• 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..............

  • scam -- not backed by anything but faith

    A real national currency, if not backed by gold silver, is backed by the economy and military might and legal system of the issuer. This is backed by nothing, but "faith".

    And also looking at the various exchanges there is a large gap, for example on one exchange now the bid/asked ( in $) is 115.5by 115.8, and on another it is 113.3.. By 113.3..--a potential instant profit on arbitrage--what is that all about??

  • This is an INCREDIBLE scam.

    The difficulty with Bitcoin is the production of Bitcoins, which are unregulated and not transparent to the world. There is nothing to prevent a sudden surge in Bitcoins being dumped by a creator, a major cash-in, and anyone who pays in legal fiat will be left with nothing. Oh, Bitcoins.

  • Yes. Bitcoin could be a scam.

    I do not know a whole lot about Bitcoin, but there is always a chance something new is a scam. If people are looking to use it then they should do as much research before hand to get all their facts straight. Right now, there are many scams out in the world and it is important to be on our toes.

  • Yes, it is

    So what makes it better than any other real world currencies? Nothing really. So everyone runs around crazy waving their hands that USD is dying (it will eventually collapse at some point, or other huge implications will happen), but bitcoin is the same, it can be destroyed by the same problems a real world currency can be, its highly volatile and isn't backed by anything (alas usd is not either).

    Besides, you can always hear how the first ppl that started with it very early had some real gains. Sounds pretty much like a pyramid scheme/scam.

    And remember people - think for yourself - did the original creators really wanted to "make the world a better place" or "offer an alternative to fiat currencies to help people" or just to make money.

    For me - well it might not be 100% scam, but it will probably fail anyway as a bad business project.

  • Doesn't add up... Unregulated and without any fundamental value! Derr!

    Consider this an entirely invented medium of exchange that has not basis in fundamental value or agreed and recognised unit of exchange. It is an unregulated finite supply of nothing, artificially inflated to exploit unsuspecting persons. The only persons who win are he early inflators who get out leaving a void of nothing while the unsuspecting persons are left with literally nothing.

  • Its tricky, but it looks to good to be true

    I've been doing a lot of research and it seems that to get bit coins you must invest i good amount of money, so either buying at bit coin or buying a rig that mines them cost an considerable amount of cash, and the process of mining inst guaranteed income if yu rig isnt top of the line with the most expensive hardware your not making profit, not to mention the cost to constantly update to the latest hardware cost more than is made, in my opinion it seems like a way to make people spend real currency on either the coins or the rig to make a currency that's not back by anything. Sure the first people who got into are making a profit but like any good scheme, thats what happens, you make it look good.

  • Anyone can make more Bitcoin

    It seems that anyone can make bitcoin if they are good with a computer and then sell that for real money. Once we all figure out there is an unlimited supply of bitcoin its value will fall like a ton of bricks... Some will get rich and others just scammed

  • You lose more than you can get

    All this bitcoin is a big scam, you support the network with hardware, time and electricity to process the transactions but eventually you give way more than you get! The only people who benefit from this currency are the initiators and the people causing the inflation, its a smart scam, a digital one.

  • the latest nonsense, defended by the parochially "knowledgeable"

    There is no supporting, stable (= governmental) infrastructure. Security depends upon software deployed on readily hacked Microsoft Windows platforms. Security depends upon continual re-verification of transaction logs that can be forged and destroyed. "Money" has value because an entity with control over the economic behavior of millions or billions of people--and with governance over trillions or quadrillions of dollars--is willing to back it. Bitcoins are beyond foolishness. Why not peanutbuttercoins?

  • No, just stupid

    Bitcoin isn't a scam because it's well intended. It is, however, a wildly unstable and moronic system that even in the age of INTERNET FREEDOM FIGHTERS it blows my mind that so many people take it seriously. What value is there to a currency that a couple pieces of can pay your rent one day and the next day are worthless?

