Quote from: First77 on January 20, 2018, 10:09:27 PM

Quote from: vkwame30 on January 20, 2018, 09:42:15 PM

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

That does not make bitcoin equal or equivalent to ponzi.
Bitcoin is a virtual currency. A trade-able asset. A medium of exchange though not legalized in many countries. Bitcoin is not a scheme. It is fractionalized, the list fraction call a satochi. Bitcoin has a maximum supply volume. You do not have a leadership ladder in bitcoin. You do not upgrade to the next level in bitcoin.

Know your bitcoin and educate your friend very well.