People call bitcoin a fraud or ponzi scheme

[Ividanik]

People like the feeling that they are always right. If they make a mistake they say it's not their mistake,  they say it's fraud. They don't want to learn about anything deeper, that is the problem.

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[Satish147]

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.

People always call fraud or Ponzi that they don't believe in or understand the underlying technology. As of now crypto market consists of more speculators that believers in innovative Blockchain technology.

[dav-santoshi]

A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors when you understand the technology behind Bitcoin and the reason it was invented, you will see that it is actually the total opposite of a Ponzi scheme and it been a  fraud the lack of knowledge about how it works makes people think it a fraud

[Jennycrypto]

People call bitcoin fraud or ponzi scheme because they have no knowledge of what btc is all about. The concept of btc is too complex for the simple to comprehend, calling btc a fraud or ponzi is just a fallacy of hasty generalization. To me is not fraud neither is a ponzi.

[Jingjess]

They can easily call bitcoin a fraud or ponzi scheme because they don't know anything about it.But for me who knows bitcoin very well and believe in bitcoin has nothing to do with those people who think bitcoin is scam or whatever they want to call bitcoin but to ignore them.

[Thyristor]

Not all people call Bitcoin is a fraud or ponzi scheme. Also some people call Bitcoin is a bubble. This is very interesting who guys have not good and proper knowledge regarding Bitcoin industry. Bitcoin changed there are many peoples life they don't know about it. At future i have more expectation about Bitcoin and cryptocurrencies.

[hadveach]

bitcoin is not fraud or ponzi, bitcoin give us with profit and losses with its volatility, not with fraud.

many people become rich and become poor because of volatility, not because of fraud.

then, bitcoin is not a ponzi, because bitcoin is not like MMM. new members profit from old members. bitcoin is not like that.

[Janadara123]

this is because they have no idea what blockchain technology is , some people also hate bitcoin because they were not able to buy cheap btc .in the longterm there will be more and more believers in Crypto .

[Spontebob]

we buy bitcoin for a profit, but the profit model is not a fraud or ponzi scheme. and bitcoin does not have such a concept.

anyone who says that bitcoin is a fraud and ponzi scheme, then he is a victim of a conspiracy in the world of crypto. FUD will not stop to make bitcoin fall and die.

so please fix again your assumption about bitcoin.

I’m sorry but people who say bitcoin is a fraud or something related to that probably doesn’t have background knowledge about bitcoin and these people should at least do their research before making such statements.

[TelolettOm]

they call it that because they have never tried it and don't know about the benefits of bitcoin in life. fraud will only happen to people who are careless and not careful in using it.

[chandra12]

bitcoin could be the flexibility for all to be able to business actually or perhaps simply by cheating. due to the fact my own statement up to now there's no apparent legislation about crypto, in order that many people are absolve to devote fraudulence. we have to become best if you business together with crypto.

[ScottDominic]

Not everyone but some people call it and I think because they lost their money and it happen because they don't had any knowledge about crypto market.

[Sutters Mill]

I still wonder why people will liken  bitcoin to fraud and ponzi scheme all just because the stability is lossing and the rise and fall in prices is dominating within some fixed range. However that is their side of story, but to us bitcoin is not a fraud, we invest and we know the power of bitcoin no matter what people will say. Bitcoin will still be bitcoin not fraud.

Bitcoin obviously wasn't created as fraud or pyramid scheme and it was created with what I believe to be good intentions to make a new economic model for truly fair money, but unfortunately it does have some similarities with a pyramid/ponzi schemes and I can see why people make the comparison. Ponzis and pyramids are scams created by a fraudster with the intent of getting people to invest in something that doesn't exist. You could argue that bitcoin doesn't exist other than in code and the early adopters were the ones who benefited the most and for the model to keep going new money needs to keep coming in. If that new money stops coming in or most holders lose confidence and dump their coins then that could be catastrophic. Bitcoin could then collapse at that point and if that does happen then not only will bitcoin go down in the history books as a failure but many people will then refer to it as a scam/fraud and the new tulip mania and so on. I really hope that doesn't happen but it's something that would be out of our control.

