Cryptocurrency

[scooterscot]

IT IS A ******* PYRAMID SCHEME!!!! YES it is, the fact alone that early investors are pulling %5000 profit is proof that it is a scheme. Pyramid Schemes are quite genuine if kept running, all you have to do is put in 100 then pull out 1000, the only way you can keep doing that is if more and more people keep filling the pot. Same thing is happening with BTC value. You put in $0.14 and now pulling out $5000? Where is that $ 4999.86 coming from? Magically grew out of your arse? It is coming out of someone else's pocked purely so you can make a huge profit. That's how a pyramid scheme keeps sustaining itself, because it goes in a circle.

%10 of the BTC holders hold the 90% of the BTC value.

If the world FIAT market crashes what will your BTC be worth?

China orders Bitcoin exchanges in capital city to close - China orders Bitcoin exchanges in capital city to close - BBC News

Comment is spot on...

As Tom Lee says[1], it'd cost near $30 billion to make a fraudulent transaction on the bitcoin ledger, the cost will increase with time. Compare that with state fiat which is conjured into existence by private banks that you and I have to bail when they over do it. Which one's a ponzi?

[1] Tom Lee: Here's why bitcoin will hit $25,000

[northernladyuk]

China orders Bitcoin exchanges in capital city to close - China orders Bitcoin exchanges in capital city to close - BBC News

Comment is spot on...

How is fiat money a ponzi?

[Drei]

Personally, I dont care one way or the other as long as I make some dosh out of it.

About 10 years ago a guy I knew came and asked me if I could extract information from shop card readers, said I could make £10000's and be rich. I told him no. I could also invest in human trafficking, drugs and other tulip and be rich.

Pyramid schemes also take advantage of human greed.


People keep singing the same old song. How the hell will that dirt ass poor farmer get his payments right at the source via cryptocurrency? What is he gonna do next with it? If a farmer has the infrastructure in place they can still get paid at the source with FIAT. I have a few farmer shops in my area... they don't use crypto, I can go right up to them and pay them in cash for their goods.

Please tell me how will blockchain actually work when it is dependent on decentralised processing power? That's why self driving cars can work, because the centralised decentralised computing power from all the cars will make them safer. Difference is that the computing power is already in place, created by the actual self driving car infrastructure.

Farmers will get paid at source, how? Who will calculate all those transactions? What could they use the crypto for? Can they use it to stock up on seeds and all things necessary so they can carry on doing their job?

This isn't a ran, just stating the obvious. Remember you are getting rich on other people getting poor, pure and simple, there is no way getting around that fact, nu justification. Old investors getting rich because of new investors. If the latter stops that's it. If you can live with the fact knowing that someone could lose their house just so you can have two... **** yeah, great on you. I don't.

AGAIN PONZI SCHEME DEFINITION:

a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors

I am ******* sorry but please please tell me how this does not CLEARLY defines cryptocurrency in general? People are just ******* stupid.

I honestly hope that it doesn't stop because the moment it does it could crash the whole economy. Imagine how many billions will be lost without any government bail-out as cryptocurrency is not government backed or insured.

[scooterscot]

How is fiat money a ponzi?

The big short - you need to watch it.

When a government bails out a bank it's a Ponzi scheme they're supporting with money from honest tax paying investors like yourself. That's right you're paying into a failed scheme with your earnings whilst the Ponzi operator, the BoE or the FED, prints more of the same to go round.

[Lance]

The big short - you need to watch it.

When a government bails out a bank it's a Ponzi scheme they're supporting with money from honest tax paying investors like yourself. That's right you're paying into a failed scheme with your earnings whilst the Ponzi operator, the BoE or the FED, prints more of the same to go round.

what you're describing could be called many things except a Ponzi scheme

[northernladyuk]

The big short - you need to watch it.

When a government bails out a bank it's a Ponzi scheme they're supporting with money from honest tax paying investors like yourself. That's right you're paying into a failed scheme with your earnings whilst the Ponzi operator, the BoE or the FED, prints more of the same to go round.

I see. Carry on as before.

[northernladyuk]

About 10 years ago a guy I knew came and asked me if I could extract information from shop card readers, said I could make £10000's and be rich. I told him no. I could also invest in human trafficking, drugs and other tulip and be rich.

Pyramid schemes also take advantage of human greed.


People keep singing the same old song. How the hell will that dirt ass poor farmer get his payments right at the source via cryptocurrency? What is he gonna do next with it? If a farmer has the infrastructure in place they can still get paid at the source with FIAT. I have a few farmer shops in my area... they don't use crypto, I can go right up to them and pay them in cash for their goods.

Please tell me how will blockchain actually work when it is dependent on decentralised processing power? That's why self driving cars can work, because the centralised decentralised computing power from all the cars will make them safer. Difference is that the computing power is already in place, created by the actual self driving car infrastructure.

Farmers will get paid at source, how? Who will calculate all those transactions? What could they use the crypto for? Can they use it to stock up on seeds and all things necessary so they can carry on doing their job?

This isn't a ran, just stating the obvious. Remember you are getting rich on other people getting poor, pure and simple, there is no way getting around that fact, nu justification. Old investors getting rich because of new investors. If the latter stops that's it. If you can live with the fact knowing that someone could lose their house just so you can have two... **** yeah, great on you. I don't.

AGAIN PONZI SCHEME DEFINITION:


I am ******* sorry but please please tell me how this does not CLEARLY defines cryptocurrency in general? People are just ******* stupid.

I honestly hope that it doesn't stop because the moment it does it could crash the whole economy. Imagine how many billions will be lost without any government bail-out as cryptocurrency is not government backed or insured.

A fraud is intentionally a fraud. I don't know that bitcoin is. It shares some attributes of a ponzi, but that attribute is really that they are both types of speculative bubble.

[FrontEnder]

AGAIN PONZI SCHEME DEFINITION:


I am ******* sorry but please please tell me how this does not CLEARLY defines cryptocurrency in general? People are just ******* stupid.

I honestly hope that it doesn't stop because the moment it does it could crash the whole economy. Imagine how many billions will be lost without any government bail-out as cryptocurrency is not government backed or insured.

Calm down petal.

By that definition, any investment in any new startup would be a Ponzi scheme. New investors buy stocks at a low price, more people buy in and then the ones who put money in at the start sell for a nice profit... Crypto is no different in this regard.

There are a number of alt-coin scams going round and there have been fraudulent ICOs of course...

[FrontEnder]

Please tell me how will blockchain actually work when it is dependent on decentralised processing power? That's why self driving cars can work, because the centralised decentralised computing power from all the cars will make them safer. Difference is that the computing power is already in place, created by the actual self driving car infrastructure.

Decentralisation is kind of the point and what makes it work in the first place.. perhaps you need to do more research.

The fact is that it's currently decentralised and it currently works as intended so what point are you trying to make.

[scooterscot]

what you're describing could be called many things except a Ponzi scheme

Then keep paying your taxes to support people who cannot afford their homes and be happy. You are literally propping up the wealth of home owners with your taxes. Rather incredible really.

For as long as a private entity controls your wealth it is a glorified Ponzi scheme.