True Value of Bitcoin - it is NOT a tulip ponzi scheme

[RonF]

Read this and learn the truth that bitcoin is the first to use the greatest invention of the last 500 years:

https://hackernoon.com/why-everyone-missed-the-most-important-invention-in-the-last-500-years-c90b0151c169

and

https://hackernoon.com/bitcoin-is-the-most-stable-store-of-value-in-history-1bb22cf8e7ca

I know because over the last several years I have made a couple MILLION US Dollars using bitcoin.  You can too.

Read these and discover what you may be missing out on through true ignorance.

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[AicecreaME]

We always misunderstood things that is new to us, including bitcoin. Most of the people think that it is always legit if it is Bitcoin, No. You mentioned ponzi-scheme, where either you would deposit some little amount of bitcoins in a site where your profits would be determined by the percentage they give if you deposit a certain amount of money or there are people who will invite you to join their "company" and they will convince you to invest in them, saying they will triple the amount of money you invested in just a short period of time, and after few they, they are all gone as well as your money that you invested to them.

Well, this a classic scams for me, I don't know if there are still ponzi sites out here, it just happen that I was using that way back 2016 to earn a little while I can't join signature campaign because I was still a newbie.

[RonF]

I bought all my hundreds of bitcoin on coinbase.com.  NOT a scam.

[hugeblack]

There is a lot of mistakes in the concepts. This is the definition of the Ponzi scheme:

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds.

According to this definition, Bitcoin does not apply to the terms of the definition to be Ponzi scheme.

Most pessimists describe Bitcoin as a bubble due to price volatility, instability, and easy manipulation.

An economic bubble or asset bubble is a situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could also be described as trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value.

So Bitcoin can be defined as a bubble based on the daily stability of markets, but over time advocates of this definition tend to define it as high-risk assets.

[The Sceptical Chymist]

I know because over the last several years I have made a couple MILLION US Dollars using bitcoin.  You can too.

Great claim, but this is the internet.  Anyone can say anything--but I suppose if you bought a bunch of bitcoin a few years ago you could be telling the truth.  I'm sure a lot of folks have made big money just by holding.

Don't know about those articles, and I'm not clicking on them.  However, the claim of this:

https://hackernoon.com/bitcoin-is-the-most-stable-store-of-value-in-history-1bb22cf8e7ca

is complete nonsense.  Bitcoin is far from a stable store of value.  You might have made millions, but that would be precisely because of bitcoins instability.  That's why people don't use it as a form of money that often--it's much more lucrative to hold it and hope it shoots up in value.

I bought all my hundreds of bitcoin on coinbase.com.  NOT a scam.

I don't know whether you're telling the truth or not, but nobody is going to trust you unless you provide proof.  I don't care if you do or not, because I'm not that interested in the fortune you made, but just know that you wouldn't be the first one here to make incredible claims of riches made with bitcoin.  As I said, you might be telling the truth but I'd just drop it if you can't back it up.

[minime0105]

Why do these experts keep comparing a 17th century financial accident to a modern technological and economical marvel? Is there anything else similar to that Tulip bubble to bitcoin other than the meteoric rise and fall? The answre is sinply no.

[adroitful_one]

Why do these experts keep comparing a 17th century financial accident to a modern technological and economical marvel? Is there anything else similar to that Tulip bubble to bitcoin other than the meteoric rise and fall? The answre is sinply no.

I think the Tulip comparison is more because they don't understand the technology. To them, we're all selling something as common as the Tulip as something worth more than gold. Much like what happened back in the 17th century. The big difference is that Bitcoin is actually a technological marvel and Tulips are completely worthless. If they had any understanding of the Blockchain and the technology behind it, they wouldn't even dare to make this comparison.

[RonF]

Fact is, I bought several hundred bitcoins at 250 dollars each.  A year and a half ago I used it to totally buy a new house for 400K that I spent an additional 200K to fix up the way I wanted in the mountains of northern NH with a large  imported Amish barn and 40 acres of land (1/3 hay field and 2/3 beautiful forest), a 25K tractor, 15K soapstone woodstove, 4K bed, several K in handmade furniture, 6 cords of firewood, 40K in the bank, and a living income for the last year and a half.  All paid for totally with bitcoin.

