Teacher and Classmates Labeling Bitcoin as a Ponzi Scheme or a Scam

[alastantiger]

Story time 
My nephew, who is around 15 years old, has gained knowledge about bitcoin and cryptocurrencies through exposure to discussions between his father (my brother) and me, as we frequently talk about bitcoin. Whenever he has free time from school or chores, we allow him to listen in on our conversations and ask any curious questions he may have. For instance, he often asks questions like, "Uncle, what is bitcoin?" or "Is it a type of currency? Can I have one?" We do our best to explain the concept to him, but sometimes he grasps it easily while other times he struggles to understand. What I do know is that this young boy is displaying a keen interest in the subject.

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

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[Who is John Galt?]

It is difficult to explain something to a prejudiced person, especially if you have to resist the authority of a teacher. It might be worth looking into what a Ponzi scheme is, how it works, how not to get caught up in it, and why Bitcoin is nothing like a Ponzi scheme.

As for the scam in general, you can only try to tell in more detail about what decentralization is, how it is embedded in the bitcoin code. What are the real threats such as a 51% attack and why are they unlikely. You need to be open and not afraid to talk about what the potential difficulties could be. But this can only be told to those who want to listen. Anyone who simply says that Bitcoin is a scam is unlikely to hear any arguments.

[_act_]

You need to let him know that this life is a scam if someone does not know what he is doing. Example is holding fiat for 10 years in a fixed deposit account because of 10% APR. Is that not scam in countries that are not developed but hit with inflation? The fiat will decrease in value even in countries that are developed.

Let him know that he suppose to understand something before he can call it a scam. A business that the business owner collect Peter money to pay Paul is what that is called ponzi. Is bitcoin like that? No.

You know what is bitcoin, you know how volatile it is, you know that you can either gain or lose, unlike ponzi schemes that the business owners are lying to make investors to invest.

[pawanjain]

Story time 
My nephew, who is around 15 years old, has gained knowledge about bitcoin and cryptocurrencies through exposure to discussions between his father (my brother) and me, as we frequently talk about bitcoin. Whenever he has free time from school or chores, we allow him to listen in on our conversations and ask any curious questions he may have. For instance, he often asks questions like, "Uncle, what is bitcoin?" or "Is it a type of currency? Can I have one?" We do our best to explain the concept to him, but sometimes he grasps it easily while other times he struggles to understand. What I do know is that this young boy is displaying a keen interest in the subject.

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

It's great to see your nephew developing an interest in bitcoin, thanks to you and your brother.
But you have to make him understand that not everyone will have the same mindset and it's okay to have different opinions.
This itself will be a huge lesson for him since it will make him understand about different perspectives in life.

Also, keep encouraging him to learn more about bitcoin and focus more on the technical side such as decentralization.
Tell him to keep talking to others in private and know how each individual think about bitcoin.
May be he will be able to find more like minded people and that way he will get to know there are few people who are interested in bitcoin.

[CryptSafe]

You have a smart nephew who is eager and ready to new things and it seems his teacher is not conversant with technology and innovations hence their display of ignorance towards your nephew input in their conversations. It is even bad that the teacher can not do a little research to be updated with knowledge of bitcoin and how it works but rather silence your nephew.
This shows how funny some humans can be at times. I expected the teacher to be challenged by the reality of your nephews input by going into research.
If I were your brother, I would have withdrawn him from that school as the ignorant attitude of the teacher has already shown how the teachers in that school are which is very bad and as such do not really show any sign of research attitude from them. This was the reason why other students too criticised your nephew because they depend on what their teacher told them and do not do further research and findings.

[Findingnemo]

Story time  .

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

Here teacher has no knowledge about Bitcoin and blockchain which is probably the reason for such discussions so if you have any opportunity to meet the teacher then it's better explain to him what is Bitcoin.

About your nephew he is 15 and old enough to understand things on his own so better teach him about what is blockchain as first before explaining about Bitcoin then he will understand who is wrong.

[Awaklara]

What are your thoughts on this matter?

Is Bitcoin illegal in your country? I mean not legal as a currency or investment asset. since your nephew is in a government agency, we can't blame them.
but maybe their understanding of Bitcoin is still very shallow. especially if the news is related to Bitcoin or maybe more precisely bad cryptocurrency. that is what they will understand.

if your nephew wants to know Bitcoin, he better learn from you first. or take advice from his father.

[mk4]

Just ignore it — you don't need to defend bitcoin with all your will. It's not like you can explain to your child how bitcoin is not a scam and all that because bitcoin (and probably money in general) is probably still a bit too complex to explain at that age anyway.

[Stalker22]

His father is probably right, your nephew should just stop discussing Bitcoin at his school. He does not need to go against his teacher's opinion no matter how right he is. Engaging in such discussions could potentially have a negative impact on his school grades, especially if the teacher takes it negatively. It is best to leave such discussions for a circle of people who understand better and are genuinely interested in the topic.

[BIT-BENDER]

Pls I don't think all this story about one's family and bitcoin and all that we keep getting is necessary, I think we all have that every day encounter with our friends and relatives in relation to Bitcoin but if we all bring that here it would be an eye saw. This isn't a story forum or something in that direction.

I think many members are now taking this sort of things too far and it's dropping the general quality of the forum, I believe there are members that can put anyone making such post on mute, it's a bit annoying.

