for you op, no one can help you
Your so called usd, USA didn't it crash sometime back I. In 2008 legit company stocks what happened? Look at Bitcoin from then and now, I feel you're jealous to miss out and ranting here. Get some maturity and buy some satoshi's.

[slate_main]

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.

Hahahaha, this is a joke right? Maybe you lost out and am bitter but you want to rely on USD, a hyperinflationary ponzi, because it is law.. BTC is capped, as are other digital coins, the US FED and printing Billions of new notes yearly, what bulk this up, there is no gold reserve (anymore) dun dun dun... and the law abiding politicians... Go collect your paper money, we'll still be here.

Oh, and I live above ground  

[mondobitcoin]

I can't understand why you think this, i have a friend that think the same, but for me bitcoin it isn't a ponzi scheme.
Maybe because you don't have enough money for invest in bitcoin and receive a good earning?
What are are your reasons for think that?

[lm2f]

I can't understand why you think this, i have a friend that think the same, but for me bitcoin it isn't a ponzi scheme.
Maybe because you don't have enough money for invest in bitcoin and receive a good earning?
What are are your reasons for think that?

The fact that bit coin is over $10k despite having no intrinsic value makes it a ponzi.

[richmcrich]

A ponzi scheme? Do not exist, when they don't understand the currency, a lot of people would say that this is a ponzi scheme, however, it is a very stupid, they don't know what is the block chain, what is the currency.

It was a little bit harsh.  But true and very straight forward. I also don't like people bad mouthing Bitcoin just on the basis of their incomplete knowledge it is. It is better to do some research by your own before you start giving you remarks about anything.

Honestly I have been feeling such nonsense crap but the right way is to counter them with your own facts. This way many people may leave this forum which does sound good to me and may never understand what Bitcoin truly is. However, I am getting your point my friend and I strongly agree with you.

[HabBear]

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.

Zimbabwe has a valid currency too...and people were required by law to recognize it...and it became worthless.

Value because "it's law" is less meaningful than value because "a community of people believe it has value".

If Bitcoin didn't rise another $1 in value for the rest of its existence it would still be worth more than any fiat currency, because it spending power would never erode. Fiat currencies lose spending power because their government print more of it. That's the simplest explanation for why Bitcoin is more valuable, has greater utility than fiat currency.

It's a place to park your wealth that's secure and free from government intervention. It doesn't have to replace fiat currencies.


And if you're going to insult us at least spell it right...it's one word, Bitcoin.

[Oliver A]

Ponzi Scheme?
Really??
Only thing I want to tell you...
Sit on the bed, have some coffee and sleep
just do this thing then you will discern complete information of Bitcoin

[HabBear]

if you are jealous because you dont even have a bitcoin on your wallet, it is not our fault.

lmfao, check my registration date, kiddo.

Good point. You've been here since 2011. You must have been pro-Bitcoin at the start.

What changed? What happened that left you bitter about Bitcoin? Tell us your story.