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Sorry all I got out was "I participated in a Ponzi scheme early and benefited".

by verroq 13y ago

davidw 13y ago
That's really cold, even though I'm not much of a bitcoin believer either. And actually, it seems he hasn't necessarily benefited yet, because he's going to hold on to his bitcoins for the future. I would urge him to sell, say, half of them, at the very least and put those in more conventional investments, for his kids' sakes.
- DanBC 13y ago
  At the very least make sure the important passwords he wants to pass on are kept securely and kept accessible.
  - DennisP 13y ago
    He did mention the bitcoins are in a safe deposit box, and his kids are tech-savvy. With a paper wallet, instructions, and a proper will, they'll do just fine.
    - davidw 13y ago
      Yes, so the problem is more one of "all your eggs in one basket", unless he just left that out of the story. Sounds like a good guy in any case, who worked on a lot of neat things, I wish him all the best.
clarkm 13y ago
It has a lot more in common with "I was an early employee in a successful startup" than "I participated in a Ponzi scheme early". I like to think of the Bitcoin protocol as a transaction service and the coins as shares of equity.
- verroq 13y ago
  I disagree, when I invest on a start up, those shares have inherent value because they are backed by a real company, not hype.
ekianjo 13y ago
Thats all you have to say after reading such an article? Do you mean the guy is a bastard ?
Patient0 13y ago
technically, if it really is a Ponzi scheme as you state then you're saying that bitcoins will ultimately be worth zero. But in that case, he hasn't actually sold his bitcoins yet, so he hasn't benefited from the Ponzi scheme.
red12ooster 13y ago
tsk tsk tsk.
acjohnson55 13y ago
Volatile object speculation, crapshoot, recurring bubble, vehicle of money laundering. There are plenty of disses against Bitcoin that at least have some validity. I'm sure there's more. But save Ponzi Scheme for things that actually fit the description.
- verroq 13y ago
  The current trend with bitcoin is: buy bitcoin now, it'll go up, it'll be 10k by next year. It's current valuation backed by nothing except hype, once there's not enough hype to keep the price afloat: there will be a lot of bag holders.
oafitupa 13y ago
Sorry all I got out was "I'm a butthurt and don't even understand Bitcoin".
- verroq 13y ago
  The only reason BTC price rises is because of hype and idiots buying into the hype. Once the hype dies (as it's dying now), you can experience the pleasure of bag-holding. Why don't you all in BTC? You are free to laugh at me when it hits 1k again.

Sorry all I got out was "I participated in a Ponzi scheme early and benefited".

by verroq 13y ago

Sorry all I got out was "I participated in a Ponzi scheme early and benefited".

That's really cold, even though I'm not much of a bitcoin believer either. And actually, it seems he hasn't necessarily benefited yet, because he's going to hold on to his bitcoins for the future. I would urge him to sell, say, half of them, at the very least and put those in more conventional investments, for his kids' sakes.

DanBC 13y ago
At the very least make sure the important passwords he wants to pass on are kept securely and kept accessible.
- DennisP 13y ago
  He did mention the bitcoins are in a safe deposit box, and his kids are tech-savvy. With a paper wallet, instructions, and a proper will, they'll do just fine.
  - davidw 13y ago
    Yes, so the problem is more one of "all your eggs in one basket", unless he just left that out of the story. Sounds like a good guy in any case, who worked on a lot of neat things, I wish him all the best.

clarkm 13y ago

It has a lot more in common with "I was an early employee in a successful startup" than "I participated in a Ponzi scheme early". I like to think of the Bitcoin protocol as a transaction service and the coins as shares of equity.

verroq 13y ago
I disagree, when I invest on a start up, those shares have inherent value because they are backed by a real company, not hype.

ekianjo 13y ago

Thats all you have to say after reading such an article? Do you mean the guy is a bastard ?

Patient0 13y ago

technically, if it really is a Ponzi scheme as you state then you're saying that bitcoins will ultimately be worth zero. But in that case, he hasn't actually sold his bitcoins yet, so he hasn't benefited from the Ponzi scheme.

red12ooster 13y ago

tsk tsk tsk.

acjohnson55 13y ago

Volatile object speculation, crapshoot, recurring bubble, vehicle of money laundering. There are plenty of disses against Bitcoin that at least have some validity. I'm sure there's more. But save Ponzi Scheme for things that actually fit the description.

verroq 13y ago
The current trend with bitcoin is: buy bitcoin now, it'll go up, it'll be 10k by next year. It's current valuation backed by nothing except hype, once there's not enough hype to keep the price afloat: there will be a lot of bag holders.

oafitupa 13y ago

Sorry all I got out was "I'm a butthurt and don't even understand Bitcoin".

verroq 13y ago
The only reason BTC price rises is because of hype and idiots buying into the hype. Once the hype dies (as it's dying now), you can experience the pleasure of bag-holding. Why don't you all in BTC? You are free to laugh at me when it hits 1k again.