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Author Topic: Who got first Bitcoins?  (Read 1610 times)
JoelKatz
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November 04, 2013, 05:59:40 AM
 #41

To be a Ponzi scheme, someone should guarantee us some decent return regularly (e.g. 10% per month). No one tell us we will get something back after spending some fiat on BTC. It's ourselves who believe the price will be higher later. So you can call it 'bubble' at most, but definitely not Ponzi scheme.
This is a self-contradiction. "Ourselves" is a "someone". A Ponzi scheme can use current investors to bring in new investors. (And usually does, particularly when some of the current investors know, or strongly suspect, that it's a Ponzi scheme and still want to make a profit.)

There is one and only one reason Bitcoin isn't a Ponzi scheme -- there's a realistic chance of real value being created and the investors getting a profit from that real value, not just from the investments made by others.

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BitThink
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November 04, 2013, 06:21:03 AM
 #42

Maybe you are using 'Ponzi scheme' for all 'bubbles', but my understanding of 'Ponzi scheme' is same as the definition in Wikipedia: http://en.wikipedia.org/wiki/Ponzi_scheme

In short, the owner of a 'Ponzi scheme' will pay the early investors regular dividends with the late investors' money, until there are no enough late investors to support the system.

For BTC, there's no owner and no any dividend, people are buying something and hope it can be sold with higher price later. pumping and dumping something far above its value causes a 'bubble', but not a 'Ponzi scheme'. A typical example is 'tulip mania'. No one will call it a 'Ponzi scheme'.

You can also check 'Similar schemes' section in http://en.wikipedia.org/wiki/Ponzi_scheme, where 'economic bubble' is compared with 'Ponzi scheme'.
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November 04, 2013, 06:25:15 AM
 #43

The founder has around 10%-15% of total coins in existence today.

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November 04, 2013, 07:53:29 AM
 #44

Whatever you call it the ultimate result is similar Smiley When many people believe it is a scam then it probably is.
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November 04, 2013, 08:05:21 AM
 #45

Whatever you call it the ultimate result is similar Smiley When many people believe it is a scam then it probably is.
I doubt many people believe that bitcoin is a scam. Maybe a 'bubble', but not a scam.

For it to be able to be called a scam, Satoshi has to dump all his BTC someday and crash the market, and the market never recovers since then. But in my opinion, the fate of BTC now is out of anyone's control. Even Satoshi can only temporarily crash the market, by dumping all his BTC. I don't see there's any incentive for him to do something like this.

Moreover, I don't believe Satoshi could foresee BTC could reach $200 someday when he invented it. If it was a scam, he would've dumped a large part of his holding during the 2011 crash.
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November 04, 2013, 08:55:13 AM
 #46

The founder has around 10%-15% of total coins in existence today.


He deserve the coins. Without his work, there would be no Bitcoin

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November 04, 2013, 10:29:55 AM
 #47

The founder has around 10%-15% of total coins in existence today.


He deserve the coins. Without his work, there would be no Bitcoin
I agree with you. He deserve with it   

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MoneyGod
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November 04, 2013, 10:31:49 AM
 #48

The founder has around 10%-15% of total coins in existence today.


He deserve the coins. Without his work, there would be no Bitcoin
I agree with you. He deserve with it   

but I sure he has too much we are thinking about 10-15% but he is more rich now

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November 04, 2013, 02:40:05 PM
 #49

I hope Satoshi made some money on Bitcoin.  After all the work he put into building something truly unique, he should be rewarded!
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November 04, 2013, 03:11:28 PM
 #50

I hope Satoshi made some money on Bitcoin.  After all the work he put into building something truly unique, he should be rewarded!


What I read Satoshi does not exchange Bitcoins to fiat. He must have high confidence in Bitcoin future to not cash out something !
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November 04, 2013, 03:45:54 PM
 #51

satoshi the one who created bitcoin he got a mil bitcoin i think
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