2013-11-29 Bitcoins: The Second Biggest Ponzi Scheme in History

[Steveia]

Article very critical of Bitcoin:

http://www.garynorth.com/public/11828.cfm

[cr1776]

I don't think he knows what the words Ponzi Scheme mean. Among other things.

[neutrinox]

I don't think he understands much about bitcoin.

He totally ignores the technical innovations in the bitcoin system. He also ignores bitcoins as a store of value.

[BitDreams]

He says:

"It will not increase the division of labor...

They will not use it in exchange...

Companies will not sell goods and services based on Bitcoins..."

[Tirapon]

I don't think he knows what the words Ponzi Scheme mean. Among other things.

I disagree. I think he has a very good understanding of ponzi schemes. Unfortunately, I don't think he has a very good understanding of Bitcoin.

[Spaceman_Spiff]

easily debunked

"Nobody is going to be getting rid of an asset that has moved from $2 to $1,000 in one year in order to buy pizzas"

I have, so I know you lie.  Next !

[Tirapon]

lol yeah, just means when you buy a $20 pizza, it cost you (20/1000)*$2 = $0.04 instead. Great incentive to spend your coins.

[TTBit]

If I sell pizzas for $20 USD or $18 worth of bitcoins, who is the fool?

[Tirapon]

If I sell pizzas for $20 USD or $18 worth of bitcoins, who is the fool?

The guy who wrote that article.

[2_Thumbs_Up]

A lot of austrians will lose a lot of credibility because of Bitcoin. Bitcoin is pretty much the perfect money according to Austrian theory. It has all the properties that money need to a higher degree than all competition. Some austrians see this, but those that don't simple fail att applying their own theory to bitcoin. That's a shame.

[TTBit]

I am a fan of Gary North. Most of his articles are subscription based, so there is an incentive for him to write articles that get a rise out of readers.

[Buffer Overflow]

I hereby make a prediction: Bitcoins will go down in history as the most spectacular private Ponzi scheme in history.

Archived for future entertainment purposes. 

[Gabi]

Critical? No, it is just a fail.

[LHB]

the guy is a regular Nostradamus. From his Wiki.

Y2K catastrophe prediction

North predicted a Y2K catastrophe in print and online, and predicted that a Y2K date-rollover failure of the global Information Technology (IT) infrastructure would precipitate severe disruption and the complete collapse of the international economy, leaving American Christians to restore society following the collapse

[Mike Christ]

the guy is a regular Nostradamus. From his Wiki.

Y2K catastrophe prediction

North predicted a Y2K catastrophe in print and online, and predicted that a Y2K date-rollover failure of the global Information Technology (IT) infrastructure would precipitate severe disruption and the complete collapse of the international economy, leaving American Christians to restore society following the collapse

He seems like a healthy, stable fellow.

[Skelephtna]

I don't think he knows what the words Ponzi Scheme mean. Among other things.

I disagree. I think he has a very good understanding of ponzi schemes. Unfortunately, I don't think he has a very good understanding of Bitcoin.

Exactly what I thought when I read this.

Skelephtna

[kjlimo]

So is he saying Bernie Madoff was the largest ponzi scheme?  Is this a "fact?"

[flynn]

You can tell the guy missed the bitcoin train.

[shawshankinmate37927]

So is he saying Bernie Madoff was the largest ponzi scheme?  Is this a "fact?"

He's saying Social Security is the biggest ponzi scheme.

I hereby make a prediction: Bitcoins will go down in history as the most spectacular private Ponzi scheme in history. It will dwarf anything dreamed of by Bernard Madoff. (It will never rival Social Security, however.)