4 ms·

I am using the term "Ponzi scheme" with no judgment attached. I've met many entrepreneurs and people who are working on Bitcoin related businesses and that was

by volaski 13y ago

I am using the term "Ponzi scheme" with no judgment attached. I've met many entrepreneurs and people who are working on Bitcoin related businesses and that was the impression I had, which made me rethink this whole "Everyone who was tricked into Ponzi scheme was a gullible idiot" idea that the society has--when something is uncertain and looks like a great opportunity, the ones who jump in are the people who believe in their intellect. The real dumb ones don't do that. Secondly, you and I both know government issued currency and Bitcoins are very different things. Government issued currency is centralized and is driven by very different factors than a completely decentralized currency such as Bitcoin. Lastly, gold mining has nothing to do with the point I was trying to make.

gnaritas 13y ago
> I am using the term "Ponzi scheme" with no judgment attached. You're using the term incorrectly, a Ponzi scheme isn't what you seem to think it is.
- volaski 13y ago
  Please read my original comment. I never said what you seem to think I said.
lectrick 13y ago
From https://en.bitcoin.it/wiki/FAQ#Is_Bitcoin_a_Ponzi_scheme.3F https://en.bitcoin.it/wiki/FAQ#Is_Bitcoin_a_Ponzi_scheme.3F : Is Bitcoin a Ponzi scheme? 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. Early adopters can only profit at the expense of late adopters. Bitcoin has possible win-win outcomes. Early adopters profit from the rise in value. Late adopters, and indeed, society as a whole, benefit from the usefulness of a stable, fast, inexpensive, and widely accepted p2p currency. The fact that early adopters benefit more doesn't alone make anything a Ponzi scheme. All good investments in successful companies have this quality.
- volaski 13y ago
  I never said "Bitcoin is a Ponzi Scheme". I just saw some similarities in how people behave around Bitcoins and Ponzi Scheme and described my point of view. It's not so much different from talking about how multi level marketing and ponzi scheme have similarities, and how evangelism in christianity and ponzi scheme have similarities. Just because they have commonalities, doesn't mean "Christianity is a Ponzi Scheme"

by volaski 13y ago

gnaritas 13y ago

> I am using the term "Ponzi scheme" with no judgment attached. You're using the term incorrectly, a Ponzi scheme isn't what you seem to think it is.

volaski 13y ago
Please read my original comment. I never said what you seem to think I said.

lectrick 13y ago

From https://en.bitcoin.it/wiki/FAQ#Is_Bitcoin_a_Ponzi_scheme.3F https://en.bitcoin.it/wiki/FAQ#Is_Bitcoin_a_Ponzi_scheme.3F : Is Bitcoin a Ponzi scheme? 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. Early adopters can only profit at the expense of late adopters. Bitcoin has possible win-win outcomes. Early adopters profit from the rise in value. Late adopters, and indeed, society as a whole, benefit from the usefulness of a stable, fast, inexpensive, and widely accepted p2p currency. The fact that early adopters benefit more doesn't alone make anything a Ponzi scheme. All good investments in successful companies have this quality.

volaski 13y ago
I never said "Bitcoin is a Ponzi Scheme". I just saw some similarities in how people behave around Bitcoins and Ponzi Scheme and described my point of view. It's not so much different from talking about how multi level marketing and ponzi scheme have similarities, and how evangelism in christianity and ponzi scheme have similarities. Just because they have commonalities, doesn't mean "Christianity is a Ponzi Scheme"