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Author Topic: Unfortunately people will learn the hard way that Bitcoin is a Ponzi scheme  (Read 450 times)
fxsurfer
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February 06, 2018, 08:28:28 AM
 #1

When I presented arguments like the one in the the video below, people just ignored them. Now, they will learn the hard way what it means to be a part of a Ponzi scheme.

Bitcoin And Cryptocurrencies - Ponzi Schemes Dressed Up And Sold As Money
https://youtu.be/gcNngl8fCUY

EDIT:


Why bitcoin is a Ponzi scheme:

In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property.
So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Fiat is therefore a legal instrument that grants its holder with legal path to restore the intrinsic value in some economic goods.

Cryptocurrencies on the other hand, didn't originated from debt, so nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but empty numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for fiat money or economic goods, which is by definition a Ponzi scheme.

Why cryptocurrencies never were and never can be money: cryptocurrencies don't have value on their own and as such they cannot serve as a measure of value.

A measure of value is pretty simple concept. It expresses the value of one thing in terms of another. In principle anything that has value on its own can serve as a measure of value. For example a toothpick. Although the intrinsic value of a toothpick is very small it is not zero since toothpick has practical utility.  So perhaps the iPhone is worth 500,000 toothpicks. A shirt may be worth 25,000 toothpicks. One hour of guitar lesson may be worth 15,000 toothpicks. And so on. Since it has value on its own toothpick acts as a measure of value and we can use it to compare the value of different goods and services. The same is true for fiat currencies. Since fiat currencies are legal claims connected to property of borrowers through loan contracts we can easily measure how many units of newly created money corresponds to a particular good, service, claim or other asset. This legal connection to property is the reason why fiat currencies can be used as a measurement of value. This is also the reason why the exchange rates of fiat currencies maintain relatively stable and have low volatility. It is precisely because these currencies are legally connected to real property and real tangible goods.

On the other hand, in the case of cryptocurrencies, besides having zero intrinsic value they are not legally connected to property. In other words there are no enforceable contracts or collateral behind them. There is no legal claim that is measured with them. There is no right which is granted to their holders. All there is, is open source software which generates stores and transfers empty numbers between members. Given the fact that number is an abstract mathematical object thet has no value on its own it is impossible in principle for cryptocurrencies to serve as a measurement of value. This is the reason why crypto currencies never were and never can be money. Also this is the reason why their price is so volatile unstable and can jump from few cents to several thousand dollars. Since they have zero intrinsic value and no legal connection to property their price depends entirely on the number of people that enter into the scheme.
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February 06, 2018, 08:29:44 AM
 #2

Did you know how bitcoin works?

Start mining bitcoin and top altcoin on http://bitclub.network/gbolly1151 you can verify the pool on Blockchain here https://blockchain.info/pools
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February 06, 2018, 08:32:01 AM
 #3

Bitcoin is a movement with genuine ideals and underlying value.

Unfortunately it's been hijacked by others to build a ponzi scheme on top of, and that element dwarfs the real value.
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February 06, 2018, 08:33:55 AM
 #4

When I presented arguments like the one in the the video below, people just ignored them. Now, they will learn the hard way what it means to be a part of a Ponzi scheme.

Bitcoin And Cryptocurrencies - Ponzi Schemes Dressed Up And Sold As Money
https://youtu.be/gcNngl8fCUY

I'm not even opening up the video but it's stupid and fake! I have always seen let Bitcoins take a hit, and people like you will pop out and call it a scam and ponzi. Well no one told you to invest in it, and you're not going to get free views for your link. You seem one of those who doesn't have funds to buy it, like the Fox who did not get the grapes and called it sour, no one going to give a dam for you, I would have given a demerit but it's yet not available.

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February 06, 2018, 08:43:28 AM
 #5

Provide basis to support your claim. Not just dump a video and want us to watch. You are one unique person who hang around in a community to bash the hobby. Get a life.


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fxsurfer
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February 06, 2018, 08:50:38 AM
 #6

When I presented arguments like the one in the the video below, people just ignored them. Now, they will learn the hard way what it means to be a part of a Ponzi scheme.

Bitcoin And Cryptocurrencies - Ponzi Schemes Dressed Up And Sold As Money
https://youtu.be/gcNngl8fCUY

I'm not even opening up the video but it's stupid and fake! I have always seen let Bitcoins take a hit, and people like you will pop out and call it a scam and ponzi. Well no one told you to invest in it, and you're not going to get free views for your link. You seem one of those who doesn't have funds to buy it, like the Fox who did not get the grapes and called it sour, no one going to give a dam for you, I would have given a demerit but it's yet not available.
This is not an argument against the claim that Bitcoin is a Ponzi. In a Bitcoin scheme people renounce their economic goods with intrinsic value or money that offers them the legal path to restore such value, all in exchange for empty numbers in their wallets. And that's a textbook example of a Ponzi scheme. But like I said, people will learn this the hard way.
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February 06, 2018, 08:53:29 AM
 #7

That's because of these topics, I have opinion that the newbies and jr.members should be prohibited to creating new topics and the number of comments per day.

fxsurfer
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February 06, 2018, 08:59:29 AM
 #8

Provide basis to support your claim. Not just dump a video and want us to watch. You are one unique person who hang around in a community to bash the hobby. Get a life.
In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property.
So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Fiat is therefore a legal instrument that grants its holder with legal path to restore the intrinsic value in some economic goods.

Cryptocurrencies on the other hand, didn't originated from debt, so nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but empty numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for fiat money or economic goods, which is by definition a Ponzi scheme.
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February 06, 2018, 09:00:45 AM
 #9

Bitcoin is NOT a Ponzi scheme!

