Whenever someone says Bitcoin is a ponzi scheme, just ask them...

[rremus91]

- Have you ever heard about Kim Kardashian?
- Yes.
- Great. What's her purpose?
- Uhm, I don't know. Nothing.
- Exactly! Nothing, yet it's worth billions.

[kueyen]

Whenver someone says Bitcoin is a ponzi scheme, just tell them that you don't need to recruit them into the crypto environment system to work. Members of a ponzi scheme will try to convince you to buy into the system, which is not the case for bitcoin.

[btcjoin14]

- Have you ever heard about Kim Kardashian?
- Yes.
- Great. What's her purpose?
- Uhm, I don't know. Nothing.
- Exactly! Nothing, yet it's worth billions.

Your logic doesn't really make any sense, pointless things are the ones usually getting a lot of attention these days.

[MadAndHoldersPattern]

Whenver someone says Bitcoin is a ponzi scheme, just tell them that you don't need to recruit them into the crypto environment system to work. Members of a ponzi scheme will try to convince you to buy into the system, which is not the case for bitcoin.

Not quite true, every news site these days has ads popping and paid articles "if you had invested in bitcoin 5 years ago, you'd be a billionare" and ICOs are all over the place, can't go anywhere without seeing them

[hakimovic]

-have you ever heared of rremus91 ?
-Yes
-Did You get his point ?
-No
-Exactly

[BTCforJoe]

- Have you ever heard about Kim Kardashian?
- Yes.
- Great. What's her purpose?
- Uhm, I don't know. Nothing.
- Exactly! Nothing, yet it's worth billions.

What's the point of saying that, though? How people view Kim Kardashian or her worth has absolutely nothing to do with Bitcoin and how people view it. That just helps to spread the confusion surrounding Bitcoin and only makes it worse to the person you're replying to. I'd advise that you stop posting nonsense surrounding Bitcoin, and do more to learn about what it is and how it works before you start giving people fake news about it. Stop spreading confusion...

When I am encountered by someone that calls Bitcoin or any other cryptocurrency a ponzi or scam, I just remind them of gold. Yes, gold. This usually puts it in a way and perspective that people understand. They don't understand how gold is mined or purified or transported or exchanged... or how it gets its value. But I remind them that gold's value is based on supply and demand. There's a limited amount of gold on this earth, and because of that, it retains its value. The value of gold doesn't rely on new people discovering it.

I then remind them that Bitcoin follows the same principle. There's a limited supply of it. And my personal investment in the crypto doesn't change because I introduce anyone to it. There's no direct bonus for me to bring them into Bitcoin.

I'm then usually asked "so why do you talk about Bitcoin so much? It sounds scammy when you keep pushing it" to which my reply is "I just don't want to be that asshole that didn't introduce you guys to the opportunity to buy in early. I just want to cover my bases so I can tell everyone 'Remember those times when I told everyone to buy Bitcoin under $500? This is why!'. I don't care whether you invest into it or not, but I'm doing my part by spreading the word about something I'm passionate about, much like how Christians spread the word about Christ or how friends tell you about a badass steak they had at a new restaurant."

And if the person still feels like it's a ponzi or a scam, I just tell them I'll never bring it up around them again. Simple.

[rremus91]

- Have you ever heard about Kim Kardashian?
- Yes.
- Great. What's her purpose?
- Uhm, I don't know. Nothing.
- Exactly! Nothing, yet it's worth billions.

What's the point of saying that, though? How people view Kim Kardashian or her worth has absolutely nothing to do with Bitcoin and how people view it. That just helps to spread the confusion surrounding Bitcoin and only makes it worse to the person you're replying to. I'd advise that you stop posting nonsense surrounding Bitcoin, and do more to learn about what it is and how it works before you start giving people fake news about it. Stop spreading confusion...

When I am encountered by someone that calls Bitcoin or any other cryptocurrency a ponzi or scam, I just remind them of gold. Yes, gold. This usually puts it in a way and perspective that people understand. They don't understand how gold is mined or purified or transported or exchanged... or how it gets its value. But I remind them that gold's value is based on supply and demand. There's a limited amount of gold on this earth, and because of that, it retains its value. The value of gold doesn't rely on new people discovering it.

I then remind them that Bitcoin follows the same principle. There's a limited supply of it. And my personal investment in the crypto doesn't change because I introduce anyone to it. There's no direct bonus for me to bring them into Bitcoin.

