♨♨♨ Is Bitcoin A Giant Ponzi Scheme?♨♨♨

[Webberson]

The concept of bitcoin, does not fit into the definition of a ponzi scheme. A ponzi scheme, is like a give and take situation which involves a third party. But bitcoin on the other hand has to do with an individual investing directly and getting returns when there is either an increase or a decrease in the currency value.

[PeRo]

I am 100% sure it is not. Sure, it does seem like a perfect rip-off but I doubt it. If someone made it as a Ponzi scheme I doubt he would wait so long and he could not predict that the price will be so much high in a few years.. We probably would have been ripped off earlier. Those who say Bitcoin is being controlled by 1 person or more are dead wrong.

[ShortCoins]

FACTS:

  

• Nearly 3 million bitcoins were generated in 2009 alone — 13% of the total number of bitcoins allowed!!!
• Bitcoin was worth less than one penny by April 2010
• By June 2011, bitcoins skyrocketed 9667-fold from a value of $0.003 to $29
• 1000 People control 50% of the bitcoins!!! Scary!
• Bitcoin is 5,000,000x as expensive to buy now as it was 7 years ago
• Bitcoins price is fueled by crime, greed, gambling, corrupt governments, greed, drugs, tax evaders, and uniformed investors
• Crypto technology is really cool but bitcoin is too expensive

[Xenrise]

Many people are putting that idea, that bitcoin is just like a giant pyramiding scheme. Well, that's their idea about bitcoin what else can we do with that right? Bitcoin really is a good coin/asset or whatever but all I can say is that those people are only hindrance to us who are pursuing in bitcoin and cryptocurrency.

[ShortCoins]

Those who say Bitcoin is being controlled by 1 person or more are dead wrong.

The scariest and craziest part is we really don't know who is behind it. It could be a crazy group of anarchists or a Hitler type character trying for world domination through currency control. We really don't know who is controlling the price or who is holding the majority of the coins.

[greeklogos]

Ponzi scheme based on that fact that you need to join a friend to that to get the profit, but bitcoin doesn't, it's price doesn't consist in the value of investments 100%, but more in demand. While there is demand bitcoin will never fail. And AT&T to that in the head of bitcoin there are no any special guy which in one moment will take all the money, close the firm and disappear.

[xBitHodler]

I wouldn't say that Bitcoin is a ponzi scheme. As you said, the owner should earn the most. Every single person here can check if anyone has moved BTC from the first addresses on which are bitcoins mined from 50 BTC blocks. I think that Bitcoin is a great technology which can destroy banks. That is why many politicians and bank owners try to discourage ordinary people from investing in Bitcoin and other cryptocurrencies. They consider is as a huge threat.

[benjamin11]

I don't think so. In a ponzi scheme, you have to recruit someone in the system to gain profit, in bitcoin, you don't have to that thing. You don't have to sell anything or get many people to join as many as possible in bitcoin. Bitcoin is more of a invisible currency that you can use to buy things, but since its invisible, its value is unstable. It might be gone tomorrow or it might increase  its value the next day.

[digitalgame4life]

Bitcoin started as a very good, bright and rebellious idea, however time and people who are wanting more power and money changed Bitcoin in something that in my oppinion never should have happened, Bitcoin increased in price yes, but people controlling that price are not our friends, wall street investing now in bitcoin manipulating price heavily, miners they only want to fork it and get all the money in their own favor.

[ShortCoins]

Ponzi scheme based on that fact that you need to join a friend to that to get the profit, but bitcoin doesn't

Actually a big part of the success Coinbase has had is because it gives a $10 bonus to both the referrer and the referee so its basically handing out $20 every time some gets a "friend to join". Coinbase represents a huge portion of bitcoin sale.

The initial investors got their coins for $0.003 each and now they are selling them to the next sucker in line for $15,000+ USD. The price has gotten way unrealistic. Its gone up 5,000,000 times the initial amount in such little time. Strictly based on demand. People are getting their free $10, they are buying bitcoin to gamble and do illegal things, they are telling their friends how much bitcoin is going up, they aren't selling because of ridiculous fees, and resources are being wasted to "mine" these coins and becoming more and more expensive to do so which is all driving up the price to an absurd level.

I think Bitcoin doesn't have much room to grow once people realize that so much of the coin is already in circulation and controlled by such few.

[ShortCoins]

Look at everyone who did faucets or signature campaigns. Look at all the crypto channels on YouTube. Everyone is making money by referring everyone else and getting more and more people to buy into it. If its not a Ponzi Scheme, is structured exactly like one. And the 5,000,000x returns that the initial investors are cashing in on will eventually cause the price of Bitcoin to crash. When you realize how high the price actually is, and you compare the 2010 price of $0.003 to the pricetag now of over $15,000, you will start to understand how scary the increase is.

[pixie85]

• Nearly 3 million bitcoins were generated in 2009 alone — 13% of the total number of bitcoins allowed!!!

So what?

