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-   -   Bitcoins, the second biggest ponzi scheme in history (http://www.goldclubasia.com/forum/showthread.php?t=13596)

sunburn 08-12-2013 12:48 PM

Bitcoins, the second biggest ponzi scheme in history
 
"..I hereby make a prediction: Bitcoins will go down in history as the most spectacular private Ponzi scheme in history."

Read more: http://www.silverdoctors.com/bitcoin...me-in-history/

Goldmansachs 08-12-2013 01:11 PM

if ever silver were to hit that kind of exponential rise in price, i would also look it as a ponzi scheme and sell off all my holdings

silver were to hit 1000-3000, i would also make a prediction it will be the baddest bubble as well, yet not as bad as bitcoins which rose from less than a dollar three yrs ago to the price today.

some of us invest in silver and lesser in gold shows that you want to have wealth transfer towards you, silver failed badly, total mockery but bitcoin achieve that.

if i had got some when i first start investing in silver in 2010 and listen to the ponzi scam pusher max keiser, i would have become a millionaire which then cost less than a buck or so.

pika 08-12-2013 08:39 PM

Ah, the big 'if' on hindsight again... If only we know 'when' also, we will all be rich right? Wrong. If everyone is rich, then who will be poor? There will be no wealth transfer at all. Everyone have hindsight, but not foresight, and much less the insight.

desmondsim 26-12-2013 11:19 AM

Quote:

Originally Posted by pika (Post 91964)
Ah, the big 'if' on hindsight again... If only we know 'when' also, we will all be rich right? Wrong. If everyone is rich, then who will be poor? There will be no wealth transfer at all. Everyone have hindsight, but not foresight, and much less the insight.


Well, my thought is if governments are printing money from thin air, there will be be tons of millionaires soon and everyone is rich :D:D ....... its just how much their millions are worth.

pika 26-12-2013 07:55 PM

Quote:

Originally Posted by desmondsim (Post 92803)
Well, my thought is if governments are printing money from thin air, there will be be tons of millionaires soon and everyone is rich :D:D ....... its just how much their millions are worth.

Tons of millionaires? Yes. Today's billionaires are yesterday's millionaires. Remember, or heard of, the six million dollar man? Are you impressed? Not the man, but the million... LOL.

Everyone is rich? No. And that's my point. When all become rich, who is poor? Wealth disparity and poverty are not eradicated by more money printing.

moyyewhon 26-12-2013 08:25 PM

actually i believe in sound money and hard assets, but those who don't understand the technology and the community behind cryptocurrencies have no clue whatsoever and the only weapon they have is "its a ponzi scheme".
take the dive into it.. if u mine, you dont have to pay a cent for it.
and then see what it is all about.
read about it, find out more about it.

cryptocurrencies are the future. like it or not.

and my advice is "dont be narrow minded"

im into dogecoins and i got 150k dogecoins now. at least I am in front as an early adopter rather than just complain everyday.

and as goldmansachs said.. if he was an early adopter he could have used all the money he made in bitcoins to buy more silver. a lot of pm retailers now are accepting bitcoins..
http://www.coinabul.com/

these who use bitcoins to buy silver are still advocates of sound money but doesnt mean they write off others.. its just means to get more hard assets. they are the ones being smart, not the clueless who still use "its a ponzi scheme" on almost everything.
I repeat again, I believe in gold and silver and palladium and platinum and rhodium and indium and bismuth as sound money. I collect stamps too..and i dont mind taking a step into the unknown. that what life is all about. you will learn something along the way . only a few days into cryptocurrencies and i learn more than what i could learn in 2 years in regards to technology .

moyyewhon 26-12-2013 08:52 PM

here is something i learned from mining dogecoins..
I did spend a bit here and there maybe 50 bucks buying some..
I put it in dogewallet , but dogewallet was hacked yesterday.

http://www.businessinsider.com/large...-theft-2013-12

11 million dogecoins went missing. and i lost 30k coins.
Then i went to reddit and mirc channels to tell them about my loss..
and u know what .. the community is so kind they gave me some. and one big donor even gave me 90k... imagine me losing 30k and gaining back 90k

dogecoin community is a community of givers.. it was created becos bitcoin became to expensive to tip and donate.. so dogecoin was created, has lesser value but easier to tip. could u imagine if i lose 10 oz silver.. would any of YOU donate me 10 oz?

now my total accumulated dogecoin is 150k ... in ebay they selling for 1 us dollar for 1000 dogecoin.
so my 150k market value is 150 bucks...
i invested just around 50 bucks now i got 150 bucks.

http://www.ebay.com.sg/sch/i.html?_t...at=0&_from=R40

check it out yourself. stop being narrow minded. if u show me one news from silverdoctors saying bitcoin is a ponzi, i can show u 100 news saying cryptocurrency is the future.

alor 26-12-2013 09:41 PM

anywhere we can check the screen shots of the account and the password?

what kind of security are in place nowadays, since hacking are common place recently.

something like a demo account :D

pika 26-12-2013 10:50 PM

www.businessinsider.com/what-is-dogecoin-2013-12
"It's a revolutionary technology, absolutely revolutionary," Markus says. "And it works as a store of value because it's deflationary ..."

Sounds weird doesn't it? The argument is that unlike bitcoin, dogecoin is not speculative. If supply of dogecoin is uncapped, then is it any different from fiat currencies? Won't this imply that holding dogecoin will be guaranteed a fall in its value in the long term instead? If dogecoin is not speculative, then how to explain its value rising 250% in a short time without a fundamental basis?

If different cryptocurrencies can be created so easily, like out of a joke, then we may soon end up with countless such virtual currencies, with maybe even crypto exchange rates emerging? I think a kittycoin will be very popular, LOL. In this sense, a cryptocurrency is still a form of speculative asset and will not be able to replace fiat currencies by which our taxes are paid, let alone the possibility that fiat currencies will one day be backed by a cryptocurrency.

I would think the article shared by sunburn has more validity on what is (or what is not) money... like the predictable purchasing power of money:

"People buy money because it has not fallen in price. But it has also not gone up in price much, either. It is predictable. Why? Because it is held in reserve by a large number of people over a large geographical area. It has become money through tradition, through experience, and through endless numbers of exchanges on a voluntary basis. It has proven itself in the marketplace as a means of facilitating exchange, and thereby as a means of preserving value over time."

Altima 27-12-2013 12:55 AM

If it helps you make money = not a Ponzi

But if you suddenly lost money = Ponzi !!!


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