6 ms·

Here's a better guide: stay far away from this ponzi pseudo asset because it's just a giant game of "I can get out before you" and a few insiders control the ex

by sub7 6y ago

Here's a better guide: stay far away from this ponzi pseudo asset because it's just a giant game of "I can get out before you" and a few insiders control the exits/have more information than you so you can't win. Edit: Another sure tell of a scam is when proponents get really triggered by negative chat. If you really believe you're holding something great, you don't care about other opinions. In fact, you want to keep buying more and leave less for the rest.

madrafi 6y ago
2013 called it wants its comments back..
- SideburnsOfDoom 6y ago
  As a comment, it is still relevant.
Avalaxy 6y ago
I agree that there is no intrinsic value here, but it's a " ponzi scheme" that has been going on for 12 years now, and there are no signs of this stopping. I think we can safely stop calling it a ponzi scheme. Otherwise, by the same logic, other assets would also have to be labelled a ponzi scheme.
- Retric 6y ago
  Ponzi schemes can go on for much longer than 12 years. Madoff said that he began the Ponzi scheme in the early 1990s, but federal investigators believe that the fraud began as early as the mid-1980s[18] and may have begun as far back as the 1970s.. He was caught by confession in 2008. Over approx. 20 years, Lewis collected around $311 million U.S. dollars from investors. https://en.wikipedia.org/wiki/James_Paul_Lewis_Jr%2E https://en.wikipedia.org/wiki/James_Paul_Lewis_Jr%2E In another ~20 years we can stop calling Bitcoin a Ponzi Scheme, but speculative investment can fuel exponential growth for much longer than you might think.
- hiq 6y ago
  > it's a " ponzi scheme" that has been going on for 12 years now, and there are no signs of this stopping. I think we can safely stop calling it a ponzi scheme Not saying that calling Bitcoin a Ponzi scheme is particularly insightful, but if I believe Wikipedia, Madoff's Ponzi scheme had been going on for more than that when it was brought to a halt.
  - jerrymiller 6y ago
    To describe Bitcoin as a ponzi, you must apply a very loose definition, which will necessarily be applicable to other assets as well. More on this: https://www.swanbitcoin.com/why-bitcoin-is-not-a-ponzi-scheme-point-by-point/ https://www.swanbitcoin.com/why-bitcoin-is-not-a-ponzi-schem...
spiorf 6y ago
How is that different than stock/commodities/forex markets?
- notahacker 6y ago
  There's a lot of breezy hype and people trying to make fortunes from unloading their bets to retail traders in those too, but they are at least trading in actual means of production and tokens used by entire economies as their only legal tender
  - jerrymiller 6y ago
    Now, what about gold?
    - SideburnsOfDoom 6y ago
      Gold exists regardless of if you mine it or not.
      - jerrymiller 6y ago
        And yet people mine it. And it follows the "I can get out before you" game the OP describes.
    - notahacker 6y ago
      A lot more hype, a lot more FUD about everything that isn't gold, a lot more "now is a good time to buy gold". But at least you can mark its inflated price up by turning it into something many cultures find useful or pretty. :)
Findeton 6y ago
So what's the intrinsic value of these paper things you call dollars?
- jokull 6y ago
  They are claims on taxes.
  - notahacker 6y ago
    And debt. Every dollar "printed" is owed by at least one other entity to a third party
  - jerrymiller 6y ago
    How did this help Venezuela keep the value of their currency? Bolivars are also claims on taxes.
    - africanboy 6y ago
      how did bitcoin help Venezuela?
      - jerrymiller 6y ago
        It helped and is helping people escape oppressive regime in Venezuela. Your snarky question comes from the place privilege as you've never experience this kind of oppression. More info: https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research
        SideburnsOfDoom 6y ago
        > privilege as you've never experience this kind of oppression. it is weird to see how the cryptocurrency nerds, with their massively polluting, "I got mine" high-tech get rich quick schemes, grab ahold of the mantle of champion of the oppressed and poverty-stricken. It's disgusting, phony and hypocritical. It's either acting in bad faith or delusion - I can't tell which, perhaps they blend into each other.
A12-B 6y ago
Even better guide: just buy a small amount of bitcoin so if it 10x in value you 10x your money, and if it doesn't then you don't lose much
- spiorf 6y ago
  Or the Ultimate guide: educate yourself on what is money, where it does come from, what is the best store of value and then decide for yourself.
- SideburnsOfDoom 6y ago
  Funny how the conclusion is always "just buy bitcoin". When the conclusion is fixed, you'll get bad faith arguments.
deleted 6y ago
[deleted]
wtf_is_up 6y ago
>few insiders control the exits/have more information than you so you can't win Please elaborate on this conspiracy theory.
- deleted 6y ago
  [deleted]
  - deleted 6y ago
    [deleted]
- sub7 6y ago
  Sorry, I'm undergoing unscheduled maintenance so I cannot process this request
Geee 6y ago
I think the opposite is true about your last remark. Those few who don't believe in Bitcoin seem to be in a panic mode, jumping in on every Bitcoin thread to get their comments in. If you don't believe in Bitcoin, you don't have to try to manipulate other people by making obviously false statements and weak arguments against it. Bitcoin is free system, you don't have to participate. No one cares.
- deleted 6y ago
  [deleted]

by sub7 6y ago

madrafi 6y ago

2013 called it wants its comments back..

