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    Author Topic: Neighbor says bitcoin is a ponzi scheme  (Read 4185 times)

    • SeanArce (OP)
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    June 26, 2013, 01:21:28 AM
     #1
    What exactly does he mean?
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  • empoweoqwj
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    June 26, 2013, 01:23:41 AM
     #2
    He means he wants to buy your bitcoins off your cheap. Don't give in  Grin

  • DeathAndTaxes
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    June 26, 2013, 01:24:05 AM
     #3
    Quote from: SeanArce on June 26, 2013, 01:21:28 AM
    What exactly does he mean?

    He means he calls anything he doesn't understand a ponzi scheme.

    Bitcoin may be many things.  It may be horribly flawed, it may be naively optimistic, it may never gain more than a marginal niche, hell it may crash and burn spectacularly tomorrow but it certainly isn't a ponzi scheme.

    Let him know the ECB (no friend to Bitcoin) said as much in their report on virtual currencies.  Actually no regulator, governmental agency, or consumer watchdog group has stated Bitcoin is a ponzi.

  • SeanArce (OP)
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    June 26, 2013, 02:05:51 AM
     #4
    I still don't know what it means. I could use google, but for the sake of conversation, I'll wait for an answer here
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  • DeathAndTaxes
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    June 26, 2013, 02:09:06 AM
     #5
    Quote from: SeanArce on June 26, 2013, 02:05:51 AM
    I still don't know what it means. I could use google, but for the sake of conversation, I'll wait for an answer here

    really you googled "ponzi scheme" and nothing useful came up.  Like maybe wikipedia article explaining the concept of a ponzi scheme in the first post.

    Maybe you don't know how to use google.  I rarely do this but LMGTFY

    http://lmgtfy.com/?q=ponzi+scheme

  • notme
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    June 26, 2013, 02:27:34 AM
     #6
    Quote from: DeathAndTaxes on June 26, 2013, 02:09:06 AM
    Quote from: SeanArce on June 26, 2013, 02:05:51 AM
    I still don't know what it means. I could use google, but for the sake of conversation, I'll wait for an answer here

    really you googled "ponzi scheme" and nothing useful came up.  Like maybe wikipedia article explaining the concept of a ponzi scheme in the first post.

    Maybe you don't know how to use google.  I rarely do this but LMGTFY

    http://lmgtfy.com/?q=ponzi+scheme

    No, he said he doesn't want to google it because he wants someone to explain it to him.  To which, I would say search these forums for ponzi and post in one of the other 29 threads.
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  • rikur
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    June 26, 2013, 02:33:59 AM
     #7
    PONZI = PERPETUAL ONLINE NON ZIMBABWEAN INCOME-GENERATOR

    Knowing that you're lazy it simply means that if you send me your Bitcoins, the Bitcoin network will send you 10% of the amount back every day and you can make unlimited amount of money.

    No really, google stuff and do some thinking yourself.

  • franky1
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    June 26, 2013, 02:37:16 AM
     #8
    Quote from: SeanArce on June 26, 2013, 01:21:28 AM
    What exactly does he mean?

    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
    I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
    Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at

  • r3wt
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    June 26, 2013, 02:37:59 AM
     #9
    Quote from: rikur on June 26, 2013, 02:33:59 AM
    PONZI = PERPETUAL ONLINE NON ZIMBABWEAN INCOME-GENERATOR

    Knowing that you're lazy it simply means that if you send me your Bitcoins, the Bitcoin network will send you 10% of the amount back every day and you can make unlimited amount of money.

    No really, google stuff and do some thinking yourself.



    go change your tampon sally, theres no need to be yelling at newbs. does it make you feel cool?
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  • QuestionAuthority
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    June 26, 2013, 02:39:36 AM
     #10
    Don't listen to them. They are just grumpy old men. I'll tell you what it is but first I have an investment idea for you. Since you seem new and I like helping out new people I'll give you the exclusive chance to double your money. Send me 5 Bitcoins today and I'll send you back .0001 Bitcoins a day in interest for a year and at the end of a year I'll send you 10 Bitcoins doubling your initial investment. Ok?
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  • areebmajeed
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    June 26, 2013, 02:47:27 AM
     #11
    Just slap him.

  • illpoet
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    June 26, 2013, 02:52:58 AM
     #12
    pm pirate@40 here on the forum he will explain it for a small btc donation
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  • BitChick
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    June 26, 2013, 02:55:13 AM
     #13
    Bernard Madoff=Ponzi Scheme

    Basically the thought is any investment where the early adopters get rich, the later adopters lose everything is the concept.

