Quote from: lm2f on November 24, 2017, 10:20:29 PM

Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.

That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.

The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.

Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?

If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.

First of all, I just want to share to everybody here the definition of "Ponzi Scheme" because I guess you have a misconception on that matter. I want to quote from INVESTOPEDIA : "A Ponzi scheme is an investment fraud where clients are promised a large profit at little to no risk." Take note of the following:
- When we buy Bitcoin nobody is promising us large profit.
- Nobody says that when you invest on Bitcoin there is no risk. We all know that Bitcoin is a cryptocurrency which is volatile, so risk is involved.

Second point, Bitcoin is a VALID Currency. Let us read what wikipedia says: "A currency in the most specific use of the word, refers to MONEY IN ANY FORM when in actual use or circulation as a medium of exchange. We use Bitcoin to trade and buy commodities. If it is not a valid currency, then we can't do those things.

Third, where does Bitcoin gets its value? Same with the USD, based on the demand. Take note, BOTH Bitcoin and USD are currencies NOT BACKED UP BY PHYSICAL COMMODITY. Both their values are derived from the relationship between supply and demand. So, both currencies are faith-based.

Finally, I would say that the Bitcoin supporters don't need remedial education...

Just my thoughts... Thanks

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