Bitcoin will ruin people - Page 2 - TigerDroppings.com

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PrimeTime Money
USA Fan
Houston, Texas, USA
Member since Nov 2012
7503 posts
 Online 

re: Bitcoin will ruin people


Money is whatever people want it to be.





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Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
36728 posts
 Online 

re: Bitcoin will ruin people


Shut up and fertilize my crops.





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jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
26727 posts

re: Bitcoin will ruin people


quote:

You need to read between the lines here man. The entire part that the 6 billion 'bitcoin peasants' will not allow this is how it becomes worthless. The largess of the world's polpulation will not tolerate having a few early adopters be essentially trillionaires and buy up the world's assets. They'll simply adopt some other form of currency, and thus make bitcoins worthless.

in which case these bitcoin billionaires will be broke, which is the opposite of what happens in a ponzi scheme.







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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80154 posts

re: Bitcoin will ruin people


quote:

939.06 million shares

it's already been reached


You don't know the difference between "outstanding shares" and "authorized shares."

APPL has 1.8 billion shares authorized, about half of which are outstanding. The company can issue any of the authorized but not outstanding any time it wants to do so. Or it can use those treasury shares to buy other companies.

Stick to writing computer code...






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rintintin
New Orleans Saints Fan
Life is Life
Member since Nov 2008
7491 posts
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re: Bitcoin will ruin people


Hmmm, your whole scenario sounds awfully familiar, it this suppose to be a metaphor?





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PrimeTime Money
USA Fan
Houston, Texas, USA
Member since Nov 2012
7503 posts
 Online 

re: Bitcoin will ruin people


Bitcoin will never catch on mainstream.





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Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
136 posts

re: Bitcoin will ruin people


quote:

in which case these bitcoin billionaires will be broke, which is the opposite of what happens in a ponzi scheme.


All ponzi schemes collapse man. It will collapse well before it ever comes close to being a widely traded currency. Those bitcoin billionaires and triilionaires are theoretical; they will never exist.

However, these guys are making cash right now through bitcoin exchanges. The early adopters will have a net profit when their BTC becomes worthless. That's how it's a Ponzi scheme.






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Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
136 posts

re: Bitcoin will ruin people


quote:

Hmmm, your whole scenario sounds awfully familiar, it this suppose to be a metaphor?


Unsure if you are hinting that it seems like some other fiat currency systems like the US dollar or not?

But, I think this whole bitcoin craze reminds me a little bit of the movie 'In Time' with Justin Timberlake.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21098 posts
 Online 

re: Bitcoin will ruin people


I agree with the OP 100%. It's setup to give the originators more value than everyone behind him.





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80154 posts

re: Bitcoin will ruin people


quote:

A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. Perpetuation of the high returns requires an ever-increasing flow of money from new investors to keep the scheme going.[1]
. LINK
Yep, bitcoin fits the definition of a Ponzi scheme.






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rintintin
New Orleans Saints Fan
Life is Life
Member since Nov 2008
7491 posts
 Online 

re: Bitcoin will ruin people


quote:

seems like some other fiat currency systems like the US dollar or not?








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memphis tiger
LSU Fan
Memphis, TN
Member since Feb 2006
4211 posts

re: Bitcoin will ruin people


So what I gather from all these bitcoin threads is that bitcoin is nothing more than imaginary money





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Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
136 posts

re: Bitcoin will ruin people


quote:

Yep, bitcoin fits the definition of a Ponzi scheme.


Those vested into the Bitcoin system don't want it labeled as a Ponzi system.

Everything about it smells like a Ponzi scheme, however people keep defending it as not being a Ponzi. Those in the Bitcoin market need it to remain 'not a Ponzi' just long enough to make a few bucks off of it. That, and I think they morally don't like the idea that they themselves may be involved in scamming someone.

Do I think that there are honest well intentioned people that are in the Bitcoin market? Yes

But learning a little of the background into how Bitcoins work before 'gambling' on the IDEA of an electronic currency would be much wiser.

The bitcoin idea, while novel and possibly noble, is flawed. The incorporation hyperdeflation is simply too risky and no better than the current Federal Reserve monetary system we have now.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin will ruin people


quote:

imaginary money


please define that.


because there are millions of examples where people have used bitcoin as a medium of exchange, and that's pretty much the definition of money. so what makes it imaginary?






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Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
136 posts

re: Bitcoin will ruin people


quote:

So what I gather from all these bitcoin threads is that bitcoin is nothing more than imaginary money


I don't think that it is anymore imaginary than our current monetary system.

The dollar is just a vehicle that allows transfer of value just like the Bitcoin. You can't sustain yourself on dollar bills. you have to trade them for food. The idea behind Bitcoin is that you would trade them for things you need like food just as you do dollars.

However, I think that there are misconceptions that Bitcoin is possibly better than dollars because it cannot be created nor tracked by governments. Bitcoin though, is fundamentally flawed in that it rewards early adopters for essentially no work.






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Gmorgan4982
LSU Fan
Member since May 2005
98479 posts

re: Bitcoin will ruin people


quote:

Money is whatever people want it to be.
Yeah, I don't get why this is so hard for people to figure out.






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memphis tiger
LSU Fan
Memphis, TN
Member since Feb 2006
4211 posts

re: Bitcoin will ruin people


Here, let me Google that for you....

LINK

In short, this is "currency" that is not backed by a central back, and has no use value to the majority.







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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin will ruin people


quote:

that is not backed by a central back


good

quote:

and has no use value to the majority


that may be true. that doesn't, however, mean it has no value.






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Gmorgan4982
LSU Fan
Member since May 2005
98479 posts

re: Bitcoin will ruin people


If Bitcoin is nothing more than Farmville points, like people say, I don't see why there is such a big need to warn people about the evils of gathering too many points on Farmville. If you don't think it's any more important than Farmville points, then who cares?





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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
292017 posts

re: Bitcoin will ruin people


quote:

But his point wasn't really so much about early adopters as it was about those who get in the game much later.

if the early adopters hoard their bitcoins (assuming this exists), bitcoins will never increase in value that much

when those "late" get in the game, they'll be buying BTC at a set rate with lots of historical data to analyze.

those investing in oil now know they're doing so when (1) oil was worth less for the early adopters and (2) there is finite oil on earth






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