  • No, BTC was invented as a competitor to fiat

    BTC is a crypto-currency. The concept of crypto-currencies has been around for decades, but has been deemed unreliable due to the "double-spend" issue inherent in an electronic currency.

    The people who created and adopted BTC in its earliest stages did so not out of trying to make money, but out of supporting and hopefully pushing BTC into the mainstream. Keeping a portion of your money out of the hands of your government is only smart investing.

    Once people realize that the people who hold the most coins are doing so to help maintain the strength of BTC until it gains worldwide acceptance, there will be a seismic change in global finance.

  • Bitcoin is a currency not a investment fund

    Nobody promises any gains through Bitcoin. Bitcoin is designed to be a currency independent from any single authority and that's exactly what it delivers.

    There is no "Bitcoin stock" that produces anything. That people are to stupid to understand this doesn't make it a scam.
    Also Mining is by now means designed to make one "free money" it's computing power to secure the network, therefore they are compensated with the newly created money. In addition that solves the problem on how to distribute the money when there is no central authority that could do it.

  • Read the Source

    The source code is available, it does not ask you to buy anything. Using it is all by choice.
    There are scams that use bitcoin as the method of payment, this does not make it a scam anymore than the fiat currencies are, oh wait, bad analogy. Bitcoin itself is not a scam.

  • No, Bitcoins are not a scam in any shape or form.

    The definition of scam is " a fraudulent business scheme". Firstly, Bitcoins are not a "business scheme" in any shape or form. There is no central authority. There is no single business that will benefit from Bitcoins. If Bitcoins succeed, whomever is smart enough to invest will prosper, whether they purchased 1 bitcoin or 1,000,000. They are backed by the community, a much stronger backer than any single government. The Bitcoin community in particular is fiercely loyal to the currency, and will do anything to make sure it does not fail. As for the first part of the definition, are Bitcoins fraudulent? Well, the anonymity of the currency allows for many scams and frauds to occur. This is true. However, fiat currencies have been used in scams for thousands of years. This is nothing new, and scams will exist regardless of currencies. Investments are never without risk, and quite simply the best way to avoid a scam is to either use your head or don't take the risk in the first place. In summary, Bitcoins cannot be called a "scam" because no single entity creates or profits from them- if there are any fraudulent aspects, it is the work of an entity independent from the honest community. Anyone who gets scammed has made their own mistake, and it is not because of an inherent flaw in the Bitcoin system.

    Posted by: J603
  • Information sets you free.

    Bitcoin is as much a scam as any other world currency, but in this case you can chose to use it or not. Could you stop using $ in USA when you think $ is a scam?

    Those people saying unfunded things about free money should get better informed. At any case if they are the last ones to adopt bitcoin, they could also benefit from an inflation and restrictions free monetary system. Away from the manipulating hands of the governments.

  • Listen to the informed, beware the newsy naysayers.

    There are no secrets in bitcoin. All the code is open source, and to be frank, not that difficult to understand by most people in info tech.

    The economic aspects have been gone over many times, and for several years now :
    https://bitcointalk.Org/index.Php?Board=7.0 (Open discussion on the bitcoin forum's economics page)

  • No, scams always have a hidden aspect to them.

    Bitcoin is a pure information system and 100% open source. Basically it is a simulation of gold, but without the all the baggage that gold comes with (not seizable, heavy or counterfeitable). Bitcoin sets the bar very high as a currency and due to no middle men the transaction costs are very low.

    Ignore it at your peril.

  • A valid experiment

    I believe that Bitcoin is an honest and valid experiment that will teach us a great deal about distributed trust networks, but will inevitably falter as it does not the scope to grow nor evolve beyond a pre-determined point.

    However, it has already demonstrated the potential for an alternative currency, highlighted the arguments surrounding fiat and asset-backed currencies and made governments face up to the possibility of having an untraceable, untaxable alternative economy.

    Destined to fail - YES. Scam - NO.

  • Most people get caught up in the hype and misunderstand what its all about

    The critics that try to detract from Bitcoin say the same old worn out crap.

