People call bitcoin a fraud or ponzi scheme

[kanayaTabitha]

yes that is not enough to pay the miner. This is indeed the reason, but seeing the costs incurred by miners will not be worth it. this makes the miners see the prospect of the coin they want to mine. but we are not talking about that, many people out there say bitcoin is a scheme or ponzi. even my friend said the same thing with the reason there was no management to the financial institution in the country. it is difficult to explain this because indeed every country has its own law. they only think p2p transactions have been arranged by institutions or companies and whenever a scheme can occur. but I am only trying to learn new technologies and innovations to benefit myself. I think crypto has changed my life a lot ...

[sngwinner]

Honestly, I'm finding it very hard to understand the link between Btc and ponzi schemes. Maybe I don't understand ponzi schemes but if I do, then I don't see why we should bother ourselves with this. Btc is far above such discussions. We should be here discussing and bringing on board ways to male Btc better than it is now and not to waste time on such unnecessary comments from pathological haters.

[btcCoincart]

You know what Ponzi is? Bitcoin today is just stock on the market, many people invest, much value bitcoin gets. It's not the later investors pay for earlier investors

[samcrypto]

It actually depend on the way you see bitcoin and the experience you have gotten from dealing with bitcoin during transaction. The people calling bitcoin a ponzi  may have had one bad experience or the other but myself  I have not seen anything in bitcoin that warrant it to be classified  as fraud or ponzi. If it is the market manipulation which the so called whales are being accused of can only last for a period after which the market price will continue its movement.

You maybe a victim of a ponzi scheme it doesn’t mean bitcoin is fraud, greedy people and making bad things in the name of bitcoin is a real shit one. Some people are just misinformed abou cryptocurrency that is why they don’t trust this market much, but as a trader/investors in this market I can really say bitcoin is not a fraud, yes its risky but its profitable.

[Mundo12]

They were unaware of Bitcoin or deliberately launched rumors to dump Bitcoin. Bitcoin is a pioneer in blockchain technology. It will thrive when blockchain technology is applied globally

[Allan Ramanda]

bitcoin is the freedom for everyone to trade honestly or by cheating. because my observation so far there is no clear law on crypto, so that everyone is free to commit fraud. we must be smart to trade with crypto.

[roxbit]

They expected to be better off the moment they invested in but the idea of bitcoins is not as they think, hence they will tag it as a ponzi scheme or fraud.

Bitcoin is definitely not a ponzi scheme because nothing about Bitcoin is a secret. It is one of the most open technologies in the world. It’s open source, anyone can review the code, anyone can contribute to the code, anyone can run the software voluntarily and participate in the network, and anyone can use the network without permission. The entire history of all Bitcoin transactions is visible to anyone in the world too. So where is the ponzi in such a very public bitcoin system?

[Ghypatt]

Btc is just a currency and people use it. and so people should be blamed for using btc as a vehicle to scam. If we say Btc is a scam then we should probably be saying fiat is fraud as well because people are scammed everyday with fiat. What do we talk of that too??

[hanlap]

For me, you did not understand nature of Bitcoin and thought it was a negative aspect. The more developed world and technology is, the more we have to accept that cash will be destroyed someday and Bitcoin will replace it.

[Adeforever]

People will call bitcoin whatever they likes because they really don't have the knowledge about the bitcoin, even when you approach them and enlighten them they will still went ahead to call fraud and any sort of name. This is because some people hard earlier use the name bitcoin to scam lot of poeple.

[SoiledDove]

People are always suspicious of new innovations. And the more revolutionary the innovation, the more suspicious they are. Think about it. The Luddites thought that by smashing up machinery they could halt the industrial revolution. But trying to halt a revolution is like trying to halt the waves in the sea. It can't be done. So relax. Just because some people haven't found Bitcoin enticing and rather, throw the blanket of suspicion over it, it doesn't mean it isn't going to work. Cryptocurrency banks have started opening up. So what does that tell you?

[wack slacker]

There is a term there is no price of goods, when we buy expensive goods, surely it is certain that the goods are good, classy and high enough value. Like bitcoin, if we want to gain profit, we must automatically dare to invest in it. And whose name is any stock, certainly not always good graphics, there are times when falling and sometimes wake up. The point is we have to be patient with this.

Bitcoin is only about 10 years old and needs to be adjusted. I do not feel uncomfortable with other moves of the market, going up and down, it's normal and an investor will be willing to wait for the bitcoin to come back. I hope Bitcoin will have good news. If there are too many FUDs, I believe that investors will reduce Bitcoin to target larger Crypto.