    From the Bitcoin/Wiki Myth page:

    Quote
    In a Ponzi Scheme, the founders persuade investors that they’ll profit. Bitcoin does not make such a guarantee. There is no central entity, just individuals building an economy.

    A ponzi scheme is a zero sum game. In a ponzi scheme, early adopters can only profit at the expense of late adopters, and the late adopters always lose. Bitcoin has an expected win-win outcome. Early and present adopters profit from the rise in value as Bitcoins become better understood and in turn demanded by the public at large. All adopters benefit from the usefulness of a reliable and widely-accepted decentralized peer-to-peer currency.
    1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo

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    June 26, 2013, 03:00:16 AM
     #14
    Quote from: SeanArce on June 26, 2013, 01:21:28 AM
    What exactly does he mean?
    He could mean anything. But at best, he means that he believes early investors are profiting only from the investments of later investors and that there is no realistic prospect for any actual value to be produced and thus, on net, investors must necessarily lose money.
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  • Diamondstarfall
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    June 26, 2013, 03:03:10 AM
     #15
    I believe there has been many many discussion on this particular topic already on this forum

    Do a simple search of "ponzi scheme" on here and read it through if you have and decide for yourself.

  • rikur
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    June 26, 2013, 03:10:28 AM
     #16
    Quote from: r3wt on June 26, 2013, 02:37:59 AM
    go change your tampon sally, theres no need to be yelling at newbs. does it make you feel cool?

    The newb in question clearly said that he didn't even google it because he is lazy. I was actually helping him by giving him an obvious BS answer so that he might do some critical thinking himself in the future. This is a must in the Bitcoin world, unfortunately.

  • BitBank
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    June 26, 2013, 03:16:57 AM
    Last edit: June 26, 2013, 03:32:16 AM by BitBank
     #17
    The only correlation between bitcoin and a ponzi scheme is that one may argue that in both cases, early investors (or users) are better off than those who get involved later on. Even this analogy is based on the assumption that bitcoin will certainly be less valuable in the future than than they are today... anbd bitcoins are also a currency, not simply an investment.

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    June 26, 2013, 03:24:36 AM
     #18
    Quote from: rikur on June 26, 2013, 03:10:28 AM
    Quote from: r3wt on June 26, 2013, 02:37:59 AM
    go change your tampon sally, theres no need to be yelling at newbs. does it make you feel cool?

    The newb in question clearly said that he didn't even google it because he is lazy. I was actually helping him by giving him an obvious BS answer so that he might do some critical thinking himself in the future. This is a must in the Bitcoin world, unfortunately thankfully.

    Herd behavior is how we wound up with the current financial system.  More critical thinking is needed at this point in time.
    https://www.bitcoin.org/bitcoin.pdf
    While no idea is perfect, some ideas are useful.

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    June 26, 2013, 03:29:21 AM
     #19
    Quote from: notme on June 26, 2013, 03:24:36 AM
    Quote from: rikur on June 26, 2013, 03:10:28 AM
    Quote from: r3wt on June 26, 2013, 02:37:59 AM
    go change your tampon sally, theres no need to be yelling at newbs. does it make you feel cool?

    The newb in question clearly said that he didn't even google it because he is lazy. I was actually helping him by giving him an obvious BS answer so that he might do some critical thinking himself in the future. This is a must in the Bitcoin world, unfortunately thankfully.

    Herd behavior is how we wound up with the current financial system.  More critical thinking is needed at this point in time.

    You better hope the average dumbass can use Bitcoin or this really is a Ponzi scheme! Now apologize to the newbie and get him buying coins so mine are worth more. LOL
    The merit system isn’t working. Read this thread to see why.

  • r3wt
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    June 26, 2013, 03:41:48 AM
     #20
    Quote from: rikur on June 26, 2013, 03:10:28 AM
    Quote from: r3wt on June 26, 2013, 02:37:59 AM
    go change your tampon sally, theres no need to be yelling at newbs. does it make you feel cool?

    The newb in question clearly said that he didn't even google it because he is lazy. I was actually helping him by giving him an obvious BS answer so that he might do some critical thinking himself in the future. This is a must in the Bitcoin world, unfortunately.
    eh thats a valid point on the critical thinking but these are newbs here. its like a new car we gotta ease them in you know? the brain cant handle all this cutting edge technology.
    My negative trust rating is reflective of a personal vendetta by someone on default trust.
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