Opinion Question
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It is a Ponzi Scheme/Scam/etc. - and why I am playing...

  Let me see if I get this straight..... A "currency" was created out of thin air and now people are spending hundreds of dollars each for one reason: the belief that some other fool will pay more for it later. Sounds like a perfect way to gamble a couple hundred dollars and see if this Ponzi Scheme takes off turning my couple hundred into a couple thousand (or more). Could I lose it? Of course. But I am having a lot more fun than gambling a couple hundred on a casino boat. Still likely to lose my money but a whole lot better chance of walking away with more money. Play the game. Have fun. Plan on losing your money. But if I catch it just right, and get out JUST IN TIME, then I will benefit while the last ones in lose their money. It's a Ponzi Scheme and just remember that - and have fun..............
svantetobias says2013-11-15T19:16:19.297
Do you even know what a Ponzi Scheme is?

From Wikipedia:
"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, rather than from profit earned by the individual or organization running the operation."

First of all, nobody is promising you that you will make money if you buy bitcoins. They are a currency and like all other currencies they might go up or down in value. Nobody promised you more money from buying US dollars did they? From all the money the feds are printing, you even know that your dollars will loose value, and you still accept them as payment for your labor.

Secondly, where are the returns from any operation or subsequent investors? The answer: There is none!

So if bitcoins show none of the characteristics of a Ponzi Scheme, how do you reason that they are a Ponzi Scheme?
peter0000 says2013-11-15T19:56:55.383
Bitcoin has many of the characteristics of gold - such as being scarce, divisible, fungible, portable. You must also think gold is a ponzi scheme. Let me ask you, who are the entities behind the gold and bitcoin ponzi schemes? Hmm?
rgurule says2013-11-16T03:48:50.350
A large portion of bitcoin investors are speculating at this point. That doesn't mean its a ponzi-scheme. Some people have probably bought coins based purely on speculation, and the expectation of greater returns, but bitcoin has real value: its a store of wealth (like gold), a currency (like dollars), and means of transaction, (like VISA). Its better than gold because it is highly liquid. Its better than Dollars because it is not inflated by new monies. It is better than VISA because the costs of transactions are a small percentage of the VISA cost.
lolumadm8 says2013-11-16T04:18:22.423
You honestly have no idea what a Ponzi Scheme is. You are a blistering idiot and do not deserve to be on the internet. The amount of ignorance in your post is astonishing.
oneal says2014-05-17T12:05:48.130
" You are a blistering idiot and do not deserve to be on the internet."
You are saying only smart guys use the internet? Are you a idiot?

But yeah cryptocurrency is a scam. People at the top make a profit at the people at the bottom Thats why they try so hard to get people to invest into it. The more money people put into it the more its worth and the more money they make.

It's only worth what they can get people to put in it. All theses are such huge scams and only reason people would argue for them are those who already invested into them and want more people to buy them so they can make cash.
Victorian says2014-06-22T21:26:11.377
This argument would mean that all currencies are Ponzi schemes
Cmm6897 says2014-08-01T23:24:14.300
Your argument is describing the way the modern stock exchange works which is basically what bit coin is, a share in a stock
Ryan420 says2015-04-12T20:24:54.953
Bitcoin is a way to transfer power back to the people and away from banks. Look at Facebook, Google, Twitter, original investors would have seen MASSIVE profits after exponential growth, so, those that brought shares after (by your analogy) were ripped off and scammed?

Even if I got into Bitcoin last, I'm still better off as I control my own money and am my own bank.

You, are an ignorant idiot.
djleo says2015-09-08T13:32:30.613
The question is a bit weird and I find it puzzling that so many would say yes when asked this. Bitcoin is a protocol for value transfer that is controlled by computers all over the world in a decentralised structure. It's like asking if the Internet is a scam; or email. Sure people use these mediums to scam people but does that mean you shouldn't use them at all? Of course not. Bitcoin is not controlled by one entity (unlike a central bank, government or corporation). So it requires the cooperation of many entities, the majority of which are honest and have an incentive to play by the rules. The rules are set in the open source code that anyone can review or make changes to. It's a transparent system that levels the playing field for accepting payments easily, no matter which country you are in.
Tuxavant says2015-09-09T17:38:19.313
Bitcoin was not created out of nothing.

People processing transactions on the network expended electricity and computational effort to earn them. Their work made previous transactions more secure and immutable (irreversible).
patacree says2017-12-20T22:38:32.807
The Pyramid of Bitcoin
1:1 There was a time when the entire earth had a many currencies and many forms of money. 2 After the global financial collapse of 2008, the people migrated and settled in villages around the world. 3 They communicated by network and told each other, “Come! Let’s make a virtual currency for ourselves that is finite and will never collapse. 4 Then they said, “Come! Let’s build ourselves a pyramid of money, with the base on the ground, and its summit to the heavens, and let’s make a name for ourselves so that the world will never suffer a financial collapse again and we won’t be scattered over the surface of the whole earth. However, the LORD descended to look over the Pyramid of Bitcoin that the humans were building. 6 The LORD said, “Look! They are one people with the same virtual currency for all of them, and this is only the beginning of what they will do. Nothing that they have a mind to do will be impossible for them! 7 Come on! Let’s go down there and collapse this pyramid of Bitcoin with massive selling, so that they won’t understand why the others sell, even though they set aside part for themselves. 8 So the selling began and the Pyramid of Bitcoin collapsed so mightily, and LORD scattered them over the surface of the whole earth, so that they had to stop building the pyramid of money. 9 Therefore it was called the Bitcoin Pyramid, because the LORD made their bitcoin worthless, and scattered them and their bitcoin over the surface of the entire earth.
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