SideburnsOfDoom 6y ago
As a comment, it is still relevant.

Avalaxy 6y ago

I agree that there is no intrinsic value here, but it's a " ponzi scheme" that has been going on for 12 years now, and there are no signs of this stopping. I think we can safely stop calling it a ponzi scheme. Otherwise, by the same logic, other assets would also have to be labelled a ponzi scheme.

Retric 6y ago
Ponzi schemes can go on for much longer than 12 years. Madoff said that he began the Ponzi scheme in the early 1990s, but federal investigators believe that the fraud began as early as the mid-1980s[18] and may have begun as far back as the 1970s.. He was caught by confession in 2008. Over approx. 20 years, Lewis collected around $311 million U.S. dollars from investors. https://en.wikipedia.org/wiki/James_Paul_Lewis_Jr%2E https://en.wikipedia.org/wiki/James_Paul_Lewis_Jr%2E In another ~20 years we can stop calling Bitcoin a Ponzi Scheme, but speculative investment can fuel exponential growth for much longer than you might think.
hiq 6y ago
> it's a " ponzi scheme" that has been going on for 12 years now, and there are no signs of this stopping. I think we can safely stop calling it a ponzi scheme Not saying that calling Bitcoin a Ponzi scheme is particularly insightful, but if I believe Wikipedia, Madoff's Ponzi scheme had been going on for more than that when it was brought to a halt.
- jerrymiller 6y ago
  To describe Bitcoin as a ponzi, you must apply a very loose definition, which will necessarily be applicable to other assets as well. More on this: https://www.swanbitcoin.com/why-bitcoin-is-not-a-ponzi-scheme-point-by-point/ https://www.swanbitcoin.com/why-bitcoin-is-not-a-ponzi-schem...

spiorf 6y ago

How is that different than stock/commodities/forex markets?

notahacker 6y ago
There's a lot of breezy hype and people trying to make fortunes from unloading their bets to retail traders in those too, but they are at least trading in actual means of production and tokens used by entire economies as their only legal tender
- jerrymiller 6y ago
  Now, what about gold?
  - SideburnsOfDoom 6y ago
    Gold exists regardless of if you mine it or not.
    - jerrymiller 6y ago
      And yet people mine it. And it follows the "I can get out before you" game the OP describes.
  - notahacker 6y ago
    A lot more hype, a lot more FUD about everything that isn't gold, a lot more "now is a good time to buy gold". But at least you can mark its inflated price up by turning it into something many cultures find useful or pretty. :)

Findeton 6y ago

So what's the intrinsic value of these paper things you call dollars?

jokull 6y ago
They are claims on taxes.
- notahacker 6y ago
  And debt. Every dollar "printed" is owed by at least one other entity to a third party
- jerrymiller 6y ago
  How did this help Venezuela keep the value of their currency? Bolivars are also claims on taxes.
  - africanboy 6y ago
    how did bitcoin help Venezuela?
    - jerrymiller 6y ago
      It helped and is helping people escape oppressive regime in Venezuela. Your snarky question comes from the place privilege as you've never experience this kind of oppression. More info: https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research
      - SideburnsOfDoom 6y ago
        > privilege as you've never experience this kind of oppression. it is weird to see how the cryptocurrency nerds, with their massively polluting, "I got mine" high-tech get rich quick schemes, grab ahold of the mantle of champion of the oppressed and poverty-stricken. It's disgusting, phony and hypocritical. It's either acting in bad faith or delusion - I can't tell which, perhaps they blend into each other.

A12-B 6y ago

Even better guide: just buy a small amount of bitcoin so if it 10x in value you 10x your money, and if it doesn't then you don't lose much

spiorf 6y ago
Or the Ultimate guide: educate yourself on what is money, where it does come from, what is the best store of value and then decide for yourself.
SideburnsOfDoom 6y ago
Funny how the conclusion is always "just buy bitcoin". When the conclusion is fixed, you'll get bad faith arguments.

deleted 6y ago

[deleted]

wtf_is_up 6y ago

>few insiders control the exits/have more information than you so you can't win Please elaborate on this conspiracy theory.

deleted 6y ago
[deleted]
- deleted 6y ago
  [deleted]
sub7 6y ago
Sorry, I'm undergoing unscheduled maintenance so I cannot process this request

Geee 6y ago

I think the opposite is true about your last remark. Those few who don't believe in Bitcoin seem to be in a panic mode, jumping in on every Bitcoin thread to get their comments in. If you don't believe in Bitcoin, you don't have to try to manipulate other people by making obviously false statements and weak arguments against it. Bitcoin is free system, you don't have to participate. No one cares.

deleted 6y ago
[deleted]