[Fredomago]

For me, you did not understand nature of Bitcoin and thought it was a negative aspect. The more developed world and technology is, the more we have to accept that cash will be destroyed someday and Bitcoin will replace it.

That's too far to happen though, but believing that this system can be used as another alternatives with current financial system acceptance can change the trend, people who believes that future innovations will be adopted all over the world will continue supporting Bitcoin and some other cryptos that exist no matter how other non believers keep trying to destruct them and calls this chain as a Ponzi system it will continue being supported by those who understand what they are investing with.

[Ayaah]

Anyone can call it ponzi scheme and fraud but if you think of it, everything worldly is fraud. You buy apple products with thousands of dollars but how much are they really worth? Why would people give out thousands of dollars for a macbook when they can buy a laptop for $300? Is it really worth that much or is it just another ponzi scheme that apple is bringing to the world better gadgets than any other brands? So we're talking about bitcoin now. What are we really paying for when we buy bitcoin? We pay for an online program and the people running the program helping transactions go through, or we call mining. Miners put in so much time and most especially the cost of mining is so much. That is merely the reason why bitcoin will cost much and if incase it will dive too low and will not be enough to pay for miners, then that could be the time bitcoin will die, or not.

This people are not civilized about the reality of bitcoin.  How bitcoin help people to achieve a better life. Thats why they always say bitcoin is a ponzi scheme. But if they are learned from their mistakes they study about the information of bitcoin, and  have fully understand what is the differrence between bitcoin and the ponzi scheme.

[RudeeTam]

Bitcoin has the potential to be an alternate way of payment online that is backed by the blockchain tech. The system is sound and it is already established so if ever we are going to use crypto for online payments, bitcoin will be the way to go. People calling it fraud and ponzi scheme are either jealous of its success or doesn't have anything better to do.

[erichall]

People who say that don't understand how crypto even works. Now, there have been a couple ponzi or pyramid schemes within crypto, but most of crypto including bitcoin is not a ponzi scheme.

[Cruzz1999]

change your thoughts , your assumption is wrong the people how say it as fraud they actually dont know about the project and the crypto field
bitcoin as potential , they buy coin to make profit because they no about the coin and its future

[Sandus_Cryptolover]

I wouldn't blame anyone having such thoughts or mindsets especially since January 2018. So many hopes and dreams have been dashed cause of huge amount of fund invested in order to make big profits.

Anyone can call it ponzi scheme and fraud but if you think of it, everything worldly is fraud. You buy apple products with thousands of dollars but how much are they really worth? Why would people give out thousands of dollars for a macbook when they can buy a laptop for $300? Is it really worth that much or is it just another ponzi scheme that apple is bringing to the world better gadgets than any other brands? So we're talking about bitcoin now. What are we really paying for when we buy bitcoin? We pay for an online program and the people running the program helping transactions go through, or we call mining. Miners put in so much time and most especially the cost of mining is so much. That is merely the reason why bitcoin will cost much and if incase it will dive too low and will not be enough to pay for miners, then that could be the time bitcoin will die, or not.

[tylerderden]

Anyone can call it ponzi scheme and fraud but if you think of it, everything worldly is fraud. You buy apple products with thousands of dollars but how much are they really worth? Why would people give out thousands of dollars for a macbook when they can buy a laptop for $300? Is it really worth that much or is it just another ponzi scheme that apple is bringing to the world better gadgets than any other brands? So we're talking about bitcoin now. What are we really paying for when we buy bitcoin? We pay for an online program and the people running the program helping transactions go through, or we call mining. Miners put in so much time and most especially the cost of mining is so much. That is merely the reason why bitcoin will cost much and if incase it will dive too low and will not be enough to pay for miners, then that could be the time bitcoin will die, or not.

The thing is that if the bitcoin price goes too low then people will shut down mining bitcoin and then the cost of mining bitcoin will again go low, so the mining will again be profitable so the bitcoin will still not die even if the cost of mining is high then too there are a lot of backers of bitcoin which know that if the current cost of mining bitcoin is looking high then they will just sell enough coins to cover the electricity fees and will sell rest of the coins in future when mining bitcoins will again become profitable.

[francesyrus]

Since I started to use bitcoin as source of income way back 2016, I always read that bitcoin is only a ponzi scheme but still I continue to search on how to be able to earn more on BTC. Maybe there are times when I'm still  newbie that I got scammed by some doubler site but I don't stop to look for more ways to earn. I want to thank BITCOIN for being a ponzi scam because of it I can now help my spouse in our daily financial needs.