Bit Coin is a Ponzi Scheme

[Singwala]

It can be yes because its price rises. But bitcoins are decentralized and that is not manipulated by anyone. Pressure is rising and falling just naturally. Because of selling and buying. The so-called ponzi scheme is still rising and no fluctuating events occur.

[1714988057]

1714988057

[1714988057]

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[Realist247]

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.

I haven't been on this forum since 2011 like the OP but I was well aware of BTC due to listening to many libertarian broadcasts back then and their interviews of the lead developers at the time.  I was planning to buy some but didn't trust the process of buying where I lived back in 2011 since it wasn't as simple as it is today.

That said, you people don't get it.  I agree with the OP 100%.  I believed that BTC would eventually turn into a Ponzi scheme if it didn't catch on in the mainstream in the form of being able to pay for a cup of coffee or buy food at the grocery store.  Not only has this hasn't happened but something even worse happened...the crazy fees that make BTC unrealistic as a day to day currency.  But wait...there's more!  As an excuse, everyone readily admits that BTC isn't really a currency but a store of wealth.  WTF?!?  Hello...that's NOT why it was created.  Finally seeing how everyone behaves or otherwise hypes BTC has convinced me beyond a reasonable doubt that BTC is a Ponzi scheme.  I'm sorry but that's what it is.  I'm happy for those that bought back in 2011 and managed to not lose it or sell it for nearly 7 years.  These people know full well that they made their money because people are willing to pay 1000X more today than in the past.  They know full well that there's no justification for these prices.

So drop this "bitterness" bullshit.  Just because someone decides that Bitcoin is a form of a Ponzi scheme doesn't make them bitter or even that they disagree with it.  They are just being honest.  Most people on this forum, in contrast, are full of shit and they know it.  Knowing that Bitcoin is a Ponzi shouldn't stop someone from investing.  Being afraid that the price is too high and it's vastly overbought and overvalued is the reason they stay out of it....or get in and out as fast as possible...knowing that those that believe in the concept of HODL are the ones that are going to get burned sooner or later when governments start making it illegal or people pull out their money and flood to other cryptos.

[BitCoinKeeper]

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.

Bitcoin will change the way we think about our money. Not possible that bitcoin is a Ponzi because there are ONLY 21 million of them... There cannot be any new additions of it to the pile. And it cannot be printed out of thin air like the paper fiat that is so widely accepted today.

Just under 1/2 (thereabouts) of the 21 million Bitcoins yet to be mined. Almost free  (or IMO not expensive) transfers? The way it ought to be in today's digital society.

[MostHigh]

Were your definition of a ponzi scheme is quiet pathetic but once again you are allowed to spew your trash down here but if i may ask if it is all a scheme then what are you doing here. Educating us to leave here or here to make some earnings.

[Delos]

Bitcoin isn't a ponzi scheme. Thats pure bullshit.

Bitcoin is same as some goods. Its made for sell,buy and trading.
If more buyer want it the price goes up.

The only difference is its virtual. Thats a new experience for most people.   

[lm2f]

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.

I've grown out of the edgy libertarian phase.

[suvo05]

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.

Thank you for your advice. But I doubt someone will take your advice seriously here in this forum. I can't understand your intention of telling that statement.

[ogini]

how dose bitcoin seem to you to be ponzi and what make you feel that USD is a super currency it sound foolish,and if i may ask what are doing in this forum  if you find no interest  in what we are doing here cause this forum is a bitcoin.Your super hero is suffering because if bitcoin,bitcoin will really push it off.

[zais]

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.

In the Ponzi scheme, business co-founders will reassure investors that they will get a profit on some level, while Bitcoin does not promise such a thing. No central entity; there are only individuals who run a decentralized economy.

[ogini]

how dose bitcoin seem to you to be ponzi and what make you feel that USD is a super currency it sound foolish,and if i may ask what are doing in this forum  if you find no interest  in what we are doing here cause this forum is a bitcoin.Your super hero is suffering because if bitcoin,bitcoin will really push it off.

[jigsaw97]

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.

In the Ponzi scheme, business co-founders will reassure investors that they will get a profit on some level, while Bitcoin does not promise such a thing. No central entity; there are only individuals who run a decentralized economy.

yes for me that was right cause bitcoin never ever make some promises about cause it is not that bitcoin are having some promises about so better to check it first before making some news about bitcoin that was not true research about what was bitcoin is.

[adiksau0414]

You're a funny man or woman?. I don't want to argue with people who dont even know what He's fighting for.  Did you use bitcoin?  Do you have any bitcoin? I would like to suggest that maybe you try to buy bitcoin, hold it for a month and sell it.  Then, state what happen to your bitcoin.  Does it gain profit or you lose some money?  Before you speculate anything.  People in this forum are here because they believe and trust in bitcoin.  Some have their losses but still they have faith to continue in using bitcoin. Bitcoin is circulating and many statements here that bitcoin really help them atleast for their day to day routine and spending. Maybe just find other site,  you will just gain Banshees here.