    1) It is primarily used by bad people doing illicit things.

    And tell me how is this different from other currencies today?

    2) There is nothing backing it up but faith.

    There is nothing backing any fiat currency but faith.

    3) It's a scam.

    It's a deflationary currency. It does reward those who save ONLY IF people use it as a method of exchange which means that there has to be a balance between people saving and people using it. If everyone saved it it wouldnt be worth anything because no one would actually use it. Its real value is determined by its use.

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GWL-CPA says2013-12-25T16:53:48.520
Bitcoin is a joke and not safe.

Read the following articles.

“Bitcoin Slammed As Baidu Suspends Payments Due To "Fluctuations"”

“So, That's the End of Bitcoin Then”

“Is Bitcoin Mining Dead?”

“U.S. Seizes operator accounts of major Japanese Bitcoin exchange”

U.S. Authorities have seized two accounts linked to a major operator in the booming Bitcoin digital currency market, Tokyo-based exchange Mt. Gox. The move may prevent the firm from facilitating the purchase and sale of Bitcoins in U.S. dollars at a time when use of the currency and its value has mushroomed.

Bitcoin, which unlike conventional money is bought and sold on a peer-to-peer network independent of any central authority, has grown popular among users who lack faith in the established banking system.

The price of the volatile currency ballooned in March as a result of the Cyprus bank crisis. Authorities worry that a lack of regulation has left the currency vulnerable to money launderers and other criminals.

“Bitcoin Mining Is Dead”

And, all you people who think it is cool are mindless fools. Anyone that think governments can’t shut down Bitcoin must not know how the internet works.

The US government or any government can take control over the high level Bitcoin internet domains and the domains of those who exchange bitcoin for dollars, e.G., Namecheap, LocalBitcoins. Once those domains are taken over, guess what? You do not have a market for your bitcoins and you won’t be able to exchange them for cash.

Once, the government takes over these domains in their countries, no one will be able to trade in or exchange bitcoins for dollars; so your bitcoins become worthless.

The US government did this to block Americans playing at 3 internet poker sites on Poker Black Friday – April 15, 2011. Americans were blocked from playing at FullTilt, PokerStars, and Ultimate Bet on the Internet. The US government can do that to Bitcoin, and I am not talking about the small individual personal bitcoin accounts; I am talking about the large commercial bitcoin accounts, especially those sites that exchange bitcoin for currency. By law, America banks were blocked from exchanging money with those internet poker sites.

The FBI owns one of the biggest Bitcoin accounts.

“Who Owns the World’s Biggest Bitcoin Wallet? The FBI”

Who owns the single largest Bitcoin wallet on the internet? The U.S. government.

In September, the FBI shut down the Silk Road online drug marketplace, and it started seizing bitcoins belonging to the Dread Pirate Roberts — the operator of the illicit online marketplace, who they say is an American man named Ross Ulbricht.

The seizure sparked an ongoing public discussion about the future of Bitcoin, the world’s most popular digital currency, but it had an unforeseen side-effect: It made the FBI the holder of the world’s biggest Bitcoin wallet.

The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday’s exchange rates. Another address, containing Silk Road funds seized earlier by the FBI, contains nearly 30,000 bitcoins ($20 million).

That doesn’t make the FBI the world’s largest bitcoin holder. This honor is thought to belong to bitcoin’s shadowy inventor Satoshi Nakamoto, who is estimated to have mined 1 million bitcoins in the currency’s early days. His stash is spread across many wallets. But it does put the federal agency ahead of the Cameron and Tyler Winklevoss, who in July said that they’d cornered about 1 percent of all bitcoins (there are 12 million bitcoins in circulation).

What kills me is that this little punk - the inventor of Bitcoin - Satoshi Nakamoto is a millionaire and he has done nothing to earn it. Are all you people just to stupid to see what a scam Bitcoin is?

You Bitcoin folks must think that Bitcoin is more powerful than governments; it ain’t! Especially, the USA government and its FBI will crush Bitcoin.

