He said Bitcoin is a Scam: See What happened to Him

[Dannaey]

Cryptocurrency industry is an industry like other industries that need caution from the players. It was yesterday, one of the members of a WhatsApp group i belong made series of comment, and in all his posts he said Bitcoin is a ponzi Schem, people doing btc are thieves.

Well, as a crypto expert (to an extent) i knew what has happened to him and i needed to educate him on what he should know about bitcon. I asked him what was his basis for this kind of derogatory comments, he said i should never mind, i later gathered that he gave his money to another person to invest in crypto and the person screwed him.

I tried to explain and educate him with the following;

1. How to invest in bitcoin.
2. the importance of trading or investing yourself.
3. why Holding and Timing are very important.
4. why it is scary to entrust your cash into someone.
5. Why knowledge is one of the most important tool you need in this industry.

He later admitted that he made a mistake.

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

That's the importance of learning before investing. When I started, just like him, I do not have any idea about what my friends told me. Yet I believed and done my research. Never give your money to someone else that tells you a higher return on investment. Because Bitcoin and crypto are like stocks, you have control of your money and where you want to put it.

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[Hamphser]

He shouldn’t trust nobody first and then he can buy and hodl like a real investor. Sometimes its people impression and lack of education is holding them back not to invest in BTC but if are they willing to learn about it they might realise the potential and benefit of the asset.

We do have our own views on particular things but there are external factors which can mainly affect our decisions ahead this is why if you are really serious on making investment to make profits

then you should set yourself to be open minded not just on having one impression then you wont tend to engage just because you do believe so without verifying everything in relates to a particular thing.

Its neither you would just be stopping yourself on engaging some opportunity or chances to make money just because of wrong belief and presumption.

[Ausgewielt]

Normally sometimes I like to give suggestions or tips based on my experience to members in this forum, but I rarely influence other people to invest in cryptocurrency. A few years ago when I first know about bitcoin, I told to my friends who work in the same company with me about bitcoin and they said that it's not money, not worthy, waste of time and other bad things about it then I left them and did not talk about bitcoin anymore. Now I am rich because of bitcoin, some of my friends asked me "what is your side job?", It is their false because they did not trust bitcoin and blockchain technology. If there is someone who invested in cryptocurrency but suffer financial loss then I will suggest he or she to become long term bitcoin holder because it is safer.

[tanjiran]

--snip
then you should set yourself to be open minded not just on having one impression then you wont tend to engage just because you do believe so without verifying everything in relates to a particular thing.

Its neither you would just be stopping yourself on engaging some opportunity or chances to make money just because of wrong belief and presumption.

this is what we have to start to apply and get used to. times continue to develop, technology is increasingly advanced. just like evolution, there is natural selection, if we can't adapt to change then we can't exist.
by reading a lot, updating information, socializing, we will find a lot of new knowledge. make it a habit to be open-minded, be an empty glass that is always ready to learn, combined with knowledge to filter information then it will be a good provision.

[xSkylarx]

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

From my experienced when I explained bitcoin to my friends and relatives way back in 2016, it is really hard to educate them if they are not that open-minded yet and still living with the old mindset that fiat is the only type of currency. They don't realize yet that we are becoming a digital world where almost everything is done with the use of computers. Many businesses are slowly adapting to a cashless form of payment and big institutions also are starting to adopt blockchain technology. Now that bitcoin is becoming a trend now and popular company like Tesla bought some of it, those friends before that I told them that bitcoin is not a scam are now asking where to buy it safely and also want me to guide how to trade because they found out that I earn from it.

[Sled]

...

He later admitted that he made a mistake.

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

That is what he possibly feels right now.
And If I'm also in your case, I wouldn't bothered myself and waste my time telling to someone who never wants to listen. If they will soon to get back to me and ask again, maybe I'd change my mind.

Many people just never know about Ponzi and so their limited knowledge about Bitcoin will brought them thinking also about as the same to Ponzi scheme. If they could just spend time learning both of them (Ponzi and Bitcoin), they'll be likely to change their mind.

[dongyi17]

You can't blame him for telling such kind of strong statement against bitcoin, if I were to tell I would tell him that its not too late yet to change his mind not because scam before does not mean its ponzi or scam, maybe he's just have a wrong move, or wrong person to trust with.  But given a chance Im sure he will recover if he will try again.

[Banprox]

Cryptocurrency industry is an industry like other industries that need caution from the players. It was yesterday, one of the members of a WhatsApp group i belong made series of comment, and in all his posts he said Bitcoin is a ponzi Schem, people doing btc are thieves.

Well, as a crypto expert (to an extent) i knew what has happened to him and i needed to educate him on what he should know about bitcon. I asked him what was his basis for this kind of derogatory comments, he said i should never mind, i later gathered that he gave his money to another person to invest in crypto and the person screwed him.

I tried to explain and educate him with the following;

1. How to invest in bitcoin.
2. the importance of trading or investing yourself.
3. why Holding and Timing are very important.
4. why it is scary to entrust your cash into someone.
5. Why knowledge is one of the most important tool you need in this industry.

He later admitted that he made a mistake.

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

Firstly i think this person have no knowledge about what is bitcoin. But he knows or hear about that bitcoin is the most potential coin. For this reason he give his money to other for investing. But this person was a cheater. He get all the money. For this reason that person tell that bitcoin is a scam.
I will advise him to do research on bitcoin. And show him the Price chart of Bitcoin. Also told him that there is no chance to loss all the money. And finally told him that never trust any offer where they tell to give you 2x or 3x profit.

