Original archived Re: What are some of the dumbest arguments made against Bitcoin?
Scraped on 10/04/2025, 01:06:49 UTC
PONZI SCHEME?
Probably the biggest misconception about bitcoin is that it is a Ponzi scheme.
Some of the big firms that sponsored media campaigns that tagged Bitcoin as a Ponzi scheme are now investing in the coin. Anyone who is deceived into believing that Bitcoin is a Ponzi scheme is too lazy to do some research. A surface research is enough to educative an ignorant mind that Bitcoin is one of the greatest financial discoveries of all time.
ENVIRONMENTAL ATTACKS
The second dumbest argument I think are the environmental attacks against bitcoin.
As someone who live in an area where illegal gold mining is prevalent, I can boldly state that it is causing more harm than it is reported in the media. The level of destruction that gold mining causes in the environment can be equated to coal mining. It has also increased the level of violence in that area since different armed militia are sponsored by multinational companies to control these gold mines.
In addition, there is a view that Bitcoin is used to finance terrorism. Some powerful countries have claimed without proof that Bitcoin was used by some terrorist organisations to sponsor their operations. One would now ask if terrorism financing started immediately after Bitcoin was invented. The conflict in Congo and other part of Africa is sponsored using gold and other precious stones.