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BitCoin Ponzi Scheme

Discussion in 'BlackHat Lounge' started by garrido, Apr 18, 2013.

  1. garrido

    garrido Supreme Member

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    Last edited by a moderator: May 18, 2016
  2. imm088

    imm088 Registered Member

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    bitboin is free market imo
     
  3. ShadeDream

    ShadeDream Elite Member

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    He who laughs last, laughs longest.
    I haven't watched the video but if you're going to go calling names, you might as well call "USD" a pyramid scheme.
     
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  4. CosmicSoundz

    CosmicSoundz BANNED BANNED

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    Great video.. Has he done another one since? Seems like its a bit old
     
  5. garrido

    garrido Supreme Member

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    Good point there!
     
  6. lancis

    lancis Elite Member

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    When an investor is presented with a new start-up, he usually sees 2 slides: The Pain and The Solution.
    If these two are clear and convincing, then the rest are not relevant anymore.

    Applied to Bitcoins:

    - The Pain: Banks
    - The Solution: Decentralized Currency

    Bitcoins, like any successful start-up, solves a real problem, and its good to invest in them, just like it was good to invest in Google (when they just started).
     
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  7. whynotmakeit

    whynotmakeit Power Member

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    worth a look imho. Make a coffee and sit down and watch it. He makes some very good points......especially about the guys who started it and who have 6 Million bitcoins..... not a bad days work....
     
    Last edited: Apr 18, 2013
  8. Roparadise

    Roparadise BANNED BANNED

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    The guy clearly doesn't know what a ponzi scheme is, lmao.
     
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  9. daserpent

    daserpent Power Member

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    Wow so many bitcoin hype and news nowadays!
     
  10. Minarik1987

    Minarik1987 Junior Member

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    Its not a pyramid scheme to me. This investment is very profitable if you know what you are doing even if you are a late comer. First know the game before you play them.
     
  11. groomsxxx

    groomsxxx Power Member

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    I agree, I dont want to say much .But its profitable if you know what your doing. =)
     
  12. Nigel Farage

    Nigel Farage BANNED BANNED

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    That stupid & inane video has already been posted. There is no comparison between a Ponzi scheme and BitCoin. Anyone that thinks this doesn't understand what a Ponzi scheme is, what BitCoin is, or both.

    The idiot in the video says nothing about BitCoin, other than FUD.
     
  13. Nigel Farage

    Nigel Farage BANNED BANNED

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    Do you even know what a pyramid scheme is? It's not a subjective truth, where it means something valid to one person, and it means something valid to another. It's either a pyramid scheme or it's not. I think that before people post an opinion about pyramid schemes, ponzi schemes and bitcoin, they ought to understand all three 1st.

    Wikipedia has good-enough articles on all 3 of these, and it will take a person of average intelligence about 30 minutes of reading and some thought comparing them in order to understand why they are all different.
     
  14. Furious George

    Furious George Supreme Member Premium Member

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    This is 15 minutes of bullshit. The people who created the bitcoin didn't hoard it... they spread it around. They harvested 6/21 bitcoin before it was ever released, if they didn't spread it around to people, like paying 10,000 bitcoin for a pizza, this wouldn't have worked.

    This is not a ponzi scheme in any way shape or form. People who trade bitcoin in marketplaces for products and services actually hold value in it... there isn't some puppet master controlling everything.
     
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  15. teal777

    teal777 Newbie

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    I'd say it's a variation of a ponzi...more of a decentralized ponzi...if you got in first and cash out before it crashes you win.
     
  16. Nigel Farage

    Nigel Farage BANNED BANNED

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    You only say that because you have absolutely no idea what a Ponzi scheme is. You should read the wikipedia article first.
     
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  17. Grizzy

    Grizzy Senior Member

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    No no no, it's not a ponzi scheme...





    It's insider trading :|
     
  18. shanna_doll

    shanna_doll Power Member

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    It may be a bit risky, but it's still much better than other payment systems, no fees, no risk, no annoying people asking for IDs.. :)
     
  19. Nigel Farage

    Nigel Farage BANNED BANNED

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    No, no, no. It's a Ponzi Scheme, not money. And you HAVE to say it's a Ponzi Scheme. That's the rule in this thread. No one can post anything else in this thread.

    The soap. Pick it up.
    Then say "BitCoin is a Ponzi scheme."

    Or else.
     
  20. elitewarrior

    elitewarrior Newbie

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    saying bitcoin is a ponzi is like saying BHW is a ponzi douche mucher. someone please educate me about bitcoin in 2 short sentences. i was thinking of investing 5 dollars in either bitcoin or litecoin but these invisble coins are way over my marshin head and i dont know if i want to risk it. maybe start out with 2 dollars to test water and get feel for it. any advice would be greatly appreciated.