I'm then usually asked "so why do you talk about Bitcoin so much? It sounds scammy when you keep pushing it" to which my reply is "I just don't want to be that asshole that didn't introduce you guys to the opportunity to buy in early. I just want to cover my bases so I can tell everyone 'Remember those times when I told everyone to buy Bitcoin under $500? This is why!'. I don't care whether you invest into it or not, but I'm doing my part by spreading the word about something I'm passionate about, much like how Christians spread the word about Christ or how friends tell you about a badass steak they had at a new restaurant."

And if the person still feels like it's a ponzi or a scam, I just tell them I'll never bring it up around them again. Simple.

That's the reply that I was looking for. Thank you!

[ShortCoins]

And my personal investment in the crypto doesn't change because I introduce anyone to it. There's no direct bonus for me to bring them into Bitcoin.

Wrong.

Bitcoin has used signature campaigns, faucets, referral bonuses and more to directly reward each person that brings someone else in. This is the exact model used in Pyramid schemes. Each new sucker that buys bitcoin for a higher price than you paid, directly pads your ROI. So there is 100% a correlation between recruiting new investors and the rise in price of bitcoin

[kueyen]

Whenver someone says Bitcoin is a ponzi scheme, just tell them that you don't need to recruit them into the crypto environment system to work. Members of a ponzi scheme will try to convince you to buy into the system, which is not the case for bitcoin.

Not quite true, every news site these days has ads popping and paid articles "if you had invested in bitcoin 5 years ago, you'd be a billionare" and ICOs are all over the place, can't go anywhere without seeing them

Well, they're ads basically. Ponzi schemes inevitably implode because once you go past a certain number of users, the system is not viable any more. It's no wonder that exchanges are running ads, saying things like "you were a millionaire today if you had invested in btc 5 years ago", in order to increase their own volume. But the success of bitcoin doesn't rely on the number of users in exchanges. That is where they differ.

[kueyen]

And my personal investment in the crypto doesn't change because I introduce anyone to it. There's no direct bonus for me to bring them into Bitcoin.

Wrong.

Bitcoin has used signature campaigns, faucets, referral bonuses and more to directly reward each person that brings someone else in. This is the exact model used in Pyramid schemes. Each new sucker that buys bitcoin for a higher price than you paid, directly pads your ROI. So there is 100% a correlation between recruiting new investors and the rise in price of bitcoin

You fail to see the difference between advertisement and recruitment. Ponzi schemes rely only on referral bonuses (granted, used in the crypto environment as well) which means recruitment. But signature campaigns and airdrops are nothing other than you running ads for an organization. People who have ICOs in their signatures don't have to go around convincing people to invest in a certain ICO, it is enough that they promote the link by writing a comment, which serves as an ad.

[integrap]

In my country even ministers started to say bitcoin is a ponzi scheme and people shouldnt buy. So it is normal people say these kind of questions. They dont want to search anything about bitcoin and they just say what they heard.

[ShortCoins]

Bitcoin can be USED as a pyramid scheme even if the creator of bitcoin (some made up dude we don't even know) did have positive intentions.

Its hard to guess his intentions when we don't even know who the heck he/she/they are.


Every person involved in advertisements, affiliate sites, crypto media, faucets, signature campaigns is essentially running their own pyramid scheme. And most of them are clueless they are doing so. But their success directly depends on their ability to recruit the next sucker in line.

Not sure why you are getting caught up on definitions of recruiting vs advertising. Ads are USED to recruit.

[kueyen]

Ads are USED to recruit.

So what you're saying is that pretty much every company out there that runs ads is running a Ponzi scheme? Is Coca Cola a Ponzi scheme? After all, they have to run ads to fool "suckers" into buying Coke as well.

[shacc]

For review the Ponzi scheme is a special type of fraud and this fraud works on the basis of paying out returns to from new members (investors) where they typically involve putting money into arcane investments.
but with  Bitcoin is not owned or even managed by any one person or organization, its true that Bitcoin was indeed originated by a single person, but then he has been hands off.
Bitcoin is more like open source software than a currency owned and controlled by any government or person

[Guzztsar]

I agree with previous comments, choose to use Kim Kardashian as analogy to bitcoin was a very bad choice. Regardless of that, lack of knowledge is the reason for the people's misinterpretations.

