Bitcoin and Ponzi Schemes - People are confused.

[oktana]

I watch a popular breakfast show every morning and they always have a section where they talk about money matters. Yesterday, they talked about Crypto currencies and the guest mentioned several Ponzi schemes where Bitcoin was used as a payment option.

These Ponzi schemes collapsed and according to him ....many people lost money in Bitcoin. They have a WhatsApp group for the program and I immediately corrected that statement, because people did not lose money in Bitcoin.... they lost money in a Ponzi scheme that used Bitcoin as a payment option.

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

Yeah, You’re really right. Most persons believe Bitcoin is associated with fraudulent activities. The other day I had a conversation with my little sister and her friends specifically about trading in the foreign exchange market with Bitcoin, then one of the girls said “but I thought Bitcoin was some fraud and internet scam stuff”. Right there, I knew she must have heard it somewhere and this girl here isn’t a minor.
Just imagine the number of persons who think Bitcoin is associated with fraud, I believe they are a lot cause coming across platforms and shows where people call it scam daily will wire their minds to think it’s not. I was able to teach my sister and her friends what Bitcoin really is. And I encouraged them to go ahead and teach other people that Bitcoin isn’t a scam or Ponzi scheme but a mode of transaction anytime issues like this are raised.

[traderethereum]

Those people need to change their perspective on bitcoin, where Ponzi schemes and Bitcoin are different things.
What if the Ponzi scheme uses payment using Paypal? Are they also going to blame Paypal for tricking them?
It doesn't make sense because they think that bitcoin is included in the Ponzi scheme even though bitcoin is independent and not connected by any program.
It would be better if they could check the Ponzi scheme program before they sign up so they know full well that the Ponzi scheme will not give them any advantage.

[fuguebtc]

Those people need to change their perspective on bitcoin, where Ponzi schemes and Bitcoin are different things.
What if the Ponzi scheme uses payment using Paypal? Are they also going to blame Paypal for tricking them?
It doesn't make sense because they think that bitcoin is included in the Ponzi scheme even though bitcoin is independent and not connected by any program.
It would be better if they could check the Ponzi scheme program before they sign up so they know full well that the Ponzi scheme will not give them any advantage.

OP says he watched it on a popular show which means it was allowed by the authorities, and they are deliberately smearing bitcoin and spreading it to keep people away from bitcoin. The people who made that program are not mistaken, but they did this on purpose because there is no way to get people to stop looking for bitcoins, so they came up with this dirty trick.

Just as some governments say that bitcoin is a vehicle for criminals to use, but before bitcoin, criminals have also used fiat for illegal activities. But the government has never said that fiat is abetting criminals.

[Kakmakr]

I started this thread with a clear purpose, which is to highlight the fact that Ponzi schemes found Bitcoin and now they are using Bitcoin as a payment option to run this. They used Fiat currencies and the Banking system before, but now they found a pseudo anonymous method to run these criminal activities.

The people who fall for these Ponzi schemes, burn their fingers and a lot of them do not understand that they were part of a Ponzi scheme.... they think this Ponzi scheme is what Bitcoin is. So they tell everyone around them that they lost money on "Bitcoin"...which is not true.

Do you think people who lost money in previous Ponzi schemes, blamed "cash" or their "Credit or debit card" that they used to make payments to those Ponzi schemes? We should educate the public on what Ponzi schemes are ...and what Bitcoin is... and that Bitcoin payments to Ponzi schemes are the same as any other payment option that are used to pay these criminals. 

[Raflesia]

Even though we do try to act and fight conditions like this, of course this will not be easy, it is even likely to fail.
The reason is actually simple because fraudsters like this always see ordinary people who are in bitcoin only looking at the profit side and of course beginners who buy bitcoin always use all means to get instant profits so they are easily trapped.
I personally for now just always take care of the people closest to me in this case so they don't get entangled because we also can't hold back the flow like this.

that is true, we can only protect people that are near or known to us because we can explain to them clearly what's going on. btc itself is not a ponzi scheme, it is the people who are using it to scam other people. thus, some noncrypto users have the notion that BTC itself is a fraud because of these scammers.
education is the key to learn what's the real deal in this market. however, not many people are willing to educate themselves to understand what's really going on. hence, the bad notion of the btc and crypto in general.

Because at least in this case we are also still useful and reduce damage because indeed things like this will definitely continue to happen at any time and cannot be changed especially with crypto which is increasingly popular, there are indeed more and more gaps for fraudsters like this to run action.
Learning is a very important key, but the problem is that there are lots of people who don't think about this because greed and expecting instant profits has always been one of their goals which makes it easy for fraudsters to carry out their actions.

