Bitcoin and Ponzi Schemes - People are confused.

[LastKiss]

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

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[michellee]

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

Unless they could benefit from that Ponzi, they would not blame him, but the people below them would definitely disagree with it. But those of us who are familiar with crypto must indeed provide an explanation to the people who join Ponzi, especially when they have experienced losses and not just blame crypto. They have to change their thinking that bitcoin is Ponzi and start looking for the truth by reading articles or asking people who know more about the difference between Ponzi and Bitcoin.

But if those people already have Bitcoin because of the Ponzi program, they shouldn't complain because they already have a much more valuable investment than the Ponzi. They can have the opportunity to earn big profits in the future without the Ponzi especially if they can store their Bitcoins in their personal wallets. But if they just deposit money and get paid 30 days later and find no payment at all, that is their own fault.

[borovichok]

~snip~

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.

Ponzi schemes have given the erroneous picture of bitcoin to many people who are afraid of the market and perceive bitcoin as a coin that will drain their savings. The nature of projects completed heavily influences market earnings. With backup moderators working nonstop every day to keep the project running, Bitcoin has a strong history. Such people should be educated about ponzi schemes and bitcoin in order to prevent them from becoming victims of scammed projects, also they should be cautious of the kind of projects to invest their money on.

[lizarder]

Basically if someone really understands that ponzi schemes have never had anything to do with bitcoin, then they can never be conned by any company, but because the understanding of bitcoin is shallow, people are so easily conned and invited to join companies that offer it. Bitcoin does not offer an investment vehicle but rather a medium of exchange that has a clear product on the market, while a Ponzi scheme has never been introduced to the product.

While profits in bitcoin will follow the price on the market and will never be as stable as the profits promised by a ponzi scheme, from this alone people can clearly distinguish the difference between the two. But as I said before, because of the lack of knowledge about bitcoin so it is very easy for them to be scammed.

[Crypt0Gore]

The quickest way to make a profit from Bitcoin is through day trading, which is challenging as we all know. The alternative is to hold Bitcoin for a long period of time, which is challenging for many people who aren't into cryptocurrencies, because they lack the patience to hold and wait. As a result, HYIP websites and platforms seem more appealing to these people,
it's like a form of short cut .

I have told many people in my country that Bitcoin is not a Ponzi scheme. The problem is that they want to make quick money, so they visit websites that promise to turn their money into a sizable profit in a matter of weeks. These websites asked them to deposit LTC or BTC, which they did, and when the Pyramid scheme failed, they blamed Bitcoin.

This is normal because people like judging something they don't understand, and all we can do is keep telling them that Bitcoin has nothing to do with High Yield Investment schemes.  

[Mpamaegbu]

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.

How do you counter people who've accepted their own ignorance as bliss? Go and shout yourself hoarse with them in an unnecessary argument on something that should benefit them? That's not me. In the past I used to get bothered about negative comments on Bitcoin until it dawned on me that only trees with delicious fruits get thrown stones at. These people are FUDing on Bitcoin because they've realized the potential in Bitcoin as the beautiful bride with delicious fruits and are trying all they can to shoot it down. Besides, no matter how hard one tries to educate those pessimists it's most likely to end as effort in futility.

The only way to convince those with negative mindsets about Bitcoin is to let them see the result one has achieved. That's if one is that type that likes validation from others. Otherwise, it's still better to keep mute when the success from Bitcoin starts rolling in.

[MeCsc]

This is one of the major skepticism of Bitcoin and this affects most people who just see bitcoin as a means to make money. They know nothing about bitcoin, how it works or what it was  made for. But this boils down to how bitcoin was introduced to them. In Nigeria cryptocurrency ponzi schemes has continously been increasing since 2020 during Forsage and its still on increasing but there are no longer using bitcoin but rather with some altcoins especially Tron, Doge and USDT.

[KennyR]

We just have a thinking that people are well aware of bitcoin and cryptocurrencies based on the adoption and other progressive activities happening around. In reality something around 1% around the world is well aware and making use of it with the right knowledge. This is the reason why people just relate bitcoin and ponzi schemes. This mentality will slowly change when people realise the true need of bitcoin and cryptocurrencies.

[mv1986]

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

I would say the sentiment has changed a lot over the recent years. It was the case that everything crypto-related was a Ponzi, but when I tap to people it isn't the same discussion as it used to be like 5 years ago. Back at the time everything was a Ponzi, but now most of the people realize that there is much more behind digital and decentralized currencies, especially in light of the recent problems that fiat money obviously has.

