Bitcoin revealed: a Ponzi scheme for redistributing wealth - Washington Post

[RodeoX]

Looks like another reporter just heard about bitcoin. He has done his due diligence and spent 20 mins. googling "What is bitcoin?" Now he's an expert! 

do you have to be an expert to use Bitcoin? If YES, then say it straight.

IF NOT then it is not so hard to see that Bitcoin is bubble and only few people are earning from it. It is OK but admit that

Bitcoin will not dissapear as system, the so called "exchangers" will dissapear because they will be closed very soon. The first ones will be from USA. Either BitPay, either Coinbase.

I do know more than most. I've been doing this since 2010 and I've seen a lot. But a true expert would also have a degree in cryptography and economics. No one knows the future however, least of all an internet reporter who does not even understand what a ponzi is.

I do have to disagree about the exchanges. BitPay and Coinbase are crushing it. There is just too much money on the table for no one to jump in. In the US there are some legal stumbling blocks, but bitcoin is a global phenomena and many places it's easy to set up.  

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[Elwar]

I wonder if this article will legitimize Bitcoin for those libertarians that were on the fence.

[Flashman]

Could do, also, could help a Streisand effect reaction, people doing a Philosiraptor "Hmmm the opposite of libertarian is authoritarian, had enough of that shit...."

[Mcqueen44]

They just don't understand the main things. We also can say that dollar is a Ponzi scheme, lol. What the difference though 

[Flashman]

We ought to make that a slogan. "Bitcoin, significantly LESS of a ponzi scheme than the US Dollar."

[thriftshopping]

I really can't believe how someone can sit down and write an article of this lingh for a website like washington post without having a clue of what bitcoin is. It's 2015 and we still see people from the media calling bitcoin a ponzi...

I think it is referring mainly to the recent price activity that bitcoin is having. The fact that the price has had large price swings has caused many people to have large shifts  in their wealth

[Lauda]

We ought to make that a slogan. "Bitcoin, significantly LESS of a ponzi scheme than the US Dollar."

Well I do think that would work. The US $ is so bad, I do not even dare to touch their bills no more.
Yet almost everyone is so ignorant that they aren't seeing this in the first place.

[sethminer14]

Bitcoin is a ponzi scheme just as much as buying stock in apple was back in the 90's. Sure those that got in early made the money from those that got in later, but nobody is crying about that... The big difference between stocks and bitcoin is that bitcoin actually has a use for the richest as well as the poorest, which is quick transactions. If i own one stock of apple, I can only buy and sell, I don't have any say in what the company does. If I want to send that stock to my grandmother, that would take weeks.

Bitcoin may go lower, but saying that it is going to die in the near future is just idiotic. There are too many people willing to buy and until another coin can do bitcoins job better than bitcoin, it will stay alive.

[madmadmax]

Ruble and Bitcoin, aka currencies that are less or more capitalistic are being bashed by the socialist state

[pr472]

Instead of trashing the Washington Post, does anyone have any intelligent critique of the author's points/ideas?

[mayax]

Instead of trashing the Washington Post, does anyone have any intelligent critique of the author's points/ideas?

they don't. they will only say "Bitcoin is GOD" and that you are a fool who do not understand the "alien technology"  

pr472, what can you ask from people who are using exchangers like BTC-e or Lake BTC or any other ghost company without phone number, address and then they are screaming "they took my money ! "

[MichaelBliss]

Instead of trashing the Washington Post, does anyone have any intelligent critique of the author's points/ideas?

For one thing, obvious trash doesn't deserve a "critique" really.  Second, I'm sure a lot of people are completely bored refuting hackneyed lies like "Bitcoin is a ponzi" after so many years of it.  There's a thread on here about scientific proof for God, and most of us aren't posting our intelligent critiques there either.   You can look up what a Ponzi scheme is, then see why the article isn't worth reading even.

[gargantuar]

Instead of trashing the Washington Post, does anyone have any intelligent critique of the author's points/ideas?

For one thing, obvious trash doesn't deserve a "critique" really.  Second, I'm sure a lot of people are completely bored refuting hackneyed lies like "Bitcoin is a ponzi" after so many years of it.  There's a thread on here about scientific proof for God, and most of us aren't posting our intelligent critiques there either.   You can look up what a Ponzi scheme is, then see why the article isn't worth reading even.

+1

Your hair is cool.  The word "Ponzi" is trumpeted frequently but has never applied.  Only idiots and morons that fail to understand the details and distinctions (and the definition of the word they use) keep shouting it. Or government/banker shills.

[johnyj]

Instead of trashing the Washington Post, does anyone have any intelligent critique of the author's points/ideas?

The author unconsciously used dollar as a unit of counting, that is the critique. If he use bitcoin as the unit of counting, it is just dollar become extremely expensive because of the liquidity problem caused by ending of QE3. The shortage of dollar is everywhere right now

[johnyj]

They just don't understand the main things. We also can say that dollar is a Ponzi scheme, lol. What the difference though 

The difference is that you can not create bitcoin out of thin air, you must work and pay true resources to create it

[gjgjg]

Washington Post is a rag, wouldn't use it to pick up my dog's 'deposits'

and after actually burning my eyes reading it, its basically a joke - if someone reads it and makes any decisions or forms opinions based on it, they were never going to be a BTC supporter anyway.

Trash for trashcan people.

(edit no offense to all trash can people, some are best folk in the world lol)

[cbeast]

Washington Post is a rag, wouldn't use it to pick up my dog's 'deposits'

and after actually burning my eyes reading it, its basically a joke - if someone reads it and makes any decisions or forms opinions based on it, they were never going to be a BTC supporter anyway.

Trash for trashcan people.

Don't forget lining bird cages and litter boxes.

[SLVR4ME]

Washington post uses:
Fireplace kindling
Moving box stuffing
Emergency toilet paper
Reading

[Possum577]

Harsh article. But the media are just doing their job.

And what's that, the spread of misinformation and unwarranted hype?

[alani123]

I really can't believe how someone can sit down and write an article of this lingh for a website like washington post without having a clue of what bitcoin is. It's 2015 and we still see people from the media calling bitcoin a ponzi...

I think it is referring mainly to the recent price activity that bitcoin is having. The fact that the price has had large price swings has caused many people to have large shifts  in their wealth

Still, calling bitcoin a ponzi? The author is either a pretentious person that only cares about linkbaiting people or just someone who knows little to nothing about bitcoin nor bothered to spend time learning what it actually is. I see what he's refering at, but I find his allegations it outrageously stupid. .