Quote from: care2yak on November 15, 2017, 02:28:45 PM

Quote from: freightjoe on November 15, 2017, 01:07:33 PM

Quote from: n4poleon on November 15, 2017, 12:59:12 PM

Only uninformed, desperate individuals only put their life savings into bitcoin. Unfortunately, there are some. But your claim on bitcoin is a ponzi without actually backing it is intellectual dishonest. I bet you're just whinny about your transaction and didn't consider some things like this is an open source project and almost all of the efforts going on are voluntary. People here are diverse.

It is clearly a ponzi scheme looking in here. Nothing but lots of people being busy talking up the price spouting messages about how this will finance their house and car or other posts about how you can convince friends and family to "invest" in Bitcoin as well. The more people are brought into it, the higher the price.

Oh, it is abundantly clear what is happening here. Some very smart people have bought bitcoin and are perpetrating a long-term pump-and-dump where they are slowly selling out while they ride the curve upwards. The ones being left holding the bag when the whole thing collapses are the ones who are indeed uninformed desperate individuals who are then left even more desperate not only having lost their own savings, but also stand with the shame of being responsible for friends and family suffering losses as well.

So yes, people in here are diverse. Some are preying on the weak, and some are being preyed upon.

you'll need to provide supporting references to your assertion that bitcoin "is clearly a ponzi scheme".

what makes you say that it is so? what features of a ponzi do you see that you liken it to bitcoin? you'll have to elaborate on that here....or are you just saying that because that's what you've read and understood certain personalities like Jamie Dimon, Warren Buffett, or that Asian Bank exec say in the news like bloomberg, cnbc, and other news outfits covering bitcoin news?

i skimmed through some of those bits of news and recalling what i understood there, Dimon referred to bitcoin as a fraud and yet mentioned that it is a currency in a bubble that could reach $20k before it bursts... i think that maybe, he just hasn't reached the thought yet that our medium of exchange and assets could still evolve and change, and that in this digital age, a commodity or asset could in fact be digital or virtual.

an adviser of allianz, Mohamed El-Erian, admired blockchain technology but expressed uncertainty over the bitcoin price. he didn't say anything about bitcoin being a ponzi but he appears to be in a stage of accepting the idea that virtual commodities can be a store of value.

Warren Buffet was intrigued by blockchain tech saying it's a very effective method of transmitting money and you can do it anonymously. however, he believes that bitcoin had "no intrinsic value" - so he didn't say ponzi.

you don't need to "recruit" people to buy bitcoin and earn from their purchase. so what makes you call bitcoin a ponzi?

the amount of investment people are putting in bitcoin is their choice. when you invest in bitcoin, it's your responsibility to learn what it is that you're getting into. if you put all your money there, and the price goes down, then you have nobody to blame but yourself. it was after all, your choice to put in that big an amount. so if you're worried about all those people who're investing big, then you're fussing over something that you cannot control. that was their choice. you should make yours. if you don't understand bitcoin, stay away from it.

Wow - a lot of dancing around to avoid the word "ponzi" being attached to Bitcoin. A turd is still a turd no matter what you call it.....