I had arguments with my friends who are always tagging bitcoin with negativity. Today, we argued and I educated them on bitcoin and Ponzi scheme. To me Ponzi scheme is when developers takes money from new entrance to pay early birds,rinse and repeat until they raise enough and vanish. But bitcoin is not like that. Do you think I am right?
the Indian government cautioned people against investing in them, warning that they are similar to fraudulent investment schemes and have no legal status yet. There is a real and heightened risk of investment bubble (in virtual currencies) of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers, losing their hard-earned money, the finance ministry said in a notification on Dec. 29, 2017