[doctor877]

intellectual laziness can cause something of this to happen as a result of any investor not doing the right thing required of him. i usually tell people who ask me about bitcoin and other cryptocurrencies that they should make research and take charge of their investment, i can only guide through if there is any difficulty, i dont invest for people. anything that will give more profit is worth giving time to study and understand. i wonder why people will want to make money and not want to learn how it works, this is reason why there are so many scams of different forms.

[Sanugarid]

Cryptocurrency industry is an industry like other industries that need caution from the players. It was yesterday, one of the members of a WhatsApp group i belong made series of comment, and in all his posts he said Bitcoin is a ponzi Schem, people doing btc are thieves.

Well, as a crypto expert (to an extent) i knew what has happened to him and i needed to educate him on what he should know about bitcon. I asked him what was his basis for this kind of derogatory comments, he said i should never mind, i later gathered that he gave his money to another person to invest in crypto and the person screwed him.

I tried to explain and educate him with the following;

1. How to invest in bitcoin.
2. the importance of trading or investing yourself.
3. why Holding and Timing are very important.
4. why it is scary to entrust your cash into someone.
5. Why knowledge is one of the most important tool you need in this industry.

He later admitted that he made a mistake.

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

I would probably do the same thing you've done. It's not like I personally hold grudge against them, it's just people like them are ignorant of facts and real-time knowledge about BTC.So what they do need right now is enlightenment from people who're very well knowledgeable on BTC as a whole.

[andthereyou]

If I were you I would ignore him. Because talking to closed minded people is very tiring and you would not get anything. Unless he is a closed relative or friend, I won't bother to explain.

[Kakmakr]

Most of the comments about Bitcoin being a Ponzi scheme can be shot down with a few questions, namely :

1. What fixed percentage does the "Bitcoin" Ponzi scheme promise? (Answer : None, because it is based on Supply & Demand)
2. What referral bonus are offered to new people buying bitcoins? (Answer : None, because you buy bitcoins without incentives)
3. What "network" of commission are paid to affiliates? (Answer : None : There are no affiliate network)

These are the types of things that you get with almost all Ponzi schemes.... and you do not get it with Bitcoin.  

[cr1776]

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

Tell them that Bitcoin is Digital Socialism.

That usually stops 'em in their tracks.

Digital socialism?  It is exactly the opposite.  

Bitcoin provides insurance against socialism.  Socialism means you don't own your life or the products of your life, an evil and immoral philosophy if there ever was one.  Remember the goal of socialism is communism, and any form of authoritarianism (fascism, socialism, communism etc) wants to own you and your life with you having no recourse to someone else enslaving you for their "need".

A socialist or any other authoritarian government (or any government for that matter) controlling a fiat currency is a disaster waiting to happen.  Ditto for currency and capital controls.  It is a recipe for inflation, confiscation (stealing), etc.  Look at Cyprus, Venezuela, Germany in the 1930s etc.

[acener]

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

I would just tell them that Bitcoin is a crypto currency and nobody could guarantee that they would earn if they invest or buy it,
Just like holding other currency or trading forex it is the same in crypto but the only difference is Bitcoin is decentralized.
So if there would other person who would guarantee them a profit by investing there is a huge possibility that it is a scam.

[Anonylz]

It is nolonger news, and if you observe very closely most people who usually call btc a scam is either a victim of one scam encounter or another, they mostly jump into conclussion and generalise about the whole crypto space, it was good you took your time to explain it to him, unfortunately those who are out to take their money are the majority and are the kind of people they often encounter. It is like an obligation for most of us to try and put this type of people through whenever the opportunity arises.

[cr1776]

he said i should never mind, i later gathered that he gave his money to another person to invest in crypto and the person screwed him.

Sorry But do i missed some Part? you Keep saying that He talks against Bitcoin all the time then How come that He gave Money to "Others" and Losses them?

I tried to explain and educate him with the following;

1. How to invest in bitcoin.
2. the importance of trading or investing yourself.
3. why Holding and Timing are very important.
4. why it is scary to entrust your cash into someone.
5. Why knowledge is one of the most important tool you need in this industry.

He later admitted that he made a mistake.

If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?

If i were in your shoe? I would tell him nothing because He is Old enough to understand what He is doing , and learning from you ? i don't know what on the other side that He changes His Mind and decided to invest in Crypto ?

or he is just a Bitcoin hater but altcoin believer ? is this what you mean here ?

What I mean is that he put his fiat money in a bitcoin investment that later turn out to be a scam.
He came, he starting writing that btc is a scam and so and so forth.

I had to address his ignorance and mistakes

That is like him saying that the Dollar, Euro, or Yen are scams because there are scammers using them.  It is about as ignorant as the people who are saying bitcoin is only useful for criminals when fiat currencies are used much more.

[Mamun74]

Bitcoin is not scam.Bitcoin, often described as a cryptocurrency, a virtual currency or digital currency. Bitcoin is a currency created in 2009 that uses many ways.So far bitcoin has not been scammed. I think people want only money but they don’t know what is bitcoin.So you need to more experience in cryptocurrency. Then you can invest many site and make good profit.

[isaac_clarke22]

~

Same boat there.
I explained to my colleagues as well and they just take it as a "criminal coin" or a "scam" coin just because something that is not known and not hyped by a lot of people.
Some people these days are brought by hypes only.

[bosede1]

This scamming thing can happen to anybody and this can derail the person from the track. He is one of those who fall into bad hands but we have people who invest for you and it turned out to be a success, I am a typical example not knowing anything and trusting one person in leading me just that there are always two sides to a coin. The points you gave are valid and suitable for the case.

[Ciprut2605]

bitcoin scam ?
I don't really understand about bitcoin yet, but in my opinion
if it is true bitcoin fraud, it will not be possible for investors to trust and flock to invest in digital currency.