Is Bitcoin a Ponzi scheme?

[timosman]

https://bitcoin.org/en/faq#is-bitcoin-a-ponzi-scheme

Is Bitcoin a Ponzi scheme?

A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money, or the money paid by subsequent investors, instead of from profit earned by the individuals running the business. Ponzi schemes are designed to collapse at the expense of the last investors when there is not enough new participants.

Bitcoin is a free software project with no central authority. Consequently, no one is in a position to make fraudulent representations about investment returns. Like other major currencies such as gold, United States dollar, euro, yen, etc. there is no guaranteed purchasing power and the exchange rate floats freely. This leads to volatility where owners of bitcoins can unpredictably make or lose money. Beyond speculation, Bitcoin is also a payment system with useful and competitive attributes that are being used by thousands of users and businesses.

Doesn't Bitcoin unfairly benefit early adopters?

Some early adopters have large numbers of bitcoins because they took risks and invested time and resources in an unproven technology that was hardly used by anyone and that was much harder to secure properly. Many early adopters spent large numbers of bitcoins quite a few times before they became valuable or bought only small amounts and didn't make huge gains. There is no guarantee that the price of a bitcoin will increase or drop. This is very similar to investing in an early startup that can either gain value through its usefulness and popularity, or just never break through. Bitcoin is still in its infancy, and it has been designed with a very long-term view; it is hard to imagine how it could be less biased towards early adopters, and today's users may or may not be the early adopters of tomorrow.

[Keith and stuff]

Why did you make so many posts on Bitcoin at around the same time?

[timosman]

Why did you make so many posts on Bitcoin at around the same time?

When I thought there couldn't be a better proof of bitcoin being a ponzi scheme I was finding a better one. This one in particular is from the bitcoin web site.

[dannno]

When I thought there couldn't be a better proof of bitcoin being a ponzi scheme I was finding a better one. This one in particular is from the bitcoin web site.

Um, ya, and if anything it proves that it isn't a ponzi scheme.

[dannno]

Do you realize that posting anti-bitcoin threads makes you come off like a bankster tool? The people who bitcoin will hurt the most are the people who have a monopoly on our currency.

[dannno]

And if you like fiat dollars so much, have you considered simply marrying them

[timosman]

This is actually a very clever strategy. Anyone pointing the obvious fraud of this ponzi scheme is considered a banksters' tool by the Federal Reserve wannabees.

[dannno]

This is actually a very clever strategy. Anyone pointing the obvious fraud of this ponzi scheme is considered a banksters' tool by the Federal Reserve wannabees.

Well you are shilling for the richest people in the world, trying to protect their monetary system, what do you expect

[juleswin]

This is actually a very clever strategy. Anyone pointing the obvious fraud of this ponzi scheme is considered a banksters' tool by the Federal Reserve wannabees.

Yup, easy way to shut dissenters up. I like to consider bitcoin adopters as the banksters useful idiots. They have convinced them to discard their real money in favor of digital currency. If you asked me, they are no different than people who consider World of Warcraft currency to be real money.

[dannno]

Yup, easy way to shut dissenters up. I like to consider bitcoin adopters as the banksters useful idiots. They have convinced them to discard their real money in favor of digital currency. If you asked me, they are no different than people who consider World of Warcraft currency to be real money.

lol, you just called fiat dollars "real money"

Then you post your weird video made by the new world order to convince people that new world order conspiracies are a new world order conspiracy

Who are you trying to convince with this nonsense?

[juleswin]

lol, you just called fiat dollars "real money"

Then you post your weird video made by the new world order to convince people that new world order conspiracies are a new world order conspiracy

By real money, I was talking about precious metals. By NWO the vlogger was referring to banksters, the same people you accused Timonmom of shilling for.

[kfarnan]

WTF, the biggest ponzi in the world is fiat. It is the definition of a ponzi. The bankers make money for nothing off the inflation tax of ur ass.

[dannno]

By real money, I was talking about precious metals. By NWO the vlogger was referring to banksters, the same people you accused Timonmom of shilling for.

You think people are giving up gold and silver to buy bitcoin???

I have been giving up dollars to buy bitcoin, then buying gold and silver with some of the bitcoin profits. I think that goes for most others here.

Once again, who are you trying to convince of this nonsense exactly?

[dannno]

WTF, the biggest ponzi in the world is fiat. It is the definition of a ponzi. The bankers make money for nothing off the inflation tax of ur ass.

Ya clearly these people are making posts for people to read who come here and read a few things and don't know anything yet, because it is completely and totally laughable to anyone else.

[timosman]

Ya clearly these people are making posts for people to read who come here and read a few things and don't know anything yet, because it is completely and totally laughable to anyone else.

That's why Bitcoin has a separate forum. Just like Peace through religion.

[RonPaulIsGreat]

Yup, easy way to shut dissenters up. I like to consider bitcoin adopters as the banksters useful idiots. They have convinced them to discard their real money in favor of digital currency. If you asked me, they are no different than people who consider World of Warcraft currency to be real money.

wow, really. your evidence video against bitcoin is a paid ad for a gold trading website. The expert didn't even know when bitcoin started,wtf , he said 2015 was when it really started which makes zero sense considering the first massive runup was 2013, and bitcoin started in 2009. Also the moron says he likes blockchain just not bitcoin because of the currency aspect,which only would make sense to an idiot. Blockchain is nothing special at all without proof of work acting as a method of securing the blockchain,and bitcoin is the reward for doing the proof of work, or to state differently bitcoin the "currency" is the reward for securing the blockchain. If you don't pay for proof of work you'd have a glorified insecure equivalent to a sequential excel spreadsheet.

Anyway it's 100% apparent the biggest haters also suffer from insurmountable ignorance , there are real arguments to why bitcoin might fail you aren't going to find them in a paid product placement video though

[kpitcher]

World of Warcraft currency to be real money.

WOW money has a central bank (Blizzard) and can't be used at tens of thousands of places like Bitcoin can.

Bitcoin itself has too much actual usage and real world function to be a ponzi. The value is entirely set by the free market, how is this not a libertarian dream?