[JoyMarsha]

It's always been like that. The media and those who are against bitcoin will be eager to present it in a negative light when Ponzi schemers defraud individuals using bitcoin. They won't try to rush through talking about how it has helped people become richer or store their assets.

When I hear unfavorable information regarding bitcoin, that irritates me the most. I am aware of how frequently I have run into folks because of problems like these.

Everyone who loses money to a Ponzi scheme does so because they were gullible enough to get engaged in something they had no knowledge about.

[Desmong]

~snip~

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.

They don't know about Bitcoin when talking like that, anything related Ponzi nowadays is always linked to cryptocurrency and making crypto bad for people who just want to join. I agree we should educate those people who always misinformed other people.

People need to change there idea about Bitcoin which is bad. When I first heard about Bitcoin I thought it was something like scam of ponzi scheme, but with time I was able to know that Bitcoin is a cryptocurrency and in a form of investment. Bitcoin has so many benefits to our lives today and I am happy that I am part for the beneficiary that had gained from Bitcoin so far bringing altcoins to the market.

[yazher]

That's just what they say about bitcoins in the media and that's why it takes so slowly for it to progress to be clear in the mind of the common folks because they did this thing for them to be confused. people know about its true usage at the same time while fighting these guys who continue to talk ill about bitcoins and crypto stuff. Thankfully, the case is not the same because, in the past, there will no companies that support it and it really makes hard for anybody to promote it. but now everything is clear for sound-minded people and the only problem is those behind making bitcoins look this bad are not stopping at all any time soon.

[Prestongold]

There have been a lot of misconceptions about the relationship between bitcoin and cryptocurrency with the Ponzi scheme,  even though few per cent of people already know the difference and role bitcoin plays in the activities of scammers that perpetuate those criminals act like Ponzi.

Bitcoin is just a victim and a tool just like the dollar bills and the rest of other paper currencies that are used for the same purpose by the criminal.

[tygeade]

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.

Average person is a lot more stupid than you think is a true statement. People could think that bitcoin is like a ponzi and they could be confused about it, but that is not something that is wrong with bitcoin or anything like that, we are talking about a situation that is wrong with those people who are confused.

They are the ones who do not know the difference and they could be doing the wrong thing and think the wrong thing and we do not have any responsibility to fix it. Forget about what some people may think, they are the ones who are wrong and it is their own responsibility to make sure that they are doing the right thing in the end.

[mv1986]

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.

Average person is a lot more stupid than you think is a true statement. People could think that bitcoin is like a ponzi and they could be confused about it, but that is not something that is wrong with bitcoin or anything like that, we are talking about a situation that is wrong with those people who are confused.

They are the ones who do not know the difference and they could be doing the wrong thing and think the wrong thing and we do not have any responsibility to fix it. Forget about what some people may think, they are the ones who are wrong and it is their own responsibility to make sure that they are doing the right thing in the end.

It is also a problem that authorities like Warren Buffett raise they voice and call Bitcoin a Ponzi scheme. Charlie Munger has done the same and even Bill Gates took a full turn on cryptocurrency and talks bad about it. If you are now one of those guys who is skeptical of Bitcoin, then you often listen to guys who have a say in the world. If some of the richest men on the planet say that Bitcoin is dangerous and they keep bashing it in public in all their interviews, you either educate yourself or you believe what people like them have to say.

That is why it is sad that these guys abuse their position and power to spread information like that as I guess we all agree that they should know better. It doesn't help at all if they just bash it but never really talk about the technology. They don't provide real criticism, but if someone is skeptical anyway then this works perfectly fine against Bitcoin.

[LittleBitFunny]

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.

Average person is a lot more stupid than you think is a true statement. People could think that bitcoin is like a ponzi and they could be confused about it, but that is not something that is wrong with bitcoin or anything like that, we are talking about a situation that is wrong with those people who are confused.

They are the ones who do not know the difference and they could be doing the wrong thing and think the wrong thing and we do not have any responsibility to fix it. Forget about what some people may think, they are the ones who are wrong and it is their own responsibility to make sure that they are doing the right thing in the end.

It is also a problem that authorities like Warren Buffett raise they voice and call Bitcoin a Ponzi scheme. Charlie Munger has done the same and even Bill Gates took a full turn on cryptocurrency and talks bad about it. If you are now one of those guys who is skeptical of Bitcoin, then you often listen to guys who have a say in the world. If some of the richest men on the planet say that Bitcoin is dangerous and they keep bashing it in public in all their interviews, you either educate yourself or you believe what people like them have to say.

