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Thread: Is Bitcoin an imploding ponzi??...

  1. #26
    surfer's Avatar
    surfer is offline Senior Member
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    Re: Is Bitcoin an imploding ponzi??...

    Quote Originally Posted by nuk_1 View Post
    Bitcoin is not a ponzi. It has a finite supply that is being way out-stripped by demand this year and about 80% of existing mining is controlled by Chinese companies(think DeBeers and diamonds), not mining machines in some dude's basement because mining Bitcoin is pointless for hobbyists due to energy costs and hardware requirements. Now day-trading Bitcoin up/down can certainly be profitable, sometimes extremely so. You can also lose your ass just like any other day trading of anything though if you're not careful. You suddenly have every wanna-be guru selling courses, plans similar to forex trading, etc. and most have no clue what they are doing with cryptocurrency except they know it has been booming this year.

    There isn't a shortage of other altcoins that are indeed ponzis. Most Proof-of-Stake coins like Ripple are definitely so. The POS crypto's generally pay an annual return on the amount your staking of a few percent annually. Now, where is that return coming from if the crypto price goes down in value during the year? Hmmmm.

    Yes, these are investments but some like Bitcoin are not a ponzi setup at all. It comes down to the same thing with anything else....it's value is what someone else willingly will give you for it. No different than physical gold, diamonds, fiat money, etc.

    NUK
    Based on my own very microscopic amount of knowledge and understanding about cryptocurrencies, I'd concur with NUK's post, at least up to the comments on proof-of-stake part, at which point I'm lost, lol.

    I don't view bitcoin as being a ponzi. To me, it's pretty much just what the last paragraph in NUK's post said.

    I've never been a big stock market guy. Your investments go up and down based on highly manipulated profit/loss statements and "consumer confidence", WTF.

    Bitcoin and the legit altcoins seem to be a bit of the same thing with a new twist.

    That's just this ignorant fella's take.

  2. #27
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    Re: Is Bitcoin an imploding ponzi??...

    Quote Originally Posted by littleroundman View Post
    [/I]There are currently over a thousand "cryptocurrencies" listed on exchanges. How many of them are legitimate enough and will last long enough that Joe and Joanne Citizen will use, and more importantly, trust cryptocurrency ???

    IM(very)HO, cryptocurrency is an excellent concept.

    Execution in the real world is a totally different thing, ESPECIALLY when the criminal classes recognized its' potential before the man in the street.
    [/B]
    What LRM said.

    Sincerely,

    Joe Citizen



    There's so much hype about these things being the currency of the future, but I don't see it being the very near future, if ever.

    Again, from my extremely uneducated position, it seems more likely that somehow, someway, the current or similar monetary system will implement the technology behind these currencies.

    That would leave these cryptocurrencies as something like digital beaver pelts being traded in the backwoods of the internet.

  3. #28
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    Whip is offline Anonymous. As are you all
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    Re: Is Bitcoin an imploding ponzi??...

    Quote Originally Posted by surfer View Post
    digital beaver pelts
    if I start a cryptocurrency, that's what I'm naming it.
    Haven't lost any money to online scams.......results are typical.

  4. #29
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    Re: Is Bitcoin an imploding ponzi??...

    Quote Originally Posted by surfer View Post

    That would leave these cryptocurrencies as something like digital beaver pelts being traded in the backwoods of the internet.
    Digital Beaver Pelts, DBP. I think you need to launch an ICO you'll make a mint. Despite all the hype, I think you probably nailed it. If the price stabilizes BTC could become more of a currency, but would lose many of the speculators. Right now folks are doing what they always do, buying because it "always" goes up. Once that appreciation stops people will either leave by choice or force if they levered too heavily.

    As a "currency" it doesn't make a lot of sense since its smarter to fix a transaction price in dollar terms rather than bitcoin #. As long as that's the case, why use BTC at all? If I agreed to sell a car for 1 BTC on Thursday at $7500 and at Sunday's low realized 1 BTC was now $5500 I might not want to sell my car. The reverse is true for a buyer that may no longer want to trade appreciated BTC.

    The addition of futures gives BTC more of an air of credibility with the money crowd, but might push out the "cowgirls" that love the wild west keep the man out of my life aspect of BTC. The futures allow people to hedge transactions, arbitrage markets, and bet against BTC.
    If nothing else futures should get us much closer to a true market value for BTC.


    https://www.ft.com/content/1c9f468a-...6-b25f8adaa111
    CME Group Announces Launch of Bitcoin Futures
    "It's virtually impossible to violate rules ... but it's impossible for a violation to go undetected, certainly not for a considerable period of time." Bernie Madoff
    https://www.facebook.com/pages/Scam-...98399986981403

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