The only reason why guys like Portnoy view Bitcoin as a ponzi is because he only understands it as a way to get more USD. Portnoy has to acknowledge why other people value and appreciate Bitcoin. It's not just a "get rich quick scheme". It's a "change the rules of the game scheme".
Bitcoin is a market mechanism to find equilibrium between supply and demand, store value, and allow humans to coordinate and collaborate in new and peaceful ways. Problem is that the IRS stifles Bitcoin's use as a medium of exchange because of the tax laws.
Change My View: bitcoin is a ponzie/greater fool scheme and not a viable cryptocurrency.
The only use bitcoin has is to sell it to another sucker later, in the hopes that it's worth more because people are using it as a currency/store of value. Yet it's proven that it does not work as a currency (fees skyrocket) and you don't get to call yourself a store of value, that term is earned over decades.
you can give a lot of tags to Bitcoin, a volatile mess, fringe currency, not a store of value, among others. A Ponzi scheme is certainly not one of these negative labels that a critic can throw at Bitcoin.
04-02 16:34 - 'Teach your son about the REAL Bitcoin; Bitcoin Cash. / Then I'd say your a good father. Brain washing him with a useless Ponzi scheme (BCORE) it's not going to help in too much in the future.' by /u/TheBitcoinWhale removed from /r/Bitcoin within 138-148min
Let's not forget how r/Bitcoin members were circle jerking each other 2 days ago, screaming 8,000, TO THE MOON, and other ponzi scheme non-sense. I like at how moderate we are about price increases. It makes me think I'm in the right side.
Whatever else bitcoin may be, it is not a ponzi scheme.
A ponzi scheme is a centralized fraud. It is perpetrated by a collector of investment funds, based on promises of high dividend returns to the investors. Defrauded investors own no assets, but instead are paid periodic dividends which originate from the funds of later investors. The ponzi scheme collapses when the influx of new investors slows or stops, and when investors try to withdraw their capital. Bitcoin investors are able to control their own private keys. They purchase the asset from each other, not from a central figure, and they control the asset themselves. They can realize profits during any price rise and keep all or some of their original capital. By controlling their own private keys, they never relinquish the asset. As of this posting, a key-holding purchasehodler of bitcoin at any price below 14,000 over the last ten years has had access to a substantial ROI while maintaining personal control and ownership of 100% of their capital. While many people may lose money investing in bitcoin, it will not be the result of fraud. It will be the result of them selling their asset at a lower price than what they paid. Investors who profit in bitcoin are not perpetrating a fraud. They are selling their asset at a price higher than what they paid. People who leave their bitcoin on exchanges and give control of access to their capital to the exchanges are not victims of a ponzi scheme. They are lazy or uninformed. These investors are poor custodians of the assets they have purchased. A man who gives his cash wallet for safekeeping to an astronaut on the ISS, expecting to get 24/7 access to his cash, is not the victim of a ponzi scheme.
Ponzi schemes have a life span of 1-count, meaning they can go on for one year, a few months, or even a few weeks. But they cannot have two runs at the same market, that’s not how a Ponzi scheme works. Yet, between January and December 2017, Bitcoin’s price rose from $800 to $19,800, a 2,375 percent increase, before dropping to $3,100 a ... Bitcoin does not fit the definition of Ponzi scheme for various reasons: There are no paid dividends to any investors. The purpose of using bitcoin isn’t to recruit new participants. There’s no centralized body that funnels money up to the top. Unlike Ponzi schemes, Bitcoin will still have value and continue to function even if no new participants join the ecosystem. So is bitcoin like a ... Bitcoin is not a Ponzi scheme. If one is to truly allege that the digital asset is little more than a massive ploy to defraud unwitting investors of their money, à la Bernie Madoff, then one must admit that the entire stock market itself is one giant hustle, too. And people don’t make that connection. Because it’s not true. Bitcoin is, in fact, a legitimate and potentially life-changing ... Bitcoin, not so much. Never too late to adopt. Since Bitcoin benefits from network effects there’s never a point where it’s “too late to buy,” continued Hasu. Unlike a pyramid scam where the value to investors decreases the later a person joins, for a network good it’s the opposite. Yellow (market share), blue (adoption curve). Source: Hasu “Because Bitcoin becomes more useful the ... Ponzi schemes and Pyramid schemes that are designed to fraud people are what cause heartache to many unassuming investors. Luring people into such frauds has been much easier in crypto as the concept of digital currencies and technology is still in its early stages and very few have the knowledge of how it all works. According to Chainalysis, Ponzi Schemes account for 92% of all scams in ...
Is Bitcoin a Ponzi scheme? Let's break down what a Ponzi scheme actually is and compare that to bitcoin. All information provided or contained in this Web site is the property of Trade Genius, and should not be reproduced, copied, redistributed, transferred, or sold without the prior written consent ... Bitcoin is NOT a Ponzi scheme. MaiView 20190719 MaiCoin Group. Loading... Unsubscribe from MaiCoin Group? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 1.17K. Loading ... Bitcoin Explained Simply for Dummies - Duration: 12:49 ... MELLOW GOLD8 13,947 views. 4:38. Ponzi Schemes Of The Crypto World - "10,000% Returns Guaranteed!" - Duration: 6:11. The Modern Investor ... Bitcoin has been in existence for all of eight years but a debate is raging in the investing community: Is the cryptocurrency actually useful beyond just bei...