[2014-1-31] Bloomsberg: Bitcoin ‘Ponzi’ Concern Sparks Warning From Estonia Bank

[BTCIndia]

Other central banks are issuing warning for virtual currency and here Estonia central bank considers it as ponzi. Wow! If I remember, then estonia is advanced country where they've wifi cities.

http://www.bloomberg.com/news/2014-01-30/bitcoin-ponzi-scheme-worry-sparks-estonia-central-bank-caution.html

[bryant.coleman]

Eastonia, along with Latvia is one of the prime destinations of Russian dirty money (especially after the collapse of Cyprus). And they are now calling BTC as ponzi...

[Lethn]

I can see ponzi scheme becoming one of those phrases everybody throws around for any investment they don't like without actually understanding what the term really means and yet again even in comments I'm seeing the tulip craze while these people conveniently forget that it is hard coded that there will only ever be 21 million coins in the world.

For fucks sake I wish these people would just do some fucking research.


Yey, logic and rationality!: https://en.bitcoin.it/wiki/Myths

[BTCIndia]

For fucks sake I wish these people would just do some fucking research.

That's why I've initiated post to contribute: https://bitcointalk.org/index.php?topic=441611.0
Contribution is required!

[bitbouillion]

If you operate a Ponzi, you accuse the competition being a Ponzi.

A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from existing capital or new capital paid by new investors, rather than from profit earned by the individual or organization running the operation. ...  The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme.

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

To me it sounds like governments invented it.

[Gabi]

Lol, warnings from "central banks" 

[Denton]

You have to be illiterate to consider Bitcoin a ponzi scheme.

[BTCIndia]

You have to be illiterate to consider Bitcoin a ponzi scheme.

I'd say you have to be economist/half literate/skeptic or central bank to consider Bitcoin as ponzi scheme.

[pand70]

Maybe they don't know what a ponzi is. Give the guys a break