Then there is the fact that most retail merchants are not buying off on this bitcoin bull. It is hard to even find a handful of retail merchants that accept bitcoin. I think there are only 1,475 businesses in the world that will accept bitcoin, and most, if not all of these, are small merchants and none are large retail chains.

Amazon itself does not accept bitcoin; but, one or two of the independents that sell through Amazon do. Amazon will never accept Bitcoin instead of major credit and debit cards.


Most of the online retail stores that accept bitcoin are small and expensive or just small specialty stores.

Joli – Handmade Italian Leather Sleeves
Beloved – Cats Sweatshirt
Cloudy Sky Leatherworks

And, the list goes on of silly little stores that few people will ever shop at.

Bitcoin will never be accepted by Sam’s Club, Wal-Mart, Sears, J.C. Penney, Home Depot, Menards, or any major retail chains, or McDonalds, Taco Bell, Pizza Hut, or any restaurants. It will never be accepted by any airlines or hotels. You will never be able to buy gas at a gas station with bitcoin. No retail banks will accept bitcoin.

It will not matter in the near future because Bitcoin will be shut down by the USA government or if will self-Implode soon because of the wild market speculation and lack of controls.
GWL-CPA says2013-12-27T13:51:20.863
It is mostly repeat comments from non-members that is favoring the "No" answers, which is why non-members should not be allowed to post anything an DDO. These people used to show up with a name "Anonymous." But, I complained about this before, and I guess DDO thinks that by removing the name "Anonymous" then we won't know that these are non-members who are posting answers to the question more than once. DDO has no way of stopping these "Anonymous" or now "no name" non-members from posting one to hundreds of answers to the same question. While DDO members can only post one "Yes" or "No" answer.

Do make these question fair, DDO should either stop non-members from posting anything at this site, or allow members to post as many "Yes" or "No" answers to all questions as they want.

You can never get a fair reading on any question, because non-members can vote more than once on any question, hundreds of times if they want.

The other reason there are more "no" answers is because a bunch of teenagers who don't know anything about how governments work or anything about the monetary system and how regulations are needed to protect people. These teenagers have no clue as to why we have money laundering laws and a Federal Banking system. They just think it is cool, like smoking pot, which is destroying today's youth.
usavecomputers says2014-06-18T20:11:26.557
For The Novice Bitcoin Reader,

This is Bitcoin mining. Yes their are a certain amount of coins or tokens to trade in this version virtual currency. I say this version because there is ltcoin and others that have other version created by private people who wish to start this trend. Look at Kains or something made by a rapper for example
Bitcoin’s official site however says this in a nutshell. If you allow a supercomputer to send algorithms to your pc so that system can process It’s data better and help solve calculations, then you will receive a certain amount of chances to enter a lottery to win a bitcoin depending on how many algorithms you processed.
Check it out on bitcoin.Org

However there are certain things you should consider first, what supercomputer needs over hundred thousand other computers to help solve algorithms to ease the workload on their systems?
Why is not the experts of bitcoin explaining this true method of bitcoin mining to help you understand?

Why is the normal answer, ” You are digging for coins on the virtual internet”, knowing this will make the average person think of (Mario brothers finding tokens)?:P

Last question to ponder why is bitcoin.Org saying the actual value of bitcoin has no cash value, if their is value?
xxxsaw says2017-08-11T04:16:44.197
If Satoshi Nakamoto is a great inventor, why is he hiding? Why did he mined and kept 1 million coins? Obviously he is afraid of being arrested or does not want to pay taxes on his windfall. Either way he crooked!
xxxsaw says2017-08-11T04:20:37.310
Why Satoshi Nakamoto never revealed himself. If he is an inventor of a great innovation, why is he hiding with his over 1 million coins?
Is he afraid of being arrested? Or does not want to pay taxes on his windfall?
Either way, seems he is a crook, a shadowy figure who does not want help/donate to society, but want to get rich on his own.

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