"Comparing Bitcoin to Ponzi Schemes is unfair...

I leave this thread because I think I am being misunderstood... I am writing against bitcoin and cryptos not because I have an alternative investment to propose you... But only because I am worried that certain lovely savers I know in person that have been overfocusing on crypto (to my view!) might lose key money for them...Then if in the long run I am proven wrong I promise you that I will be the first to celebrate the "new rich" of bitcoin & co... No envy rest assured... I have other challenges in life so I wish Bitcoin and people buying bitcoins all the best always! :)
 
LoveTrees said:
I am worried that certain lovely savers I know in person that have been overfocusing on crypto (to my view!) might lose key money for them...
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Fully supportive of that. I don't think anyone should over-focus on Bitcoin (and certainly not crypto) - far from it.
 
To answer the question, yes Bitcoin is a Ponzi scheme. So I'm glad one of us had a winning bet on "I Am Maximus" on Saturday. We know what gambling is.
 
Brendan Burgess said:
Hi tecate

What else is it?

Brendan
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Boss a Google search gives the following list of uses and that doesn't even count speculation or an even better use being a "great topic for online discussion"
  • Earn Interest on Bitcoin
  • Ticket and Hotels using Bitcoin
  • Cross Border Remittance
  • Bitcoin is the largest financial service in the world
  • Very High Return on Investment when compared with Other Investment Schemes – Store of Value
  • No one can Hack Bitcoin
  • Trace your Bitcoin Transaction in Blockchain
  • Carry or Transfer Bitcoin from One Country to another Country
  • Only 21 Million Total Supply
  • Easily Cash or Convert Bitcoin in any Currency.
  • Bitcoin as Collateral
  • Donation Using Bitcoin
 
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Bronte said:
To answer the question, yes Bitcoin is a Ponzi scheme. So I'm glad one of us had a winning bet on "I Am Maximus" on Saturday. We know what gambling is.
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Strange how the SEC appoved multiple Ponzi ETF's isn't it?
 
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Brendan Burgess said:
Or use it for blackmail and extortion which is the only real use it has as far as I can see where it has an advantage over other forms of payment.

Brendan
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How many years ago was it that you posted your "Bitcoin is a clearly identifiable bubble" thread Brendan?

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Bronte said:
Do you think that at my age I'd trust any state body or otherwise to override my natural instinct on Bitcoin.
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I don't know your age and I don't know you.

If you think bitcoin is a ponzi that's fine, it's just a shame that over the last year or two you've missed the opportunity of a lifetime.
 
Any industry that relies on centralisation and human actors is likely to experience fraudulent behaviour, that is just a fact. It has nothing to do with the underlying assets / technology.

Crypto was just the medium that the SBF/FTX fraud transpired in, the actual fraud was taking customers money. The likelihood of fraud happening in Crypto is higher because the market is less mature and not as regulated.
 
Brendan Burgess said:
I watched the full minute and he did not refer to any use other than speculation. OK, a hedge against the fiat currencies collapsing, but that is the same thing.
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Complete nonsense you're coming out with Brendan. Firstly, in any given year, fiat currencies ARE collapsing. Secondly, they don't have to collapse entirely to spirit away a portion of what you've earned.
 
jigsaw said:
I don't know your age and I don't know you.

If you think bitcoin is a ponzi that's fine, it's just a shame that over the last year or two you've missed the opportunity of a lifetime.
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That is hilarious. Something I've never heard ever before.

you've missed the opportunity of a lifetime.

Like I missed trackers, the sure thing in the 5:10 in Leopardstown, the guaranteed Eircome shares, the solid as a rock blue chip AIB and BofI shares.

But let me ask you this Jigsaw: Are you a very well off person?
 
Bronte said:
That is hilarious. Something I've never heard ever before.

you've missed the opportunity of a lifetime.

Like I missed trackers, the sure thing in the 5:10 in Leopardstown, the guaranteed Eircome shares, the solid as a rock blue chip AIB and BofI shares.

But let me ask you this Jigsaw: Are you a very well off person?
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I'm not exactly sure what's hilarious about making buckets of money.

I'd say your're just another TradFi dinosaur like Brendan who's probably just sick you missed out on bitcoin.

Yes, I've done very well for myself over the last number of years in crypto and I'll make millions more this cycle.
 
Brendan Burgess said:
I watched the full minute and he did not refer to any use other than speculation. OK, a hedge against the fiat currencies collapsing, but that is the same thing.

It has no practical everyday use other than its use by criminals.

Brendan
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Like you I genuinely wanted to know what these new "use" cases were and expected to hear of some big legal breakthroughs in the use of smart contracts or whatever. Instead we get a clip reminding us that bitcoin is "non-sovereign, hard cap supply, global, immutable, decentralised, digital store of value". Go figure.
 
Duke of Marmalade said:
Like you I genuinely wanted to know what these new "use" cases were and expected to hear of some big legal breakthroughs in the use of smart contracts or whatever. Instead we get a clip reminding us that bitcoin is "non-sovereign, hard cap supply, global, immutable, decentralised, digital store of value". Go figure.
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big legal breakthroughs?

What the hell are you talking about?
 
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