That is why it is sad that these guys abuse their position and power to spread information like that as I guess we all agree that they should know better. It doesn't help at all if they just bash it but never really talk about the technology. They don't provide real criticism, but if someone is skeptical anyway then this works perfectly fine against Bitcoin.

As for me, I think they know very well what bitcoin is, and what they are doing is just driving people away from bitcoin. I mean, they know the potential of bitcoin, they don't want everyone to get rich quickly, and they don't want everyone to be as rich as they are because if there are too many rich people, they will lose their power and voice.

I am pretty confident that they are also quietly investing in bitcoin, they are money-hungry people, so they will never pass up any opportunity. Rich people never want others to be richer than themselves.

[Kakmakr]

There have been a lot of misconceptions about the relationship between bitcoin and cryptocurrency with the Ponzi scheme,  even though few per cent of people already know the difference and role bitcoin plays in the activities of scammers that perpetuate those criminals act like Ponzi.

Bitcoin is just a victim and a tool just like the dollar bills and the rest of other paper currencies that are used for the same purpose by the criminal.

Yes, someone are getting it. The Bitcoin enemies and competition ignore the obvious facts that Bitcoin are simply being used as a payment option in this scenario and they finger Bitcoin as being the Ponzi Scheme to fit their agenda.

The media ride that misinformation to feed the agenda of the people that fund them and the whole confusion are created to create a smoke and mirror scene, where "Bitcoin" are the bad guy.  

[Ultegra134]

Basically if someone really understands that ponzi schemes have never had anything to do with bitcoin, then they can never be conned by any company, but because the understanding of bitcoin is shallow, people are so easily conned and invited to join companies that offer it. Bitcoin does not offer an investment vehicle but rather a medium of exchange that has a clear product on the market, while a Ponzi scheme has never been introduced to the product.

While profits in bitcoin will follow the price on the market and will never be as stable as the profits promised by a ponzi scheme, from this alone people can clearly distinguish the difference between the two. But as I said before, because of the lack of knowledge about bitcoin so it is very easy for them to be scammed.

In my opinion, there are two main reasons why people associate cryptocurrencies with Ponzi schemes. Firstly, because crypto payments are somewhat anonymous, scammers can run their operations with a minimal risk of being caught. On top of that, people can't distinguish that cryptocurrencies have nothing to do with such schemes, which existed way before they did; it's just easier for scammers now to stay undercover for longer. As a result, the media is quick to blame cryptocurrencies since nowadays it's a common gateway for ponzi schemes. Scam pump and dump coins are also often portrayed as such due to the high yield they promise and their extremely high failure rates.

[imamusma]

Basically bitcoin is means of payment which in this case is used as a medium to generate profits from enthusiasts in the various ponzi schemes. The ponzi scheme the OP was talking about isn't new, but it's happened so often that we shouldn't be surprised anymore.

Until now ponzi schemes like that still happen a lot around me, but maybe not using bitcoin as a medium. In this case whoever the victim should not blame the media, but blame the people who developed the ponzi scheme. The knife is not to blame for slicing, but the person. Usually such ponzi schemes are easily recognized by anyone who knows what a ponzi is, but the average layman never notices because they are lured in by the lure of high returns.

[Henrobakkara]

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.

Misinformation has caused a lot of persons to not invest and be committed to investing in bitcoins, It is their loss because that misinformation will lead to regret if not corrected. I lost some money too to a Ponzi scheme that used bitcoins, and that was my very first exposure to bitcoins. It was not a pleasant period, but because I knew that since there were other Ponzi schemes during that time too that were not using bitcoins, I knew that It was not bitcoins to be blamed, but the Ponzi-scheme itself. Misinformation is even sometimes more better than no information, Instead of accepting wrong information, choose to remain uninformed. There is a lot of information flying around, For whatever information that you need that comes to you, it is your duty to verify.

Likewise. I have had a similar incident of losing Bitcoin to a Ponzi scheme very early on, in fact, that was my introduction to Bitcoin because my colleague then introduced me to this very Ponzi scheme and didn't know that we were both going to lose. Then we were to pay for a service with Bitcoin which he told me and we did as I said, my introduction to Bitcoin but that didn't stop me from investing afterward when I really got to understand Bitcoin. I also believe aside from misinformation, personal belief too matters.