[dohh]

I still wonder why people will liken  bitcoin to fraud and ponzi scheme all just because the stability is lossing and the rise and fall in prices is dominating within some fixed range. However that is their side of story, but to us bitcoin is not a fraud, we invest and we know the power of bitcoin no matter what people will say. Bitcoin will still be bitcoin not fraud.

Bitcoin obviously wasn't created as fraud or pyramid scheme and it was created with what I believe to be good intentions to make a new economic model for truly fair money, but unfortunately it does have some similarities with a pyramid/ponzi schemes and I can see why people make the comparison. Ponzis and pyramids are scams created by a fraudster with the intent of getting people to invest in something that doesn't exist. You could argue that bitcoin doesn't exist other than in code and the early adopters were the ones who benefited the most and for the model to keep going new money needs to keep coming in. If that new money stops coming in or most holders lose confidence and dump their coins then that could be catastrophic. Bitcoin could then collapse at that point and if that does happen then not only will bitcoin go down in the history books as a failure but many people will then refer to it as a scam/fraud and the new tulip mania and so on. I really hope that doesn't happen but it's something that would be out of our control.

Sutters, You can not know for sure, what was the motivation behind creating BTC.

[elygil2022]

These people calling bitcoin a fraud or a Ponzi Scheme are losers. Too lazy to do some research but thinks they know everything. Can’t wait to see the look on their faces when bitcoin becomes mainstream. 

[Ajadey4]

Well, ones conclusion will surely be based on how far you are into the cryptocurrency world. If you are outside, then, it will be what you called it, if you are inside, and actively involved in it, it won't be to you. The level of exposure to it determines what you call it. As funny as it sounds, those that call it ponzi scheme have their points, and they are well proven. To me, ponzi or not, it has come to stay. No Ponzi scheme would survive this long.

[Toraokun]

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.

I believe most of them saying something like this with zero knowledge about cryptocurrency especially Bitcoin, I think they just not interest about Bitcoin that's why they saying like that.

[Taronet-division]

what I felt when I started this the people around me thought this was just a fraud. which will be destroyed in the near future, I assure myself by taking the time to read and learn more, if this is different and extraordinary. I will tell what I am doing to them this is a useful thing in the future.

[Sutters Mill]

Sutters, You can not know for sure, what was the motivation behind creating BTC.

No, but have you read the whitepaper and satoshi's postings on here? The model is spelled out in detail right there. It's obviously up to you whether you believe it or not, but I think if it was satoshi's idea to create a scam or ponzi from the get-go then he would have cashed out his coins by now and be enjoying his life as a billionaire on a beach somewhere whilst he shops for Lamborghinis. What else would he be waiting for? To become a trillionaire? I doubt it.

[legendster]

Sutters, You can not know for sure, what was the motivation behind creating BTC.

No, but have you read the whitepaper and satoshi's postings on here? The model is spelled out in detail right there. It's obviously up to you whether you believe it or not, but I think if it was satoshi's idea to create a scam or ponzi from the get-go then he would have cashed out his coins by now and be enjoying his life as a billionaire on a beach somewhere whilst he shops for Lamborghinis. What else would he be waiting for? To become a trillionaire? I doubt it.

Not exactly. Satoshi could, in theory, have mortgaged his Bitcoins and might have taken cash for it. In such a case those bitcoins would have never made it into the open market and would still be held with the private or institutionalized lender that would have given out cash for those coins.

This could have been done without even moving the coins outside of their original wallets, just sell the private key, hard drive etc etc IMHO It'd would be quite disastrous if all those original coins are actually held by someone who's not the real Satoshi. Such an individual would be more interested in cashing out their coins at a future high point of the market - something which the real Satoshi may not choose to do so. Idealistically.