Post
Topic
Board Service Discussion
Topic OP
Mtgox claim officially turned bitcoin into Ponzi
by
lucif
on 14/04/2013, 08:58:19 UTC
Look what they say! ZOMG

https://mtgox.com/press_release_20130412.html
Quote
There is no doubt that we are expecting a violent crash of Bitcoin after trading resumes, but we are confident that this Panic Sell will be temporarily and that Bitcoin will rise again.

This claim can be recognized as promising of further high returns.

http://www.sec.gov/answers/ponzi.htm
Quote
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity.

Bitcoin missed only one sign of financial pyramid: promises of high returns. And here is it! Congrats gox, well done.