I also had to pay 140K capital gains tax because a 100 million US citizens are on the public dole and the US is something like 24 Trillion in debt.

I still have half my bitcoin.  Yep, bitcoin is an unreliable  ponzi scheme (just like the US government) - I am proof of that LOL.

Read this:
https://hackernoon.com/bitcoin-is-the-most-stable-store-of-value-in-history-1bb22cf8e7ca

[Jating]

Good for you mate, specially that it looks like you are a early investors of this technology and didn't give up holding your coins and realised it's true potential specially during the peak of 2017.

As far as tulip comparison though, I think it's because of the cycle of the tulip mania back then. But if you are going to look at bitcoin's history, yes it's a boom and bust but the cycle still continues but the tulip bubble that time was just a bust and was not able to recover.

Bitcoin is a cycle as I have mentioned, so there is sort of recovery, it's just how you are going to take it as an investors, you can sell it or just continue to hold until the cycles completed and then start all over again.

[RonF]

Like I mentioned, read this to get the truth:
https://hackernoon.com/bitcoin-is-the-most-stable-store-of-value-in-history-1bb22cf8e7ca

Let us not forget if you want to learn the secret of life, the Master Key System
http://www.psitek.net/pages/PsiTekTMKSContents.html#sthash.RuGol7AR.dpbs&gsc.tab=0

[deadsilent]

Bitcoin is not a Ponzi because it is a working technology. You can use it for sending or just investment. People who own Bitcoin is the owner itself not the founder or anyone. Ponzi scheme is attracting people to invest to you and take away you money. That is how i understand Ponzi scheme. I can't blame them because they only see Bitcoin as investment not a working and useful product.

[qiwoman2]

Bitcoin can't be a Ponzi because there is a very limited supply to it. Once the mining finishes and most of it has been mined anyway, there will be a big scarcity effect put in place. It will rise due to simple supply and demand economics and there will hopefully be a lot more demand than there is supply. I hope that in the next few years to come we get at least one in 4 people owning a little Bitcoin and maybe it will be a good time to get the movement into effect. More people owning Bitcoin, the more decentralized it will be which was the true vision of Satoshi Nakamoto anyway, tog et it into as many hands as possible. I wonder if this can happen, not just to moon the price, but give everyone the chance to financial freedom in its best form, through the form of more equal distribution of wealth.

[adroitful_one]

Bitcoin is a ponzi scheme as much as any other stock/commodity that is traded on a daily basis. I've seen people invest in gold/precious metals and the value go up. Does that mean that those are ponzi schemes? At least Bitcoin and it's Blockchain have a use case. Most people that invest in precious metals just like to stare at it for years on end and cash out whenever they make profit.

[BitHodler]

Bitcoin can't be a Ponzi because there is a very limited supply to it.

Limited supply makes it easier for Bitcoin to be used as a ponzi or pump and dump scheme---the distribution of coins is so poorly regulated due to the early adopter advantage, that it made a few people very wealthy.

New market entrants today are buying up the bags of the early adopters who are looking for that liquidity to enter so that they can cash out. I'm definitely not saying that Bitcoin is a scheme, but it happens organically. No one hodls endlessly.

Even a lot of the people who are waiting for $100k will do the same. Not many will keep their current exposure to Bitcoin for ever because they want to reap the fruits of their confidence in Bitcoin eventually.

[ecnalubma]

Those people who keep saying Bitcoin is like a Tulip bubble is they don't understand the technology its obvious that 1700's tulip is way far different in the current market craze. No wonder a lot investors suffer financial crisis during that time due to their lack of knowledge and they are the first generation of traders. This is 21st century I believe investors are more intelligent nowadays. I believe Bitcoin is more valuable than its current price due to its use cases.