It is a currency competing for dominance! It will REPLACE the dollar! Thus, all dollars are converted into bitcoin. The more dollars converted to bitcoin the value of bitcoin goes up, because bitcoin is NON INFLATIONARY!!
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February 06, 2018, 09:02:17 AM
 #10

Teach us more o wise one.  Grin
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February 06, 2018, 09:03:20 AM
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People are mammals and have the brains of their group - the primates. How dumb do you have to be to believe you can pool your resources together, divide them among you and become rich? Crypto investors are hungry idiots.
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February 06, 2018, 09:05:32 AM
 #12

Bitcoin is NOT a Ponzi scheme!

It is a currency competing for dominance! It will REPLACE the dollar! Thus, all dollars are converted into bitcoin. The more dollars converted to bitcoin the value of bitcoin goes up, because bitcoin is NON INFLATIONARY!!
You are wrong. Bitcoin is a number. Number is not a currency but mathematical object. A currency is legally enforceable instrument which originated from loan contracts in a specific country.
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February 06, 2018, 09:06:48 AM
 #13

Bitcoin already proves that it is not scam or any ponzi schemes that did by the scammers. Bitcoin lives in a decade and each of year, bitcoin did not fool people. Give us some proof that you know bitcoin very much not because you had video to present that it is a ponzi. Remember, videos can make by anyone based on his perception.

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February 06, 2018, 09:09:03 AM
 #14

People are mammals and have the brains of their group - the primates. How dumb do you have to be to believe you can pool your resources together, divide them among you and become rich? Crypto investors are hungry idiots.

Rich idiots  Grin
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February 06, 2018, 09:16:01 AM
 #15

When I presented arguments like the one in the the video below, people just ignored them. Now, they will learn the hard way what it means to be a part of a Ponzi scheme.

Bitcoin And Cryptocurrencies - Ponzi Schemes Dressed Up And Sold As Money
https://youtu.be/gcNngl8fCUY

Lolz, Im sure its not Ponzi scheme. Bro, this system was made with great smartness and the codes, logics whatever it was designed, it was designed with great reality. This thing is not ponzi and is made for the real use and not for the fun. Bitcoin is getting popular day by day and everyone knows that bitcoin is more than reality and can help the real world applications too. Thats why we have many ICO projects which are successful on the basis of bitcoin principle. Thus, the bitcoin can make real bridge in the real world and help us grow it in the positive ways if given the chances. So for sure its not ponzi.

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February 06, 2018, 09:17:24 AM
 #16

That's because of these topics, I have opinion that the newbies and jr.members should be prohibited to creating new topics and the number of comments per day.

Yeah censorship is always good, funny how people never call for their own level to be censored though !
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February 06, 2018, 09:18:59 AM
 #17

Bitcoin is NOT a Ponzi scheme!

It is a currency competing for dominance! It will REPLACE the dollar! Thus, all dollars are converted into bitcoin. The more dollars converted to bitcoin the value of bitcoin goes up, because bitcoin is NON INFLATIONARY!!
You are wrong. Bitcoin is a number. Number is not a currency but mathematical object. A currency is legally enforceable instrument which originated from loan contracts in a specific country.

Bitcoin's inherent value comes from the technology. The internet was about as useful as bitcoin is now before people realized the potential and it was widely adopted. Ideologues will never care about the current fiat value of Bitcoin. It's the potential to bring economic slavery to its knees.  

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February 06, 2018, 09:19:25 AM
 #18

which is by definition a Ponzi scheme.
Someone needs to go and reread the definition instead of trying to make some convoluted arguments to make it "fit" so he can use the term Ponzi in a controversial topic in order to troll ppl.. Bravo for the attempt though. Very creative.

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February 06, 2018, 09:19:59 AM
 #19

I wasted my time by watching your video.
You have a legal claim in a bank and with fiat???
Study history before believing this.
(Why do you use a digital computer voice in your video?)
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February 06, 2018, 09:21:37 AM
 #20

Here is the reson why cryptocurrencies never were and never can be money: cryptocurrencies don't have value on their own and as such they cannot serve as a measure of value.

A measure of value is pretty simple concept. It expresses the value of one thing in terms of another. In principle anything that has value on its own can serve as a measure of value. For example a toothpick. Although the intrinsic value of a toothpick is very small it is not zero since toothpick has practical utility.  So perhaps the iPhone is worth 500,000 toothpicks. A shirt may be worth 25,000 toothpicks. One hour of guitar lesson may be worth 15,000 toothpicks. And so on. Since it has value on its own toothpick acts as a measure of value and we can use it to compare the value of different goods and services. The same is true for fiat currencies. Since fiat currencies are legal claims connected to property of borrowers through loan contracts we can easily measure how many units of newly created money corresponds to a particular good, service, claim or other asset. This legal connection to property is the reason why fiat currencies can be used as a measurement of value. This is also the reason why the exchange rates of fiat currencies maintain relatively stable and have low volatility. It is precisely because these currencies are legally connected to real property and real tangible goods.

On the other hand, in the case of cryptocurrencies besides having zero intrinsic value they are not legally connected to property. In other words there are no enforceable contracts or collateral behind them. There is no legal claim that is measured with them. There is no right which is granted to their holders. All there is, is open source software which generates stores and transfers empty numbers between members. Given the fact that number is an abstract mathematical object thet has no value on its own it is impossible in principle for cryptocurrencies to serve as a measurement of value. This is the reason why crypto currencies never were and never can be money. Also this is the reason why their price is so volatile unstable and can jump from few cents to several thousand dollars. Since they have zero intrinsic value and no legal connection to property their price depends entirely on the number of people that enter into the scheme.
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