• Bitcoin was worth less than one penny by April 2010

Because only a small group of people knew of its existence. Nobody was advertising it in the media.
What about those companies that started in the garage? How much was Bill Gates worth when he started his company? Most likely less than the market cap of Bitcoin in 2010.

• By June 2011, bitcoins skyrocketed 9667-fold from a value of $0.003 to $29

Great. Somebody finally started buying. Exchanges have opened, Bitcoin became widely available.

• 1000 People control 50% of the bitcoins!!! Scary!

And in case of USD even less people control 100% of the currency, currently measured in trillions.

• Bitcoin is 5,000,000x as expensive to buy now as it was 7 years ago

Because it started from nothing. You can't compare something that was being traded by a group of nerds to a stock that goes public when the company is well known.
How does it contribute to your ponzi scheme theory?

• Bitcoins price is fueled by crime, greed, gambling, corrupt governments, greed, drugs, tax evaders, and uniformed investors

Add greed once more to make it stand out.
And aliens, don't forget about aliens!

• Crypto technology is really cool but bitcoin is too expensive

Said people at $100, $1000, $10000 and they will keep saying this when we go past $20k

[ShortCoins]

It was all a scheme, I used to read bitcoin magazine

Buying crypto on coinbase up in the limousine

Then it crashed on down

Ponzi Scheme and the feds came around

[rainbow169]

If Bitcoin is a giant ponzi scheme, then it is probably one of the best in history. What's similar of crypto currency to that of ponzi scheme would be both will rely on confidence.  Pumps and resilience increases the level of confidence. When there are more people believing it has value than not, is that really a ponzi any more?

Bitcoin's value comes from community consensus of value and its technical feature to support that, like scarcity and consistency. If you really want to call it a ponzi, then remember the other famous ponzi before bitcoin - Gold.

[ShortCoins]

This will go down as the greatest Ponzi scheme in history, yes

And it will all be anonymous and everyone will be SOL when the crash happens. Greed can only drive the price so high. The downslope is coming 

[marcbitcoins]

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources


Is Bitcoin a giant Ponzi Scheme?

I think no Ponzi scheme will survive more than 3 years because it is a scam but bitcoin already 8 years and still kicking. BTC is not a scam but only the bad people where using bitcoin to scam people thru types of scam like Ponzi scheme and HYIP. BTC is a freewill investments in which no one will ask you to sign in and give your coins to them for them to keep because we are the one who keeps our bitcoin from the very start you purchase it.

[ShortCoins]

If Bitcoin was started in the USA it would already be squashed imho

The Ponzi scheme has questionable origins and has spread around third world countries and to millennials

[Realist247]

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources


Is Bitcoin a giant Ponzi Scheme?

I think no Ponzi scheme will survive more than 3 years because it is a scam but bitcoin already 8 years and still kicking. BTC is not a scam but only the bad people where using bitcoin to scam people thru types of scam like Ponzi scheme and HYIP. BTC is a freewill investments in which no one will ask you to sign in and give your coins to them for them to keep because we are the one who keeps our bitcoin from the very start you purchase it.

Bernie Madoff kept it up for longer than 8 years and his version was nowhere near the automated genius of BTC.  Like I said on page 2, the operators made their money and disappeared at the beginning leaving behind something that practically runs itself.  They might not have expected to make billions but even several hundred million $ is still easily worth it to the geniuses behind it that created a whole new level of Ponzi.  Without the internet it would be impossible.

What so many of you people fail to understand is that all that matters is intent and an understanding of how human greed would take over and do all of the work for them.

And seriously...cut the bullshit.  There are dozens of 100 page threads that are dedicated to recruiting or convincing people to get involved in this non-currency (admitted by most of you) "store of wealth".  YOU ALL are the operators to your own individual decentralized Ponzi that is each coin.

"How do I convince my friends/family"

"What do we do with people who don't want to join"

"Teach Bitcoin in schools!"

"We should advertise on TV!"

and on and on and on...probably 70% or more threads on this forum are all discussing strategies to get more people involved....and almost EVERYONE on these threads DO NOT CARE that those that they recruit will not use BTC as a currency.  "It's a store of wealth!".  Ponzi ponzi ponzi...and tons of low IQ's that cannot see the forest from the trees...or simply DO NOT CARE.

[desi92]

Ponzi scam is earlier people get paid from new people join.
But in bitcoin, we dont get anything if new people join. The only run is the price.
I am not expect to explain this but i am sure blockchain is not ponzi.

[Realist247]

Ponzi scam is earlier people get paid from new people join.
But in bitcoin, we dont get anything if new people join. The only run is the price.
I am not expect to explain this but i am sure blockchain is not ponzi.

To the OP - I don't know if it will help or not but these shitposters like the above only read (more like skim) the original post and ignore everything that follows.  Just a suggestion but I think it's in your best interest to update your original post with more of the proofs contained within the thread and/or other useful info posted that pokes holes in all of these brain-dead cookie cutter excuse replies before they start.