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Author Topic: The Biggest Pyramid Scheme Ever Devised!  (Read 11484 times)
bitrebel
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July 05, 2011, 05:55:56 AM
 #1

is the US Dollar..... Shocked  Huh

14 Trillion WHAT?

It's funny, because some opponents of bitcoin claim bitcoin is a scheme, and they compare it to the US dollar and other so called "stable" currencies.

But all world currencies are based on debt, unless they are local currencies based on work or hours.

If a currency is based upon debt, then it cannot continue indefinitely, and likewise, it's collapse is guaranteed and so is the economy it supports.

The US government contracted with the Federal Reserve in 1913 to borrow credit some a foreign offshore banking cartel. Ever since then, the US has gone further and further into debt. It took 20 years, until 1933, when all the gold we held, that was placed as collateral against the borrowing of the fiat currency, was extinguished and owned by the loaning cartel banks, controlled from the Bank of England.

It's just common sense that if the central banks loan out 100 million dollars, and charge 5% interest, then, at the end of the year, 105 Million dollars must be pulled out of circulation to pay back that debt. But, whet the banksters do, is they keep the majority of that fiat currency in circulation, so they can pull out more and more debt without anyone noticing very much. The result is the same though. When that extra 5 million is given back to the banksters, people lose their homes and property because there was not enough "debt" given out by the banksters in circulation with which to pay back that interest. That's a classic ponzi scheme. Eventually the banksters own it ALL, including the people themselves.

How is bitcoin different?

Hardware must be bought, currently, in order to maintain the mining, but that hardware still has some value, even with a given period of time. Eventually it will be worthless. In this way, one could say bitcoin is similar, however the difference is the bitcoin wealth is not borrowed, it's rather "harvested" in a way that produce is harvested or gold and silver is mined. Yes, there are costs involved currently, but in the long run, when 21 million coins exist and no more are "minted", then there is no inflation that can happen and there is no debt that can accumulate from it's mere existence and circulation.

What is "money"? Is what is the question.

Currently, the money we use, is debt, not credit. If it were credit we actually created, then things may be a little different and our society would thrive instead of drowning. Credit is created with a signature, from someone who loans their credit to someone else, however, the receiver of that credit, becomes, by nature a debtor. So, generally, anytime someone creates credit, someone else borrows it, and interest in charged, we have a major problem. Unlimited debt. But the real problem lies in the fact that credit is borrowed from one central source, instead of all the various people who have skills and can hire people or create projects useful to society. Instead, we are made to turn to one central group of people, we call "bankers". That's another major element of a ponzi scheme. We are given no choice of lenders, but yet we must all pay interest, and one group of people collects it all. PONZI, PONZI, PONZI...PYRAMID!

What will keep bitcoin from becoming nothing more than a fly by night pyramid, pump and dump scheme?

All it really takes is more people to use and accept bitcoins. If people are happy with it, it will succeed. If people support it, and create software and solutions that help it grow, it will be stable and long lasting.

Will it ever die?

Possibly, but all known fiat currencies have only lasted a century at the most, so eventually most currencies go by the way side.

If it has the potential to become a pyramid and people abandon it, how will it be worth becoming involved with today?

If we can use bitcoin as a vehicle to achieve our united goals of ending the debt based slave driven monetary system, then is it really important if it fixes the entire problem and lasts forever?

Just so long as it's not as flagrant, cheap, debt based, centrally thief owned and mobster controlled Ponzi pyramid scheme as the US dollar, then it's better than what we have now.

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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bitrebel
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July 05, 2011, 06:26:43 AM
 #2

Now if there is 14 Trillion in US Debt, backed by you and I, ....
and there are 300 million of us in the good ol USA, that makes each and every one of us accountable for approx. ...

$46,666.66

and if you buy 100 bitcoins now, for $15 each = $1500
and bitcoins become worth $300 each, you could pay off the entire value of your share of the debt.

Not that I would ever suggest doing that, or that it could be done. But it goes to show what bitcoin can do in relation to the dollar and our 14 Trillion dollar debt.


Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
elk-tamer
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July 05, 2011, 06:32:18 AM
 #3

Now if there is 14 Trillion in US Debt, backed by you and I, ....
and there are 300 million of us in the good ol USA, that makes each and every one of us accountable for approx. ...

$46,666.66

and if you buy 100 bitcoins now, for $15 each = $1500
and bitcoins become worth $300 each, you could pay off the entire value of your share of the debt.

Not that I would ever suggest doing that, or that it could be done. But it goes to show what bitcoin can do in relation to the dollar and our 14 Trillion dollar debt.


Of all the errors you have in there, somehow the extra significant digits are the most irritating.
XRcode
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July 05, 2011, 06:36:07 AM
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Who cares about his errors, his views are somewhat accurate
elk-tamer
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July 05, 2011, 06:49:25 AM
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Who cares about his errors, his views are somewhat accurate
This place needs a "bi-polar" sub forum where people like you can read posts by people like him without being mocked by the regular folk.
nemo
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July 05, 2011, 06:53:51 AM
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Let's meet in the middle. You explain in a way that doesn't make you look like a dick, and I get smarter.
bitrebel
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July 05, 2011, 07:23:07 AM
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I hope my post was not too confusing.
I only meant to point out that while some people are calling bitcoin a pyramid scheme, it's actually the US dollar that much closer resembles a real pyramid scheme, and bitcoin is actually much more solid, in relation to the US dollar.

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
RogerR
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July 05, 2011, 08:25:10 AM
 #8

Let's MITM. ...

Oh you...
nazgulnarsil
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July 05, 2011, 09:14:18 AM
 #9

this topic.  Nobel prize.  calling it.
skyhigh
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July 05, 2011, 10:23:52 AM
 #10

Now if there is 14 Trillion in US Debt, backed by you and I, ....
and there are 300 million of us in the good ol USA, that makes each and every one of us accountable for approx. ...

$46,666.66

and if you buy 100 bitcoins now, for $15 each = $1500
and bitcoins become worth $300 each, you could pay off the entire value of your share of the debt.

Not that I would ever suggest doing that, or that it could be done. But it goes to show what bitcoin can do in relation to the dollar and our 14 Trillion dollar debt.




No offense but Man you Americans and your math. There is so much wrong in this simple math I probably shouldn't even bother with this.

100 BTC at $300 each makes it only $30,000  not $46,666.66

if each of 300mill Americans would try to buy 100 BTC we would run out of BTC by the time 210,000th American would buy his 100 BTC when miners will be able to mine all of the bitcoins. So 299.800,000 people won't be able to pay off their part of the debt or to put it in %. You guys won't even repay 1% of the current debt. By the time we will be able to mine all the coins, you don't even want to guess what USA debt will be at.

here is the most funny part. since USD is debt and you guys will buy bitcoins with it to pay of your debt !? where excatly will all this $300 per bitcoin come from?  Thin hot air or will you borrow more from the Chinese ?
RogerR
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July 05, 2011, 11:09:52 AM
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Now if there is 14 Trillion in US Debt, backed by you and I, ....
and there are 300 million of us in the good ol USA, that makes each and every one of us accountable for approx. ...

$46,666.66

and if you buy 100 bitcoins now, for $15 each = $1500
and bitcoins become worth $300 each, you could pay off the entire value of your share of the debt.

Not that I would ever suggest doing that, or that it could be done. But it goes to show what bitcoin can do in relation to the dollar and our 14 Trillion dollar debt.




No offense but Man you Americans and your math. There is so much wrong in this simple math I probably shouldn't even bother with this.

100 BTC at $300 each makes it only $30,000  not $46,666.66

if each of 300mill Americans would try to buy 100 BTC we would run out of BTC by the time 210,000th American would buy his 100 BTC when miners will be able to mine all of the bitcoins. So 299.800,000 people won't be able to pay off their part of the debt or to put it in %. You guys won't even repay 1% of the current debt. By the time we will be able to mine all the coins, you don't even want to guess what USA debt will be at.

here is the most funny part. since USD is debt and you guys will buy bitcoins with it to pay of your debt !? where excatly will all this $300 per bitcoin come from?  Thin hot air or will you borrow more from the Chinese ?


