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Thread: Bitcoin isn't the future of money - it's either a Ponzi scheme or a pyramid scheme says WaPo

  1. #1

    Bitcoin isn't the future of money - it's either a Ponzi scheme or a pyramid scheme says WaPo

    Sometimes it's hard to tell whether Bitcoin is more like Ponzi scheme or a pyramid scheme.

    Whatever it is, though, it isn't a currency. It's a tech stock. Each Bitcoin is really a share in a system that seems to make it cheaper to transfer things online—money, stocks, bonds, even the deed to your house—by cutting out the middleman. Well, kind of. Bitcoin doesn't remove the middleman so much as replace him with middlemen who don't make you pay much, but make society as a whole do so instead. Is this progress?

    It's supposed to be. Ever since the early days of the Internet, people have been trying to figure out how to transfer money online without having to go through the financial system. The problem, though, is if I send you money, how do you know I haven't already spent it or sent it to somebody else? You don't. So the only solution has been to have a trusted third-party, like a bank, sit in between us. I send the money to the bank, it verifies that I actually have this money to send, and then it sends it on to you, all for a 2 percent fee, of course.

    http://www.washingtonpost.com/blogs/...d1394&hpid=z14



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  3. #2
    Since Wash Po is owned by Bezos I'm wondering he is worried bitcoin will cut into Amazon's payment processing?

    Overall it's been a good paper, they really got behind the civil asset forfeiture problems.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  4. #3
    It's way better than a tech stock. Most people don't realize how non-inclusive an IPO is before sale. IPO's are generally only for the big boys approved by the SEC. A rich mans club. But bitcoin is like a global IPO that anyone can be part of. And instead of being stuck at a broker, you can take full ownership of your "stock" and go exchange them for goods and services if you wish.

    And I've been using BTC as currency for years. I guess this guy knows more tho.
    Last edited by muh_roads; 06-09-2015 at 03:26 PM.

  5. #4
    There are a lot of untruths. I have seen some stats around about environmental impact mining ops. Can't imagine mining for gold or the energy banks/CC co. use can be better than btc.

  6. #5
    "our pollution costs."

    Holy crap. I think that's the greatest thing I've ever read. If I don't die from asphyxiation related to my laughter then I'm going to consider this a good day.

    I feel like parts of this article can be taken seriously but then POW! he throws one of those zingers at you.

    I mean... I don't have anything against pornography on the internet but all that pornographic video stuff needs to be stored on servers and stuff and the servers get located all around the world polluting our environment. So... It's not really a victimless crime because our children are forced to choke down on the fumes of the generators built on polar bear reserves where you can't even tell they're polar bears because they're so covered in soot from the coal getting burnt. Of course WE are the ones forced to watch our young children slowwly die of lung cancer as we watch their poor blue little eyes drift away... Damn that pornography.

    I think I should apply at the post.
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  7. #6
    I bought this computer with bitcoin.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  8. #7
    Bitcoin gave me my first experience "investing," and daytrading. I will forever be unimpressed with future investment gains.
    They confronted me in the day of my calamity, but the Lord was my support.

  9. #8
    Quote Originally Posted by NACBA View Post
    Sometimes it's hard to tell whether Bitcoin is more like Ponzi scheme or a pyramid scheme.

    Whatever it is, though, it isn't a currency. It's a tech stock. Each Bitcoin is really a share in a system that seems to make it cheaper to transfer things online—money, stocks, bonds, even the deed to your house—by cutting out the middleman. Well, kind of. Bitcoin doesn't remove the middleman so much as replace him with middlemen who don't make you pay much, but make society as a whole do so instead. Is this progress?
    The "middleman" in BTC is the peer network open source software itself that coordinates the transactions. This is the factor that has made Bitcoin independent of the bank and government system, or control grid. But the middleman concern is a canard. The truth is that previous versions of digital currency had already solved the third party issue by way of setting up the trusted entity like a website, central office, or as a system based on gold or other equity---only to see the control grid mercilessly disrupt the systems through site shutdowns, seizing bank assets or freezing its business operations by court order.

    The real issue is the bank/government forces have been forcibly wrecking alternative financial systems they cannot automatically track, control, or get a cut from. Only when a system was created that the controllers could not destroy by smearing, removing or hyper-regulating the third party, could consistent independent digital currency operations thrive, as they have in the last few years. As BTC and similar cryptocurrency has survived traditional attacks to smash it, the establishment is back to resorting to infowar games to discredit it as a ponzi or other dubious enterprise. That's all the WaPo article was attempting.
    -----Peace & Freedom, John Clifton-----
    Blog: https://electclifton.wordpress.com/2...back-backlash/



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  11. #9
    Quote Originally Posted by muh_roads View Post
    It's way better than a tech stock. Most people don't realize how non-inclusive an IPO is before sale. IPO's are generally only for the big boys approved by the SEC. .
    Ironically, that's not true.

  12. #10
    Quote Originally Posted by angelatc View Post
    Ironically, that's not true.
    This^^ a tutorial for m_r...http://finance.zacks.com/buy-ipo-stock-3903.html
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  13. #11
    Quote Originally Posted by heavenlyboy34 View Post
    Nope, you're both wrong. You can't be part of a pre-IPO outside of the company unless you are an "accredited investor".
    Last edited by muh_roads; 07-25-2017 at 11:37 AM.

  14. #12
    Quote Originally Posted by angelatc View Post
    Ironically, that's not true.
    It is very true. Reading comprehension helps. "IPO before sale"

  15. #13
    timosman will be glad to know he has wapo on his side
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  16. #14
    Quote Originally Posted by muh_roads View Post
    It is very true. Reading comprehension helps. "IPO before sale"
    My reading comprehension is far superior to your precision writing skills. To wit: "IPO's are generally only for the big boys approved by the SEC. "

    Pre-IPO sales aren't IPO sales, therefore the second clause in your little statement is indeed technically incorrect.

    I used to work on an IPO desk, but by all means feel free to educate me. Our audience will enjoy that.
    Last edited by angelatc; 07-25-2017 at 11:51 AM.

  17. #15
    Quote Originally Posted by angelatc View Post
    My reading comprehension is superior to your precision writing skills.

    " IPO's are generally only for the big boys approved by the SEC. "

    Pre-IPO sales aren't IPO sales, therefore the second clause in your little statement is indeed technically incorrect.

    I used to work on an IPO desk, but by all means feel free to educate me. Our audience will enjoy that.
    His writing could have been more precise, but his first statement indicated he was talking about IPO pre sales, and his point still stands in regards to bitcoin.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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