3 ms·

What pisses me off is people are falling into this Ponzi Scheme.

• mkr-hn 14y ago
  How is it a Ponzi scheme? I don't see anyone promising returns to previous investors based on money taken from new investors.
  • dustyleary 14y ago
    It's a bit of a stretch to call it a Ponzi scheme IMO, but you could try to make the argument that all the early investors who got in for cheap/"free" are now cashing out with the money of new investors. But, the "Ponzi scheme" people are essentially engaging in name calling, because its definitely not a Ponzi scheme. There is no Ponzi (or Madoff) at the top running the scheme. Better to rationally call it what it is: an enormous ramp in the spot price driven almost purely by speculation. Some people say it's a classic bubble. Bitcoin already had one of these in 2011, this could be another. Some people say bitcoin is different than other commodities, that this is not a bubble, but more of a "tipping point" event where bitcoin has gained enough traction/attention that it is rocketing up to its "true" value. Pick your side, and if you're so inclined, place your bets.
• brc 14y ago
  It's their lookout - if it does collapse, it's small enough that it won't cause real harm. If it doesn't, then it's a pretty exciting new development in the world of currency and money. People trading Bitcoins and working on it are doing no harm to anyone, so I find it odd that anyone could get upset about it. It's like getting upset about people who trade dolls or toy soldiers or rare oil cans.