[senne]

It can't be compared with Tulip bubble. The reason being, it has different backing model. It is not created out of hype. The use case of Bitcoin which is fast and reliable transactions. Plus the deflationary model is helping in the organic price growth. The trust of people in decentralized monetary system gave the price a boost. We might feel that the price per BTC is pretty high but if you compare the marketcap with that of fiat currency or any other investment asset, it is negligible. There is a lot room to grow. Whenever the price increases because of hype, it always gets corrected.

[CryptoBry]

Why do these experts keep comparing a 17th century financial accident to a modern technological and economical marvel? Is there anything else similar to that Tulip bubble to bitcoin other than the meteoric rise and fall? The answer is simply no.

Of course, it is quite a laughable thing if some people will be insisting that Bitcoin is just like the tulip mania that happened centuries ago. There is nothing in tulip that can resemble like Bitcoin. Bitcoin is an innovation in technology while tulip is a beautiful flower and not matter how unique or exotic a variety of a tulip can be it is and will always be a tulip forever.

Officially, Bitcoin should not anymore be considered as a bubble. Its colorful 10 years history should be telling us that this is the one that will be sticking for many generations to come. Bitcoin is here to stay no matter what doomsayers can be saying. Bitcoin has been declared dead many times over but here it is alive and kicking.

[1Referee]

Limited supply makes it easier for Bitcoin to be used as a ponzi or pump and dump scheme---the distribution of coins is so poorly regulated due to the early adopter advantage, that it made a few people very wealthy.

New market entrants today are buying up the bags of the early adopters who are looking for that liquidity to enter so that they can cash out. I'm definitely not saying that Bitcoin is a scheme, but it happens organically. No one hodls endlessly.

I'm hoping that OG's will dump more of their coins, which will contribute to a healthier distribution of wealth within the Bitcoin ecosystem. Instead of one whale holding 5000 coins, a dump would translate into hundreds of new owners, while prior to the dump there was just one owner. In other words, OG's dumping their 'bags' is a fantastic problem to have.

I hardly ever see large (+1000BTC) walls anymore, not in the fiat pairs, and not in the ALT/BTC pairs. It really looks like a lot of the deep pockets have sold the lion share of their Bitcoin holdings.

[Kemarit]

I know because over the last several years I have made a couple MILLION US Dollars using bitcoin.  You can too.

Read these and discover what you may be missing out on through true ignorance.

Hmmm, if I'm in your shoes and made millions of USD as you have claim, I will just sit back and relax and will not post in this community, LOL, not unless you are promoting something here in the community.

Bitcoin has been compare to many tulip bubble in the past, but as you can see those tulip bubble are already dead while Bitcoin is still going strong in the next 10 years or so. That's why I don't consider Bitcoin as a ponzi scheme or a scam, we continue to make money out of it and we can call it a bust when the price literally goes to 0 but I don't think it will happen. And even if the last bitcoin is mined (21 million)? It will survived, IMHO.

[RonF]

It is predicted my remaining bitcoin will be worth 5 to 10 to 100 million dollars (after capital gains tax) in the coming years.  Oh my, such a tulip.

Run to the hills- run for your life. The story of my life from youth poverty in these great mountains to where I am today:
https://www.youtube.com/watch?v=8jGAfzrdpxo
 
I am a modern day Mountain Man, my website odinmountain.com

In my teens and early twenties I hunted and trapped for a living eating and selling pelts - rabbits, beaver, muskrat, raccoon, fox etc.  I know how to live off the land.

Example page of who I am - the bitcoin wilderness millionaire

 http://odinmountain.com/reservoir-loop-scout/#more-26

Nothing else matters
https://www.youtube.com/watch?v=3JFb_aOn6rc

https://www.youtube.com/watch?v=cK1YTWjw36U

https://www.youtube.com/watch?v=5W16YFgJ_RU&t=95s

Be a Bitcoin stoic:
https://www.youtube.com/watch?v=vt6-d7h6G4Q

I made my first fortune owning FireSteel.com which I created from nothing and hundreds of others copied.
.
https://firesteel.com