Will anyone admit that bitcoin is looking like a sophisticated ponzi scheme?

[Phinnaeus Gage]

Just wondering if anyone has changed their ideas yet about bitcoin?

All you have read over the last months and even today is people saying how you will get rich etc. To buy buy buy.

Pushing a digital coin which doesn't offer anything unique vs the other unlimited alt coins.

A digital coin that doesn't do anything better than fiat.

The ultimate sophisticated Ponzi scheme, so sophisticated you can even argue that it isn't a Ponzi scheme.

Anyone brave enough to admit it or will we only have the cheerleaders in here posting how bitcoin is going to the moon.

Have you stopped beating your wife yet?

Wait, what? The beating was supposed to stop?

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[knight22]

Our monetary system is the biggest Ponzi scheme around.
https://www.youtube.com/watch?v=iFDe5kUUyT0

[Meuh6879]

Yes ... ponzi because we (the people) is only on the top left on the screen (green cloud).


http://imageshack.com/a/img716/2961/sd3g.jpg

[LAMarcellus]

So I've been using Ed as a contrarian indicator...
Expect BITCOIN TO DA MOON any day now.

trolololo

[fusecavator]

Pushing a digital coin which doesn't offer anything unique vs the other unlimited alt coins.

I does have something unique and very important: a lot of places to spend it

Most alts have little more than a few exchanges and maybe a dice game, but bitcoin has many businesses that accept it, which gives it use as something other than just a speculating game.

[andyBernard]

yes, it is digital fiat tbh

[~Coinseeker~]

I think ponzi is the wrong term.  It more resembles a pyramid.  Not the tech, that's irrelevant but the way it's promoted is 100% pyramid.  That's why it doesn't matter how many businesses "accept" Bitcoin, the price keeps falling. Nobody is buying and certainly not to use as a transactional currency.    Greed killed Bitcoin and better alternatives, with better distribution will reign.  You see, it doesn't matter how high you can pump the price of something, if it's not useful to people, they won't use it.  It's as simple as that.  

[hdbuck]

 You see, it doesn't matter how high you can pump the price of something, if it's not useful to people, they won't use it.  It's as simple as that.  

yeaa... wait until you'll get to save transaction fees from the average products and services you buy.. worldwide.. 

[~Coinseeker~]

 You see, it doesn't matter how high you can pump the price of something, if it's not useful to people, they won't use it.  It's as simple as that.  

yeaa... wait until you'll get to save transaction fees from the average products and services you buy.. worldwide..  

Most people don't buy worldwide, they buy local.  On top of that, Bitcoin's not useful because it is poorly distributed and slow.  For remittences, there are already better options.  Just because Bitcoin was first, doesn't mean it will be here in the end.  As a long time Bitcoin bear, none of this is surprising.  It was inevitable.   People can't spend, what they don't have.

[hdbuck]

 You see, it doesn't matter how high you can pump the price of something, if it's not useful to people, they won't use it.  It's as simple as that.  

yeaa... wait until you'll get to save transaction fees from the average products and services you buy.. worldwide..  

Most people don't buy worldwide, they buy local.  On top of that, Bitcoin's not useful because it is poorly distributed and slow.  For remittences, there are already better options.  Just because Bitcoin was first, doesn't mean it will be here in the end.  As a long time Bitcoin bear, none of this is surprising.  It was inevitable.   People can't spend, what they don't have.

well, one of the major groceries stores from where i live is going to implement bitcoin payments within this year.

[~Coinseeker~]

 You see, it doesn't matter how high you can pump the price of something, if it's not useful to people, they won't use it.  It's as simple as that.  

yeaa... wait until you'll get to save transaction fees from the average products and services you buy.. worldwide..  

Most people don't buy worldwide, they buy local.  On top of that, Bitcoin's not useful because it is poorly distributed and slow.  For remittences, there are already better options.  Just because Bitcoin was first, doesn't mean it will be here in the end.  As a long time Bitcoin bear, none of this is surprising.  It was inevitable.   People can't spend, what they don't have.

well, one of the major groceries stores from where i live is going to implement bitcoin payments within this year.

So.  How many people have Bitcoin where you live?  People just don't seem to get it.  Look how many merchants have joined since the $1200 run up.  Did it matter? No, because nobody has Bitcoins to spend and those that do have them are holding. But it makes sense, why in the hell would you spend a deflationary currency?  

[hdbuck]

 You see, it doesn't matter how high you can pump the price of something, if it's not useful to people, they won't use it.  It's as simple as that.  

yeaa... wait until you'll get to save transaction fees from the average products and services you buy.. worldwide..  

Most people don't buy worldwide, they buy local.  On top of that, Bitcoin's not useful because it is poorly distributed and slow.  For remittences, there are already better options.  Just because Bitcoin was first, doesn't mean it will be here in the end.  As a long time Bitcoin bear, none of this is surprising.  It was inevitable.   People can't spend, what they don't have.

well, one of the major groceries stores from where i live is going to implement bitcoin payments within this year.