[949miner]

- Have you ever heard about Kim Kardashian? - Yes. - Great. What's her purpose? - Uhm, I don't know. Nothing. - Exactly! Nothing, yet it's worth billions.

Wow that is a great explanation, and i was just wondering about all the millions and millions of dollars that she is spending on useless things everyday, because she publish them on her instagram everyday.

He is a billionaire, he does not need anything because she's whole life has been solved already.

But bitcoin is very different, you can not compare an asset, with a billionaire person, they are very different concepts.

[Stingray1970]

- Have you ever heard about Kim Kardashian?
- Yes.
- Great. What's her purpose?
- Uhm, I don't know. Nothing.
- Exactly! Nothing, yet it's worth billions.

I don't think Kanye West would agree.

On a side note : she still has a pussy :-)

[bitorama]

I can not get your point here

[ShortCoins]

Is Coca Cola a Ponzi scheme? After all, they have to run ads to fool "suckers" into buying Coke as well.

No if Coca Cola was running a Pyramid Scheme/Bitcoin Scheme it would look like this:

Coca Cola makes a new invisible drink no one can see
Coca Cola rewards the first people who help create this invisible drink
Coca Cola uses payments made by new invisible drink consumers to pay the people who help created it
Coca Cola gets additional customers when the people who made the invisible drink tell their friends about it
Coca Cola pays customers to keep recruiting their friends
Coca Cola continues to sell these invisible drinks and gets everyone's money

[kueyen]

Is Coca Cola a Ponzi scheme? After all, they have to run ads to fool "suckers" into buying Coke as well.

No if Coca Cola was running a Pyramid Scheme/Bitcoin Scheme it would look like this:

Coca Cola makes a new invisible drink no one can see
Coca Cola rewards the first people who help create this invisible drink
Coca Cola uses payments made by new invisible drink consumers to pay the people who help created it
Coca Cola gets additional customers when the people who made the invisible drink tell their friends about it
Coca Cola pays customers to keep recruiting their friends
Coca Cola continues to sell these invisible drinks and gets everyone's money

Except, just because cryptocurrencies are numbers on a screen don't mean that they are non-existent. Just because cryptocurrencies are digital, doesn't mean that they don't exist at all. Numbers on a screen is pretty much how the entire world works nowadays.

[TravelBlock]

Is Coca Cola a Ponzi scheme? After all, they have to run ads to fool "suckers" into buying Coke as well.

No if Coca Cola was running a Pyramid Scheme/Bitcoin Scheme it would look like this:

Coca Cola makes a new invisible drink no one can see
Coca Cola rewards the first people who help create this invisible drink
Coca Cola uses payments made by new invisible drink consumers to pay the people who help created it
Coca Cola gets additional customers when the people who made the invisible drink tell their friends about it
Coca Cola pays customers to keep recruiting their friends
Coca Cola continues to sell these invisible drinks and gets everyone's money

Coca Cola pays customers to keep recruiting their friends.. is this line referring to Bitcoin's payments? Because as far as I know, there are none. I mean hardforks produce extra capital, sure, but that's not what the original intender planned. Nor does that really happen to everybody. People invest into BTC mainly due to speculation right now, but even when that dies down, there still will be more value to it than the traditional payment systems.

[audaciousbeing]

- Have you ever heard about Kim Kardashian?
- Yes.
- Great. What's her purpose?
- Uhm, I don't know. Nothing.
- Exactly! Nothing, yet it's worth billions.

I must just laugh at this comparison bitcoin and Kim Kardashian but they are completely opposite each and giving that as an excuse will show a form of moving or shying away from conversation especially in an intellectual gathering which might give one away as someone who really does not know the reason why he is involved in bitcoin.

I would prefer everyone to go have answers for this if you haven't had one because you never can tell, it question might be directed to you at the time you least expect and your response might go a long way in either adding someone to the fold, or giving someone a reason to hold to his myopic view.

[stompix]

-have you ever heared of rremus91 ?
-Yes
-Did You get his point ?
-No
-Exactly

The sad part is that the only comment I get is yours )
What in the name of God and E! has Kim  Icantspellhernameright with Bitcoin and with a ponzi scheme
The only one that is "investing" in her is Kanye West, but I doubt ordinary people would be able to "invest" in her, and I don't even want to mention what the bubble burst would look like