[Issa56]

Most people that are aged still believe that bitcoin is a ponzi scheme, the only people that truly understand what bitcoin is all about are the youth. Bitcoin is just a currency and it can be used for anything, they same way bitcoin is been used as payment method for ponzi scheme, fiat is also used as payment method for ponzi scheme, some ponzi schemes that crashed in the past always request that people should make deposit into there account by making transfer from there bank account. I believe any illegal activities bitcoin is used for, fiat is also used for it.

[n0ne]

Most people that are aged still believe that bitcoin is a ponzi scheme, the only people that truly understand what bitcoin is all about are the youth. Bitcoin is just a currency and it can be used for anything, they same way bitcoin is been used as payment method for ponzi scheme, fiat is also used as payment method for ponzi scheme, some ponzi schemes that crashed in the past always request that people should make deposit into there account by making transfer from there bank account. I believe any illegal activities bitcoin is used for, fiat is also used for it.

Because most of the newspaper companies just show news about the failure happened in the name of bitcoin. It is possible to see such news in places were bitcoin have gained interest. This is where common people easily misunderstand bitcoin. Something like onecoin is much into discussion and finally the person behind the scheme was found dead. This is one of the news that I read in a newspaper. Already I knew about it,but the person who doesn't have any idea regarding it will fix bitcoin as a ponzi in his/her mind.

[BitcoinPanther]

These Ponzi schemes collapsed and according to him ....many people lost money in Bitcoin. They have a WhatsApp group for the program and I immediately corrected that statement, because people did not lose money in Bitcoin.... they lost money in a Ponzi scheme that used Bitcoin as a payment option.

Funny how people distort the truth just to blame bad things to Bitcoin.  It was obvious that they are talking about scam companies that exploit people using Bitcoin as a trap.  It is a good thing that you are able to correct the message.  I bet the person who deliver the explanation and message has a concept of Bitcoin being ponzi scheme which is not true.

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

It is very important because these people are distorting facts making people believe that Bitcoin is the one that made those people lost a lot of money.  Those people who have no knowledge about Bitcoin that hear that statement will have an impression that Bitcoin is a scam.

Though, I wonder what was the reaction of the person when you corrected his statement. 

[Stalker22]

Yes, it is crazy how people can twist the truth just to put the blame on something they do not fully understand. I mean, sure, there are some sketchy companies or individuals out there that use Bitcoin to scam people, but that is not Bitcoin's fault! It is just like how some people use cash to do illegal things - that does not mean cash itself is bad. I am guessing whoever was spreading that message did not really know what Bitcoin is all about and just assumed it was some kind of Ponzi scheme or something. Smh.

I think part of the problem is that there is still a lot of confusion and misinformation out there about what Bitcoin is and how it works. Plus, it is a pretty new and complex technology, so it is not surprising that some folks are hesitant or skeptical. But the more people learn and educate themselves, the better off we will all be.

[S A KHAIR]

Most people that are aged still believe that bitcoin is a ponzi scheme, the only people that truly understand what bitcoin is all about are the youth. Bitcoin is just a currency and it can be used for anything, they same way bitcoin is been used as payment method for ponzi scheme, fiat is also used as payment method for ponzi scheme, some ponzi schemes that crashed in the past always request that people should make deposit into there account by making transfer from there bank account. I believe any illegal activities bitcoin is used for, fiat is also used for it.

But the elders can't be blamed, because they don't know anything about bitcoin, what they know is that through government media channels are spreading fake news about bitcoin. This is clearly the government's fault because they don't want people to use and stay away from bitcoin.

[inthelongrun]

Well done, mate. It is really crazy how these misinformed people are directly using bitcoin during scams. This is one of the reasons why I don't talk too much about crypto to my friends and relatives. Some of them thought bitcoin is an investment platform that provides regular returns. I don't want to waste my time arguing with them. I even heard some people talking about how unsecured bitcoin investments are after the closure of FTX. Well, then I cannot wait for the next bull run and ignore them when some of them start talking to me again about bitcoin.

[dansus021]

I recently watched the new Crypto Documentary the tittle was Crypto: The World’s Greatest Scam. and the author of channel is James Jani and this is the link https://www.youtube.com/watch?v=ORdWE_ffirg

He said bitcoin is ponzi too But this is me or am I just wrong to have meaning of the video

[xSkylarx]

This is very important because there are newbies and other people thinking about it because they only know that when it comes to bitcoin, it is a scam because they only think that a ponzi scheme is the same as bitcoin. Mostly, this was the thought 5 years ago, and even recently, I've seen a lot of media showing this and only interviewing those people who had zero knowledge of bitcoin. That is why if there are friends or someone I know who talks about getting scammed in bitcoin, I always talk to them and explain it to them.