[decryptionary]

Bit coin is a Ponzi scheme.

You might be operating on a different definition of Ponzi scheme than the rest of us? Check out my definition at:

https://decryptionary.com/dictionary/ponzi-scheme/

[Dudeperfect]

If you are applying one assumption for one currency then it should be applied to each and every currency out there with no exception to it.

Yes, $10K is not the value of 1 Bitcoin but the value of trust of me and everyone out there who is using Bitcoins and rest is the game of demand and supply. If a cryptocurrency like Bitcoin is a Ponzi scheme just because it is based on trust then what about other currencies?

[Oceat]

If you are applying one assumption for one currency then it should be applied to each and every currency out there with no exception to it.

Yes, $10K is not the value of 1 Bitcoin but the value of trust of me and everyone out there who is using Bitcoins and rest is the game of demand and supply. If a cryptocurrency like Bitcoin is a Ponzi scheme just because it is based on trust then what about other currencies?

The only difference of these two is that fiat money is centralized and being controlled by our government while Bitcoin is decentralized. Though Bitcoin may not be under control of the government but this was Satoshi wants when he created Bitcoin. And it's up to us people to decide whether we support Bitcoin or not but most of us decided to support it because they like the characteristics of Bitcoin.

[4better]

Oh well. It's never a Ponzi scheme for me. It's the new virtual currency for the new modern world. We are becoming modernized and so currencies such as bitcoins have to come along with the new technology.

[posoa]

It is absurd to say Bitcoin is a ponzi scheme, this is as a result of some countries whose government have approved bitcoin as a currency. If it is a ponzi scheme am very sure the government will have carry out its findings before adopting bitcoin as acceptable  for paying for  goods and services. Bitcoin is a digital money with which investments is made for the purpose of yielding gain. Many establishments all over the world  accepts payment using bitcoins. If it were a ponzi scheme definitely they would not have accepted it. A ponzi sheme is not reliable, and method of getting money is to use payment of new members to pay older members, and  such does not exist in the case  of this digital currency called Bitcoin.                                                                         

[BADecker]

The whole banking system is way more of a Ponzi than Bitcoin could ever think of being.

All money in the banking system is borrowed into existence. All banking system loans are creations of new money. How do we know? Here's how.

If you go to the bank for a loan, and you are sitting across the desk from a loan officer, and he/she slides the promissory note across the desk for you to sign, does the unsigned note have value? Of course not. If it did, the banker would simply loan you the money without your signature. In fact, the banker could pick a name and address out of the phone book, write up a loan to that name, and keep the money but charge the loan to that name.

The point is, the note has no value without a signature. Then you sign it, and suddenly the note becomes valuable. Value is in your signature. You just created value; you just created private money.

Then the banker accepts your private money, and gives you some public money in trade. Notice that it is in trade. There is no loan. The loan idea and wording is a lie.

The point is that the loan is a creation of new money. The bank sells your note, making money on sale immediately, and on your payments as you apy the "loan" off. No loss to the bank, even if you immediately default.

All money is created through loans. The government borrows money. Their credit is based on the ability of the country to make payments on the loans. Getting more loans for the banks is what the government does to assure that they can make payments on their loans and get larger loans in the future. Military spending comes from loan money, and that is why we have wars. (Another subject.)

The point is, if we don't keep on getting more people and companies into the Ponzi, and if they don't make payment on the outstanding loans, the Ponzi will fail. Who knows what the chaos would look like if the banking Ponzi failed.

Bitcoin is straight-out value for value, although a lot of it is perceived value. If it has a touch of Ponzi-ism in it, it is not anywhere even approaching a Ponzi like the humongous banking Ponzi.

To see the size of the banking Ponzi, consider that the Foreign Currency Exchange (Forex) does over $5 trillion in fiat currency exchange every day.

Any Ponzi in Bitcoin isn't even a blip on the screen... isn't big enough to be the proverbial needle in the proverbial haystack... isn't the size of a gnat in a bowl of soup compared with the camel that is the bowl.

[error08]

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.

The only story Op has about how he don't believe in bitcoin and consider it as ponzi scheme where there is no one who control it, it's decentralized digital currency.
The only story Op has about how he lost the chance to become a rich man if he invest $1000 in bitcoin back in 2011.
And here he is, trying to influence newbies to do the same mistake as he did.

[layoutph]

Another guy who lose from the trade calling btc a ponzi lols. How about stockmarket, is it a ponzi or not?