So.  How many people have Bitcoin where you live?  People just don't seem to get it.  Look how many merchants have joined since the $1200 run up.  Did it matter? No, because nobody has Bitcoins to spend and those that do have them are holding. But it makes sense, why in the hell would you spend a deflationary currency?  

time dude time. cant fight progress. they'll be plenty of incentives for using bitcoins.

[smooth]

deflationary currency?

Open your eyes man.

[~Coinseeker~]

time dude time. cant fight progress. they'll be plenty of incentives for using bitcoins.

I doubt it.  Like I said, most people will never own Bitcoins and they honestly don't need to.  The double-spend problem has been solved. The tech can be duplicated and enhanced in an infinite number of ways now.  At this point, there is nothing unique about Bitcoin other than it was first. Any merchant accepting Bitcoin can easily accept an alternative and they will move to that which consumers deem useful, which means it needs to be available.  And of course, not taxed as property.  That's just a non-starter.

[coinits]

It more closely resembles a pyramid scheme (but so does every other commodity ever traded).
 
Government currencies are ponzi schemes because when they collapse the central banks come out rich.

So wrong.  Commodities are priced on supply & demand.  Soybeans, oil, coal..all these commodities are priced on supply demand.  Not pyramid at all

Government currencies are not Ponzi.  Ponzi is taking in new investment money to pay earlier investors.  Giving them the impression the investment is profitable so they invest more money.

In fairness BTC is not a Ponzi either.  Its a pump & dump.  Early investors try to draw in new investors to drive up price so they can dump their holdings

Ahhh so nice to be young and naive...

[BoogieMan82]

Bitcoins are a currency.  It only becomes a type of "scheme" if we keep linking it to Fiat currencies.

IF the time comes where WE decide the a BITCOIN is a BITCOIN and people that buy and sell goods for Bitcoins keep fixed prices (accounting for inflation) then the market volatility will go AWAY.

People are treating Bitcoins more like Stock instead of a currency.  Until people change the way they use Bitcoins, there will be volatility.

[Bit_Happy]

Edward50 are you a "sock puppet" that usually only posts during Bear markets?
If you hate BTC so much, why are you here?

[jonald_fyookball]

time dude time. cant fight progress. they'll be plenty of incentives for using bitcoins.

I doubt it.  Like I said, most people will never own Bitcoins and they honestly don't need to.  The double-spend problem has been solved. The tech can be duplicated and enhanced in an infinite number of ways now.  At this point, there is nothing unique about Bitcoin other than it was first. Any merchant accepting Bitcoin can easily accept an alternative and they will move to that which consumers deem useful, which means it needs to be available.  And of course, not taxed as property.  That's just a non-starter.

You got it backwards.  Any super cool features discovered by alts will be absorbed by bitcoin.

[Peter R]

Just wondering if anyone has changed their ideas yet about bitcoin?

Name:   Edward50
Posts:   639
Activity:   406
Position:   Sr. Member
Date Registered:   June 09, 2011, 11:48:20 PM
Last Active:   Today at 12:41:47 AM


The date you registered 3 years ago marked the absolute peak of the 2011 growth spurt--bitcoin crashed by 93% over the coming months.  Your post history shows that you were waiting to buy at $1 per BTC because you felt $2 was overvalued.  On a day like today with the market in turmoil you decided not to buy despite your interest in the technology.  

In spite of this epic crash, the bitcoin community continued to grow through 2011, 2012, 2013 and 2014, advancing cryptocurrency to where it is today.  Although June 9, 2011 would have been the absolute most unlucky day to purchase bitcoin in 2011, if you had purchased all of your bitcoin on this day, your investment would now be up by 1,250%.  If you had purchased at $2 instead of waiting for $1 you'd be up by 18,500%

It is the community of users that gives bitcoin its value.  If we keep finding new ways to use bitcoin, the rest will take care of itself.
  

[Bit_Happy]

Just wondering if anyone has changed their ideas yet about bitcoin?

Name:   Edward50
Posts:   639
Activity:   406
Position:   Sr. Member
Date Registered:   June 09, 2011, 11:48:20 PM
Last Active:   Today at 12:41:47 AM


The date you registered 3 years ago marked the absolute peak of the 2011 growth spurt--bitcoin crashed by 93% over the coming months.  Your post history shows that you were waiting to buy at $1 per BTC because you felt $2 was overvalued.  On a day like today with the market in turmoil you decided not to buy despite your interest in the technology.  

In spite of this epic crash, the bitcoin community continued to grow through 2011, 2012, 2013 and 2014, advancing cryptocurrency to where it is today.  Although June 9, 2011 would have been the absolute most unlucky day to purchase bitcoin in 2011, if you had purchased all of your bitcoin on this day, your investment would now be up by 1,250%.  If you had purchased at $2 instead of waiting for $1 you'd be up by 18,500%
  

That exact time period was also the first huge wave of negative trolls who were obviously trying to harm BTC.