No need to be mean.

But just as addendum - by the time you're trying to buy the 21st mio bitcoin, the price will be nowhere near $300.
Etlase2
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July 05, 2011, 12:05:34 PM
 #12

I only meant to point out that while some people are calling bitcoin a pyramid scheme, it's actually the US dollar that much closer resembles a real pyramid scheme, and bitcoin is actually much more solid, in relation to the US dollar.

If you say it, it must be true.

BTCurious
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July 05, 2011, 12:12:30 PM
 #13

if each of 300mill Americans would try to buy 100 BTC we would run out of BTC by the time 210,000th American would buy his 100 BTC
Do let me know when that is going to happen. I love riding rallies.

Vladimir
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July 05, 2011, 12:22:48 PM
 #14

USD (and other fiat currencies) are indeed giant pyramid schemes.

Moreover, they have a monopoly on pyramid schemes by effectively outlawing other pyramid schemes.

Moreover, they have an image of a pyramid on the dollar bill. I bet they had quite a rolf on Jekyll Island while deciding what to put there. Like "how many decades will it take the slaves to figure it out, while it is in front of their stupid eyes all the time, lol".

Moreover, this pyramid scheme is designed to fall eventually since it's continued existence is based on ever growing debt levels which effectively often replace real organic economy growth. The debt growth must be exponential which creates a mathematical certainty that sooner or later it stops being sustainable. As soon as debt stops growing the pyramid will collapse. This effectively and indisputably guarantees it's eventuall collapse, this is not economics it is hard math, you cannot outlaw laws of math, you cannot legislate away impossibility of sustainable exponential growth.

Comparing to this, calling Bitcoin, with it's finite inflation model, a pyramid scheme is naive to the extreme.

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MatthewLM
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July 05, 2011, 01:40:13 PM
 #15

I missed the part where it was actually explained how the US dollar is a pyramid scheme.

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July 05, 2011, 02:13:11 PM
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I missed the part where it was actually explained how the US dollar is a pyramid scheme.

how about Geithner doubling the entire national debt in just the last 3 yrs?  how about the Feds balance sheet going from 800 billion to 3 trillion in the last 3 yrs?  how about every city, town, and state in the Union crumbling under the weight of surging deficits?  how about the unemployment rate at 9%?  how about the recurring downturn in the housing mkt, the main asset of most Americans?  how about 40 million Americans now on food stamps?

i could go on and on.


btw, these are all records as in never seen before levels of economic impoverishment.
MatthewLM
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July 05, 2011, 02:19:58 PM
 #17

This isn't a description of a pyramid scheme as I know it.

A pyramid scheme is where someone or organisation others people the opportunity to earn commissions from enrolling others in a programme (Which has a startup cost) and commissions from their commissions resulting in an unsustainable scheme where the people at the top makes loads of money and the people at the bottom lose money.

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July 05, 2011, 02:25:04 PM
 #18

How about a more generic definition.

Pyramid scheme is a scheme which is stable only while it is growing. Please explain how it is not applicable to debt based money.

The way I see it, the population is in debt beyond any reason and do not want to take more of it or will not be able to repay any more of it. To sustain the system and POSTPONE the deflationary collapse fed et al do their damnest to create any other debts they possibly can. As soon as no new debt can be created the pyramid will collapse.

If I am wrong please explain why.

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MatthewLM
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July 05, 2011, 02:36:05 PM
 #19

I don't have a broader definition of pyramid scheme in mind. Maybe people do use the term in a broad sense. Why not just call the broader term "scam"?

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July 05, 2011, 02:50:17 PM
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the US housing bubble was a classic ponzi scheme facilitated by easy credit from the Fed keeping interest rates at artificially low levels, ie, printing/pumping money into the banking system.  do you disagree?
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