It's over. The Ponzi scheme is coming down. Goodnight sweet bitcoin.

[GeniuSxBoY]

The only way this would be a ponzi scheme is if mtgox was actually spending YOUR USD and BITCOINS behind the scenes while you believe you have them in your account and thus making the system insolvent.

They make more legitimate money off the trading fees over time than they would profit by stealing your money. If you don't feel safe here or there or whereever you are take your shit out of the system like... right now.

[Qoheleth]

I still don't get what "Bitcoin is finished" is actually supposed to mean.

[Honeypot]

So much for 'free' and 'liberated' currency.

[RicePicker]

I do not understand how it can be a ponzi scheme if the ultimate goal of Bitcoins is to replace traditional currency with a decentralized one. The USD, CNY, EURO value that you are placing on it does not mean it will end even if the value of the currency that it is trying to replace dictates it is worth next to nothing. Bitcoins is not suppose to be a stock where it is valued by the company that is offering it. Kinda defeats the purpose if the ultimate goal is to convert it back to something that it trying to replace.  

[Edward50]

Now that China is banning bitcoin, don't expect the crash to stop. The best thing to do right now is to get out when you still can. This time around there will be no dead cat bounce, bitcoin crashed right in the centre of media attention and any faith gullible idiots still have in it will be destroyed.

It's over. Bitcoin is finished. Good riddance to this little Ponzi scheme.

I have to agree with him. At least he sees where this is all heading. The current situation for bitcoins is very very bad, and the drop will be a lot lower than most people expect.

I also agree there will be no dead cat bounce here, there simply is no enthusiasm anymore for bitcoins, at least not for prices this high.


Buying into bitcoins now will only distribute your wealth into the hands of other bit coin holders as the price continusly drops. You will be cashing out people who most likely paid less than 100 dollars.

Anyone still in the game at these high price points is totally insane to not crash out. As I write this Mt. Gox is making new lows.

[GeniuSxBoY]

Dude just doesn't understand what a Ponzi scheme is.

[GriTBitS]

Here is the thing though, like any of those 47 individuals or less, could just destroy some ppl's lives with barely any of their holdings...

This is exactly what makes bitcoin a Ponzi scheme. By buying into bitcoin and driving up the price you're just making the early adopters ricer.

That's how stupid people are.

A sucker is born every minute.

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a currency that doesn't even exist, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC stock and more time getting remedial education.

This is stupid!!!!

You do realize that in 1913 the 25% of the WORLDS wealth was owned by only 4 people!!!!! So shut the fuck up!!!! Ill give u a hint, same dudes that started the FED!

[Edward50]

I do not understand how it can be a ponzi scheme if the ultimate goal of Bitcoins is to replace traditional currency with a decentralized one. The USD, CNY, EURO value that you are placing on it does not mean it will end even if the value of the currency that it is trying to replace dictates it is worth next to nothing. Bitcoins is not suppose to be a stock where it is valued by the company that is offering it. Kinda defeats the purpose if the ultimate goal is to convert it back to something that it trying to replace.  

I think it may not meet all the requirements for a Ponzi scheme, but in a way it is acting like one. At least it has many similarities. However, there is no fraud involved with bitcoins, and was never intended to be a Ponzi scheme.

With the recent rise of bitcoin, the original people holding the coins made millions, while the people entering down the road lost millions. Kind of a similar to a Ponzi scheme. When a Ponzi scheme fails it falls quick and the last investors lose big, similar to the recent price bubble.

But you could also call the US housing bubble a Ponzi scheme, the people who sold at the peak and got out made the most money.

However, I blame the idiots who bought bitcoins at the peak thinking it would go higher, they were just gamblers looking for easy money. I also blame the idiots who did not sell at over a $1000 when they had plenty of chances to.

[Honeypot]

ABANDON YOUR POSTS!!!

FLEE FOR YOUR LIVES!!!!!!!!!!!!!!111!!!!!!!!!!111!!!!!!!!!!!


amidoindisrite

[viper262]

Why Bitcoin is NOT a ponzi scheme:

http://www.youtube.com/watch?v=7u4F8cpzqao

OP, learn what a ponzi scheme is and isn't... Gawd.

[Xyver]

http://mattovermatter.com/wp-content/uploads/2011/07/2011-03-21-American-pie-chart-distribution-of-wealth.jpg


Too ezee to counter....

[Syke]

I wouldn't say it is a ponzi scheme, but it does seem like it.  What worries me is this:

that 11,000 individuals owns more than 75% of the entire market.  And 47 individuals own 28.9% of the market.  

Those coins can be yours...for the right price.

[thinkloop]

http://mattovermatter.com/wp-content/uploads/2011/07/2011-03-21-American-pie-chart-distribution-of-wealth.jpg


Too ezee to counter....

The top 1% is still 3-4 million people, no single individual or small group can significantly manipulate the market. On the other hand, 47 people controlling a quarter of the supply can easily influence prices and value.

[GeniuSxBoY]

http://mattovermatter.com/wp-content/uploads/2011/07/2011-03-21-American-pie-chart-distribution-of-wealth.jpg


Too ezee to counter....

The top 1% is still 3-4 million people, no single individual or small group can significantly manipulate the market. On the other hand, 47 people controlling a quarter of the supply can easily influence prices and value.

IMF, FEDERAL RESERVE, ROTHSCHILDS...

[GeniuSxBoY]

The London gold fixing or gold fix is the setting of the price of gold, determined twice each business day on the London market by the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons.

http://en.wikipedia.org/wiki/Gold_fixing

[Melbustus]

In case anyone has forgotten, OP is against bitcoin for political/social reasons. His/Her views are, in a word, adolescent:

...Heterosexual, middle class or higher white males are disproportionally represented in the demographics of bitcoin users. Bitcoin only serves to uphold the current kyriarchal socioeconomic structures by making sure the privileged become more privileged.

Edit: ...and just noticed this gem, too...lol:

...
The people behind bitcoin needs to tie it's value to the dollar if they ever want it to take off. One coin gets you one dollar, simple.

</thread>

[seleme]

OP wasn't paying attention. Bitcoin died in 2011. Wired clearly said so.

If I only bought before it died then 

[notme]

In case anyone has forgotten, OP is against bitcoin for political/social reasons. His/Her views are, in a word, adolescent:

...Heterosexual, middle class or higher white males are disproportionally represented in the demographics of bitcoin users. Bitcoin only serves to uphold the current kyriarchal socioeconomic structures by making sure the privileged become more privileged.

Edit: ...and just noticed this gem, too...lol:

...
The people behind bitcoin needs to tie it's value to the dollar if they ever want it to take off. One coin gets you one dollar, simple.

</thread>

Sounds like he's looking an opportunity to become privileged in the face and rejecting it because "there are too many privileged people over there".

@OP
Bitcoin belongs to nobody.  Anybody can acquire them.  Anybody can spend them.  Nobody can stop them as long as they have someone who wants to trade with them.  If you have a problem with the makeup of the current community, invade.  You and the people you like are more than welcome.  Bitcoin belongs to everybody, and while trolls may troll, they can't do shit to take away the power that bitcoin gives you.

[seleme]

I feel sorry for him and you guys should do too. It sucks to not be privileged 

[notme]

I feel sorry for him and you guys should do too. It sucks to not be privileged 

Hey, I've had a net worth above 0 for about 2 months now.  I know what you mean.