The only reason why guys like Portnoy view Bitcoin as a ponzi is because he only understands it as a way to get more USD. Portnoy has to acknowledge why other people value and appreciate Bitcoin. It's not just a "get rich quick scheme". It's a "change the rules of the game scheme".
Bitcoin is a market mechanism to find equilibrium between supply and demand, store value, and allow humans to coordinate and collaborate in new and peaceful ways. Problem is that the IRS stifles Bitcoin's use as a medium of exchange because of the tax laws.
Change My View: bitcoin is a ponzie/greater fool scheme and not a viable cryptocurrency.
The only use bitcoin has is to sell it to another sucker later, in the hopes that it's worth more because people are using it as a currency/store of value. Yet it's proven that it does not work as a currency (fees skyrocket) and you don't get to call yourself a store of value, that term is earned over decades.
you can give a lot of tags to Bitcoin, a volatile mess, fringe currency, not a store of value, among others. A Ponzi scheme is certainly not one of these negative labels that a critic can throw at Bitcoin.
04-02 16:34 - 'Teach your son about the REAL Bitcoin; Bitcoin Cash. / Then I'd say your a good father. Brain washing him with a useless Ponzi scheme (BCORE) it's not going to help in too much in the future.' by /u/TheBitcoinWhale removed from /r/Bitcoin within 138-148min
Let's not forget how r/Bitcoin members were circle jerking each other 2 days ago, screaming 8,000, TO THE MOON, and other ponzi scheme non-sense. I like at how moderate we are about price increases. It makes me think I'm in the right side.
Whatever else bitcoin may be, it is not a ponzi scheme.
A ponzi scheme is a centralized fraud. It is perpetrated by a collector of investment funds, based on promises of high dividend returns to the investors. Defrauded investors own no assets, but instead are paid periodic dividends which originate from the funds of later investors. The ponzi scheme collapses when the influx of new investors slows or stops, and when investors try to withdraw their capital. Bitcoin investors are able to control their own private keys. They purchase the asset from each other, not from a central figure, and they control the asset themselves. They can realize profits during any price rise and keep all or some of their original capital. By controlling their own private keys, they never relinquish the asset. As of this posting, a key-holding purchasehodler of bitcoin at any price below 14,000 over the last ten years has had access to a substantial ROI while maintaining personal control and ownership of 100% of their capital. While many people may lose money investing in bitcoin, it will not be the result of fraud. It will be the result of them selling their asset at a lower price than what they paid. Investors who profit in bitcoin are not perpetrating a fraud. They are selling their asset at a price higher than what they paid. People who leave their bitcoin on exchanges and give control of access to their capital to the exchanges are not victims of a ponzi scheme. They are lazy or uninformed. These investors are poor custodians of the assets they have purchased. A man who gives his cash wallet for safekeeping to an astronaut on the ISS, expecting to get 24/7 access to his cash, is not the victim of a ponzi scheme.
Bitcoin is not a ponzi or pyramid scheme. In summary, bitcoin fails to meet the requirements for being classified as a ponzi or a pyramid scheme. There are no promises made on the technology that can’t be transparently verified or understood, nor any reward incentives directly available for recruiting others to join. It’s operational structure, value proposition and process to evolve and ... Bitcoin does not fit the definition of Ponzi scheme for various reasons: ... Miners collecting transaction fees doesn’t make Bitcoin a Ponzi scheme. Miners operate like a business and offer the valuable service of securing transactions on an immutable public ledger. By that logic we could call NASDAQ, NYSE, Banks, Paypal and just about any business that charges a fee a Ponzi scheme. Another ... What is a Ponzi Scheme? A ponzi scheme is a fraud in which early investors are lured with massive payouts based on how many people they invite into a business that is designed to cheat people. You may have heard this many times before where certain schemes encourage you to invite 3 other investors promising […] Top Cryptocurrency Ponzi Scams as of 2020 - Real-time cryptocurrency market news ... Bitcoin Is Not a Ponzi Scheme. slider2990 (65) in #hive-167922 • 44 minutes ago. For Family and Friends who still call Bitcoin a Ponzi Scheme. Photo by Roger Brown from Pexels. You may commonly hear from your various circles something along the lines of: "With crypto’s value fluctuating, the value is not backed by anything, and it can’t even be used directly to buy a pizza, just what ... Now to answer the original question, is Bitcoin a Ponzi scheme? Potential investors only need ask themselves whether a mature Bitcoin system is genuinely useful, argued Hasu. If yes, there’s no reason to expect the system to collapse if more people join (or if people stop joining). Bitcoin as a system will become more valuable over time, and thus, its price will appreciate as more people ...
Bitcoin is NOT a Ponzi scheme. MaiView 20190719 MaiCoin Group. Loading... Unsubscribe from MaiCoin Group? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 1.17K. Loading ... Bitcoin has been in existence for all of eight years but a debate is raging in the investing community: Is the cryptocurrency actually useful beyond just bei... Bitcoin Explained Simply for Dummies - Duration: 12:49 ... MELLOW GOLD8 13,947 views. 4:38. Ponzi Schemes Of The Crypto World - "10,000% Returns Guaranteed!" - Duration: 6:11. The Modern Investor ... Why Bitcoin Is a Ponzi Scheme with David Heinemeier Hansson - Duration: 52:52. Make More Marbles Recommended for you. 52:52. Bitcoin to $30k in 2018 After Crash - Duration: 9:25. ... The only industry Bitcoin has disrupted is the ponzi scheme industry. [ 40:50 ] Questions why people want a currency so detached from the real world. [ 41:12 ] People who use Bitcoin want the ...