Quote from: Ucy on Today at 03:32:18 PM

Quote from: Snowshow on March 15, 2022, 02:12:39 PM

Satoshi Nakamoto is the identity used by the unknown person, people or organization that authored the so called Bitcoin Whitepaper. In that paper, they claimed to have invented an electronic money, and a system based on cryptographic proof, that uses that money. Basically, they claimed to have invented a superior payment system with its own money. However, that was not true. They invented neither money nor payment system. Instead, they invented an advanced way of recording participants in a Ponzi scheme. Namely, all Ponzi schemes, from the one invented by Charles Ponzi to the one invented by Bernie Madoff, recorded the participants in some way. People invested funds in the schemes, and the organizers provided them with some evidences that they invested, that is, that they became the participants in their schemes. Satosy Nakamoto simply invented an online way of doing this, where the investors receive digital tokens of participation. The record about the amount of tokens is attributed to the online addresses of the participants and stored in a distributed database called blockchain. The tokens themselves are called bitcoins. Nakamoto set the maximum number of bitcoins to 21 million. However, each bitcoin can be divided into 100 million units. The units are called satoshis. Of course, that’s just semantics, and in reality, Nakamoto’s invention has 2.1 quadrillion tokens. Now the obvious question that comes to mind is, why are these tokens actually tokens of ponzi participation? Well, for a simple reason. Anyone who holds them, owns nothing. Participants in all Ponzi schemes hold some kind of record of participation, but they own no resource that they could utilize. Which is why thay must wait for new investors to enter the Ponzi schemes and transfer the ownership of resources to them. The same is true in this case. By holding bitcoins or satoshis, people hold record of participation in Nakamoto’s scheme. However they own no resources they could utilize. For that reson, the holders are forced to wait for new investors to join in, and in that way transfer the ownership of resources to them. Hence, bitcoins and satoshis are simply the tokens of ponzi participation.

The thing that we have just described, obviously has absolutely nothing to do with money or payment systems. That’s because money is a resource, while payment systems are a set of methods, procedures, rules and technology for transferring resources. Generally, resources are anything that provides utility to people. For example, products, labor, or services, provide utility by satisfying human needs. Land provides utility because it supports all human activities. Shares in the companies provide utility because they grant access to profits or equity of the companies. Debt provides utility at payment because what is payable by one is receivable by another. And so on. Then, by comparing the degrees of utility of the two resources, the parties know how much of one resource can they give in the exchange for another, or vice versa. The agreement about the exchange is called a transaction. The realization of a transaction is called a payment. By holding bitcoins or satoshis, people have no ownership of resources. They have nothing to utilize. They have nothing to compare the degree of utility. All they have are the records about the amount of Nakamoto’s tokens. So, what’s going on in Nakamoto’s invention are neither transactions nor payments. But, an advanced way of recording participants in a Ponzi scheme.

Despite being a Ponzi scheme, many people fell for Nakamoto’s invention and believe it is a payment system. This misconception is mainly because the Bitcoin system uses numbers to record the amount of ponzi tokens. Which is exactly what actual payment system use to record the amount of resources they are transferring. For example. In fiat currency-based payment systems, these currencies are nothing but records in the form of numbers written on banknotes or bank accounts. The logic then goes: “if systems that use numbers are payment systems, then the Bitcoin system is s payment system as well.” But, of course, that logic is flawed. Fiat currency-based systems use numbers to represent the amount of resource in the form of debt. And it is that debt what provides utility to fiat currency holders. Namely, when banks grant loans to borrowers, and in that way create debt, they use fiat currencies to represent the amount of that debt. Once debt is created, market participants invest in it by trading their resources with borrowers for fiat currencies. In that way the participants become fiat currency holders and debt owners. The nature of debt is that it needs to be paid. That is, the borrowers must return resources back to fiat currency holders. That’s why the banks use the mortgages and other liens to force them to repay their loans. And in order to repay their loans, the borrowers must work for fiat currency holders or sell them products and services. In that way, the borrowers return the resources back to the people that invested in debt. Basically, they pay debt to these people. Then, the borrowers take the received fiat currency units to the banks as evidence that debt to investors in debt has been paid. The banks then liquidate the part of their loans. The process repeats until the loans are paid off. So that how debt provides utility to fiat currency holders. And that’s why it is called a resource. Or an asset. Fiat currencies are simply records of assets ownership. On the other hand, bitcoins and satoshis are records of ponzi participation. Or in short, ponzi tokens. That’s why those who hold them must wait for new investors to enter the scheme and trade their ownership of resources for these ponzi tokens.

Satoshi Nakamoto fooled the world through language manipulation in the Bitcoin Whitepaper. For example, by referring to their tokens as “money”, “coins” or “electronic cash”. Or by referring to their scheme as a “payment system”. Money and coins are simply types of resources (debt or metal). Electronic cash is representation of an already existing money (PayPal, Skrill, Neteller). While payment systems are systems that transfer resources. Nakamoto’s language manipulation, together with the misconception that system that use numbers are payment systems, created the deception so big that it caused two mind-boggling things to happen. First, it pumped up the price of a single ponzi token from zero, to a high of $70,000, with the current price around $20,000. Second, it made the most bizarre industry ever to pop up – the crypto industry. This industry makes huge profits from the most nonsensical human activity ever – buying and selling ponzi tokens.

To conclude. Satoshi Nakamoto invented neither money nor payment system. They simply invented an advanced way of recording the participants in a Ponzi scheme. The problem in Nakamoto scheme is the same as in all Ponzi schemes. The earlier participants can return their investment of resources only from resources brought by more recent participants. Consequently, if people stop participating (here buying ponzi tokens), then there are no resources anymore. And those that are left holding the tokens, are literally left with nothing.

Source: https://.com/

You clearly do not understand what Bitcoin or money is
I wonder if you will call a fiat currency like dollar or ruble ponzi if it could benefit those who own substantial amount of the currency when it appreciate in value. If you have $10,000 in your savings account to buy a particular brand of car from another country that is worth $10,000 in its national currency , then the dollar appreciate in value by %10 while the value of the car remain thesame in its national currency, you will end up with extra $1000 after buying the car from another country due to the appreciation of dollar... That doesn't make dollar a Ponzi scheme... It only appreciated in value due demand and supply, and those who have dollar benefit from this especially when trading with countries with devalued currencies. Same as using gold as currency(which was the case in olden days) ... Back then if there was alot of demand for gold it would appreciate in value and those with gold will have extra gold to buy more stuff. That doesn't make gold a Ponzi. Besides, ponzi scheme is said to be unsustainable but Bitcoin has remained sustainable to this day and it's model after gold in this manner.

By the way, Bitcoin is more than a currency, it is simply a Global Network/System for exchanging digital values in a very secure, unique & revolutionary way... That values include currency, messages, information, etc. It's a work in progress that can enable the exchange of any kind of digital values you can think. If will still be very useful if you eliminate the currency part of it. So it's not a Ponzi like you you imagine d

Well, majority of people, in this forum, you included, don't understand what bitcon is. In the OP I explained what bitcon actually is. You all got free education. The things you said in your response is a pure propaganda for luring people into the Ponzi scheme you're participating in.