[2014-02-15] NY Post - Welcome to 21st-century Ponzi scheme: Bitcoin

[fragout]

By Jonathon M. Trugman February 15, 2014 | 5:08pm

http://nypost.com/2014/02/15/welcome-to-21st-century-ponzi-scheme-bitcoin/

This should get some interesting comments. Who is this guy ?

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[Singlebyte]

Another clueless reporter trying to fabricate a story to bring in more readers.  To bad they are afraid to allow reader comments.

[Alpaca Bob]

Again?

He wrote the almost exact same article a little while back. Probably got him a lot of clicks.

http://nypost.com/2013/12/28/bitcoin-a-modern-day-3-card-monte/

[StarfishPrime]

Trugman... Krugman... Hmm. Twins separated at birth?  They sure sound alike.

Watch out for journalists with an agenda - Just ask Patrick Byrne at overstock.com about Gary Weiss, the exposed so-called 'journalist':

http://www.deepcapture.com/gary-weiss-scaramouch-psychopath/

[BitChick]

I like how they use only the Gox price in the article. 

Today it stands at $350. All is not well: Bitcoin, the anarchist currency used by drug dealers and other illicit sorts, has fallen into, um, bits and pieces.

[Barek]

I like how they use only the Gox price in the article. 

It's somewhat entertaining to watch MtGox. There is no liquidity. A mere 3k BTC just moved the price by $200. You have to wonder if someone is doing that just so they can write about how volatile bitcoin is.

[Singlebyte]

I like how they use only the Gox price in the article. 

Today it stands at $350. All is not well: Bitcoin, the anarchist currency used by drug dealers and other illicit sorts, has fallen into, um, bits and pieces.

Shows how clueless he is and how little research was done by using mtgox as his reference.  We all know what problems mtgox has had.  Lol...bitcoin is at $650 right now.

[lumierre]

A ponzi scheme requires continuous new comers to sustain the scheme. Even if Bitcoin had no new comers, the economy would still exist and not collapse.

[Lethn]

Another clueless reporter trying to fabricate a story to bring in more readers.  To bad they are afraid to allow reader comments.

The best thing about people like this is you'll find if they do have a comments page if they never read them they always disable them, especially if they know what they say is going to stir up a gigantic shit storm on the internet, you see this a lot with the big media companies like the BBC who are trying to maintain their appearance, having ordinary people disagree with them on the internet and proving them wrong would be bad for their business of social engineering.

I see they've also used the same trick in this article.

[Foxpup]

What’s the key to the perfect pump-and-dump Ponzi scheme?

Well, that's an easy question to answer. The key to the the perfect pump-and-dump Ponzi scheme is to not know how to use a dictionary. They even start the same letter, for crying out loud!

[guybrushthreepwood]

Another clueless reporter trying to fabricate a story to bring in more readers.  To bad they are afraid to allow reader comments.

I'm sure they know what to expect writing this crap.

[howardb]

When viewing these kind of articles, one can only draw from three possible conclusions:

a) The man is an idiot who has completely failed to research and understand what Bitcoin/bitcoin are.

b) He has done his homework, but has decided the truth does not match his objectives, so is engaging in deliberate FUD for his own gain.

c) We have all done our homework, and got it wrong!  


You can always feed back to him at https://twitter.com/JonathonTrugman

[Mitchell]

I would love to hit someone like that in his/her face. It's pure bullshit, like always. I am getting sick of the media.

[howardb]

I would love to hit someone like that in his/her face. It's pure bullshit, like always. I am getting sick of the media.

Then tell him at  https://twitter.com/JonathonTrugman

I look forward to the day when these numbnuts rely on BTC micropayments for their articles

[LiteCoinGuy]

I like how they use only the Gox price in the article. 

Today it stands at $350. All is not well: Bitcoin, the anarchist currency used by drug dealers and other illicit sorts, has fallen into, um, bits and pieces.

yeah, alot of articles do this. stupid.

[OneEyedJack]

I just don't understand how this guy thinks that Bitcoin is a Ponzi scheme.
It's nothing like it at all.
Ponzi schemes require you gather investments from individuals to pay off other individuals investments and so on.
BTC doesn't do that. Hell you can get involved in it without spending a dime of real money. People truly are stupid.

[Blinken]

This article would be a typical LOL moment, except that the average person (meaning 98% of the population) probably believes the same thing, having no knowledge of financial matters.

Once I explained to some guy: "Did you know it takes 5 to 6 days for a wire transfer to clear AND the details of your transaction (including your personal address and the address of the recipient and both account numbers) become the common knowledge of every government in the world? A bitcoin transfer takes 10 minutes and is more or less anonymous."

He was like "so what?"

The average person does not understand the relationship between time and money so they don't realize the value and think virtual currency is some kind of "scam".

The irony of the situation is that the typical poverty stricken guatemalan "guest worker" actually understands bitcoins better than a middle class American. After you have been trying to transfer money to Guatelmala every week for 10 years, you start to see the benefits of something like Bitcoin.