[Sim_card]

You nephew don't have the proper knowledge to convince or discuss bitcoin with people yet because you said that you don't teach him but only discuss to his hearing but due to his passion to learn bitcoin,he understands some of your discussion on his own. There is no way that his teacher will believe him that bitcoin is not a scam because he believes that your nephew doesn't even have any knowledge on it. However,it is not everyone that will hear about bitcoin that will believe that it is for real due to lack of knowledge and no prove that bitcoin is for real. Tell your cousin not to discuss bitcoin with anyone until he is up to the age. I hope that bitcoin is legalized in your country, if not your nephew can put you in trouble.

[Dr.Bitcoin_Strange]

Have you tried to ask your nephew one good question, like if he is very interested in the topic of Bitcoin, and have you also imagined if there really is a thing he can do with that knowledge at the moment? Or are you willing to make some investment for him on your behalf, or will his Dad (your brother) do that for his son, or does your brother already have a Bitcoin investment that he will definitely have to hand over to his son in the future? Well, if you really know the desire of your nephew, whether he needs the knowledge at that moment or not, then you will have to decide what to do. You know you cannot force someone to learn what they don't want to, and perhaps the Dad has asked, that he should stop engaging in Bitcoin discussion. 15 years is really old, though, and even if he makes up his mind to learn at the age of 18, he can still grab quite a good knowledge and always seek your attention or his dad's any time he requires it.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[AbuBhakar]

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

I don't agree on the teacher PoV on Bitcoin but I'm not surprised either with his opinion since he just want to make his student safe from risky investment by giving them wrong information to scared them away.

In our country, Other prominent person are the one discouraging people to invest on Bitcoin using with that same assumption that Bitcoin is scam and high risk. We have different risk tolerance that's why even people with a good educational background gives such remarks since they can't handle high risk and just simply categorized it as scam just to avoid being involved.

[kawetsriyanto]

If Bitcoin is illegal in your country, you should advise your nephew to not share the Bitcoin information with his friends or his teachers. It is because other people may not know the truth about Bitcoin, they have no knowledge and just hear FUDs around them. But if Bitcoin or crypto is legal in your country, you can allow him to share about Bitcoin with any people

By the way, not everyone cares and understands Bitcoin, so it is not surprising that other people may think it is a Ponzi/scam. People who never learn about Bitcoin, probably will easily conclude it scam/Ponzi whenever they read FUDs on social media about Bitcoin. It should take support from any party to realize people that Bitcoin is a true digital investment. Luckily I live in a country where Bitcoin is legal as an investment, so people begin to trust Bitcoin here. However, there are still many people who claim that Bitcoin is a shit investment, Ponzi, or scam.

[suzanne5223]

What are your thoughts on this matter?

We have a situation where some people experienced something bad the first time they will invest in BTC and never see it as genuine something, so it's important to understand their motivations if someone calls Bitcoin a scam and try to educate them on the facts.
Now that a well-respected and established asset management company like  BlackRock filed for Bitcoin ETF I believe we will have some positive thoughts about BTC from people all over the world.

[BitDane]

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

You can tell your nephew why Bitcoin is not a Ponzi Scheme by simply emphasizing that Bitcoin is not under a company or controlled by anyone and does not need its community to recruit any person to gain a reward.   Aside from that you can also tell him that bitcoin is in an open market just like any other commodities that is sold in the marketplace.  The market is driven by supply and demand and not by the dictated price of any company.  If anyone labels Bitcoin as Ponzi scheme, then they are also saying that everything  is one big Ponzi scheme.

[Mr.right85]

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it. I'm seeking a variety of advice that I can offer to my nephew in this situation. Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach. What are your thoughts on this matter?

A 15year old, probably not a bad time to learn but, you gius are going to talk the guy's head off with all the back and forth teachings of bitcoin being a scam and some ponzi scheme.

Kids always have the impression that, there teacher is always right and with you guys pulling this not out of the curriculum, trying to prive the teacher wrong and all that, what would happen to his believing in what comes out of the teachers mouth on other courses?
Don't know jow yo feel about this but, the dad might be right. Let the child grow up a little to be able to reason, choose and do his own research.

[dzungmobile]

Story time 

Another story

Recently, he expressed his frustration about his teacher and classmates labeling bitcoin as a ponzi scheme or a scam each time he talks about it.

Let them be. You should not waste your time to convince them or change their minds. The world has abundant good resources to learn about Bitcoin.

Don't pass that hard mission to that child because he does not have deep knowledge about Bitcoin like you and his farther, so don't force that child to complete a hard task which even you and his farther can fail.

I'm seeking a variety of advice that I can offer to my nephew in this situation.

Best advice you can give to the child: Ignore them and move on.

Although his father suggested that he should stop discussing bitcoin, I don't feel comfortable with that approach.

You will always feel uncomfortable when dealing with such people but why you should waste your time, energy, harm your nerves for such people. Rather than teaching them and wasting your time (I am sure), you should use your time to learn more about Bitcoin.

[Dunamisx]

Have we at a certain point in tile forgot that not everyone has thesame approach we have towards things in life, we all give it a different look from different perspectives, we cannot force some people to see or believe what they are not too sure of neither do they have much idea about them, this bitcoin could be seen as still a new introduced system of digital currency in cryptocurrency so we should expect diverse and contrary opinions from different views.

[Diplester6666]

Repeat after me -
"I have promised myself that I will be focusing my time and efforts on building my own future instead of trying to convince someone who makes the fashionable mistake of labelling everything they don't understand as scam."