[BenCodie]

Common tactic by mainstream media - Get scenarios where people were done wrong by, label it as what Bitcoin enables, or what Bitcoin is. They don't talk about the magnitude of wrong doing is done with fiat currency. Thankfully the whole "Bitcoin is a ponzi" argument is proven to become less and less effective over time. No matter how many ponzis/frauds/scams use Bitcoin, that will never prove that Bitcoin can be labelled as any of these itself. You've done a good job correcting and fighting the wrong-doing. Right now they look like idiots to us who know...one day (ideally) they will look like idiots to us all.

[LogitechMouse]

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

We all hate misinformation didn't we?

Now who are saying that Bitcoin is the one who's responsible for their losses? Newbies, and those investors who are finding somebody to blame on their wrongdoings, their decisions and their mistakes. When people or in this case investors did something wrong or fell into a ponzi scheme, they will find something to blame with, and Bitcoin is the one who blames them. Another one is that, it's a popular show that you said and often times, these are being controlled by the government so... nothing new. They had and will always destroy and blame Bitcoin.

There are so many videos online that explains how a Ponzi Schemes works. The problem is that, there are some newbies and investors who aren't allotting some of their time watching it or at least make some research but instead, they are more focused on the possible profits that they can get on that project that they are forgetting the chances of it being a Ponzi Schemes. Ignorant investors.

[dezoel]

Sorry @OP but it seems that you are the ones who are confused here and not the people or the majority because in my first read about the topic, I already understood what the guest of that show is talking about. He cleared that Bitcoin was one of the payment option used by those Ponzi groups.

By there we already know that it was not the fault of Bitcoin on why those people lost their money. It is true when he said that people lose money in Bitcoin because like I said earlier, Bitcoin was one of the payment methods that is used so people only converted their fiat money or local currencies into it. I hope you get my point here. Thank you.

[Mauser]

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

I fully agree with you, just because bitcoin was used as a form of payment doesn't mean it's a ponzi scheme. If there were no crypto currencies the scammer would have used other forms of payment and the same would have happened. We can't blame bitcoins for the lack of critical thinking. My grandmother got scammed in the past with fiat cash as form of payment, nobody would say that cash is the problem. There will always be criminals trying to take advantage of others, that is not a reason to avoid cryptos. The same could be said with gift cards, the number one asset scammer use to get money from elderly people. Getting rid of gift cards wouldn't stop the scams.

[traderethereum]

Those people need to change their perspective on bitcoin, where Ponzi schemes and Bitcoin are different things.
What if the Ponzi scheme uses payment using Paypal? Are they also going to blame Paypal for tricking them?
It doesn't make sense because they think that bitcoin is included in the Ponzi scheme even though bitcoin is independent and not connected by any program.
It would be better if they could check the Ponzi scheme program before they sign up so they know full well that the Ponzi scheme will not give them any advantage.

OP says he watched it on a popular show which means it was allowed by the authorities, and they are deliberately smearing bitcoin and spreading it to keep people away from bitcoin. The people who made that program are not mistaken, but they did this on purpose because there is no way to get people to stop looking for bitcoins, so they came up with this dirty trick.

Just as some governments say that bitcoin is a vehicle for criminals to use, but before bitcoin, criminals have also used fiat for illegal activities. But the government has never said that fiat is abetting criminals.

Indirectly, this has discredited bitcoin in public and can make many people distrust bitcoin and not want to use bitcoin.
Yes, their thinking needs to be changed for the good of all those who still think bitcoin is only for illegal activities.
The government says this is because they cannot fully control bitcoin and can only control people who already use or own crypto and record it.
The government does not say that fiat is in cahoots with criminals because many corrupt officials use fiat and maybe some even use bitcoin for money laundering.
So there must be learning about bitcoin so that people know that people can use bitcoin for good or bad things depending on the user.

[GeorgeJohn]

Now, this does not sound very important, but it actually are one of the most critical things that needs to be addressed. We should counter all of these misinformed people, with education on what Bitcoin is, because they lose money on Ponzi schemes and then they blame it on Bitcoin.

I won't blame those set of people because they are misinformed of what ponzi scheme is all about, I could remember in 2015/2016 I participated in fiat ponzi scheme called MMM, for the first time it was paying everyone and more people were registering to the platform, and it had investment options of Bitcoin and people do skip Bitcoin because they are not fully aware of Bitcoin, but at a point the mmm lasted eleven (11) months, the months making it twelve (12) months it crashed and make away with many people money,  which that year I was victim of mmm, now are we blaming people who choose fiat options or people who Skip Bitcoin options.  So we have understand that ponzi scheme have no trust and its not reliable.

[AicecreaME]

Very confusing to be honest.

Those people knows they didn't lose their money in Bitcoin but in ponzi scheme, they are just blaming Bitcoin for their stupidity believing on those ponzi schemes that are not even new anymore, they just never learned. They are one of the biggest player actually on creating FUD to scare other people by their own mistakes.

So instead of cryptocurrency getting a round of applause for being great by creating opportunities to people to earn more than in fiat, others chose to doubt it and judge it.