- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.
Posted on 4/18/13 at 9:15 am to LSURussian
Posted on 4/18/13 at 9:15 am to LSURussian
"If you don't know, then I can't help you."
"It is because I say it is."
"Read the OP article."
what a bunch of obfuscation. no straight answers from anyone.
Ponzis require a fraudster who takes in "investment" money, and then pays off old investors with new investment money until the scheme collapses.
So let's start at square 1. Who is the fraudster? The mysterious Nakamoto? Mt Gox? Some other unknown person/entity?
Bitcoin is open source. It is traded on at least one exchange. No one person or entity is collecting all the "investment" money (although Mt Gox handles a vast majority of BTC-USD exchanges).
Throw me a bone here. I'm not a financial guy. I'm dumber than everyone in this thread. All I wanna know is: what makes everyone think bitcoin in a ponzi scheme?
"It is because I say it is."
"Read the OP article."
what a bunch of obfuscation. no straight answers from anyone.
Ponzis require a fraudster who takes in "investment" money, and then pays off old investors with new investment money until the scheme collapses.
So let's start at square 1. Who is the fraudster? The mysterious Nakamoto? Mt Gox? Some other unknown person/entity?
Bitcoin is open source. It is traded on at least one exchange. No one person or entity is collecting all the "investment" money (although Mt Gox handles a vast majority of BTC-USD exchanges).
Throw me a bone here. I'm not a financial guy. I'm dumber than everyone in this thread. All I wanna know is: what makes everyone think bitcoin in a ponzi scheme?
2
Posted on 4/18/13 at 9:22 am to gizmoflak
quote:You just described bitcoin perfectly, except you left out the part about the underlying asset not providing a cash flow or profit on its own.
Ponzis require a fraudster who takes in "investment" money, and then pays off old investors with new investment money until the scheme collapses.
If you want to believe that bitcoin is not a Ponzi scheme, that's okay with me. But I have to remind you that even the bitcoinbots on their message boards frequently acknowledge it is a Ponzi scheme but they don't care. One even wrote, "In the future when someone runs a sophisticated, technology based Ponzi scheme, they will call it being bitcoined."
quote:We finally agree on something!
I'm dumber than everyone in this thread.
Posted on 4/18/13 at 9:26 am to gizmoflak
quote:
So let's start at square 1. Who is the fraudster? The mysterious Nakamoto? Mt Gox? Some other unknown person/entity?
Bitcoin is open source. It is traded on at least one exchange. No one person or entity is collecting all the "investment" money (although Mt Gox handles a vast majority of BTC-USD exchanges).
Which begs an even bigger question. What if this Mr. Sakimoto didn't actually cap the number of coins? What if he has another $1,000,000,000 worth that he will dump periodically. Would the world know? What happens to bitcoin wallets that get lost? Do they go away forever?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News