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Is bitcoin a climate killing Ponzi scheme?


Jingthing

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On 5/5/2021 at 11:24 PM, ukrules said:

You should read up on what a Ponzi scheme actually is - it's nothing like Bitcoin.

Bitcoin is not a Ponzi scheme but it's exponential mining system is unsustainable and empowers only the rich. The blockchain behind it is immutable and easy to exploit. Next Gen Crypto that is in dev is really revolutionary, but it's the banks who are building it. So be warned a big pin is coming to pop the bitcoin balloon soon.

 

I bought my bitcoin when it was $2000 and sold it when it was $65000. Luckily I'm out of the balloon now. A greater fool bought my Bitcoin so it's not a Ponzi but a Greater Fool model.

 

 

Edited by Muzzique
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1 hour ago, Muzzique said:

A greater fool bought my Bitcoin so it's not a Ponzi but a Greater Fool model.

Lets say that person who bought yours at $60k sells it to someone else at $80k later this year, are they still the fool then or does that status pass on to the next buyer or even revert to you?

 

Obviously you were the fool who purchased it at $2k right?

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Imagine you are playing roulette and if the ball land on Zero your Bitcoin is worth nothing

 

Every time is spins you can either leave and collect your winnings from the window or remain holding your coins.

 

every time it hits a number the value of your bitcoin goes up exponentially and new player must pay this value to buy a new bitcoin token from the players at the table. Or someone else mints a bitcoin by using electricity to the same value at bitcoin is now.

 

You can sell them yours for cash at this new price and keep some if you wish. or a new player can buy the ones just minted.

 

So every time the Bitcoin value goes up after, a spin what you hold in your bitcoin wallet goes up. 

 

Then as some point you can sell all your Bitcoin to the new players and cash out with a profit.

 

And you are rich.

 

However if the ball lands on a Zero then every Bitcoin everyone holds becomes worth nothing

 

Your portfolio then has no value. You have not cashed Out your winnings and now your wallet is worthless.

 

So unless you sell what you have before the zero comes up the bitcoin you hold  have no value.

 

The problem is that bitcoin like all other Crypto have no intrinsic value. There is no gold behind them and they don't even own the blockchain patent. They have no real value that can be recognised. Only the value to a new player joining the game of roulette, the Greater Fool who buys your bitcoin from you.

 

it does not mean you are a fool only there is someone at the end who will be holding the bitcoin when the value suddenly hits Zero 

 

if you get out before the value hits Zero or it falls below what you paid you are not the fool.

 

The risk is that something happens that reveals bitcoin actually has no real value.

 

So you can get big rewards if you play the game well cashing out when it hit a good level. Selling them, waiting for it to fall them buying in again.

 

So there are agents who buy many bitcoin to artificially increase the demand and therefore the price then sell them at this top level which makes the price drop.

 

Everybody else loses money, then they buy in again and do the same thing.

 

You have to know when the market is being artificially inflated then recognise when to get out.

 

There will come a day when they all get out and bitcoin collapses.

 

So if you are left holding bitcoin they become worthless.

 

People who say they have $20 million in Bitcoin own nothing until they sell them and get the cash.

 

So you will not have Made any money until the cash is in your hands

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SEC Probes Trading Affiliates of Crypto Giant Binance’s U.S. Arm

The Securities and Exchange Commission is examining the relationship between the U.S. arm of Binance, the world’s largest cryptocurrency exchange, and two trading firms with ties to Binance’s founder, people familiar with the probe say.

The two trading firms, Sigma Chain and Merit Peak, act as market makers that trade cryptocurrencies on the Binance.US exchange. One area of focus for regulators is how Binance.US disclosed to customers its links to the trading firms, the people say.

 

https://www.wsj.com/articles/sec-probes-trading-affiliates-of-crypto-giant-binances-u-s-arm-11644948162?mod=djemalertNEWS

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38 minutes ago, Muzzique said:

Imagine you are playing roulette and if the ball land on Zero your Bitcoin is worth nothing

 

Every time is spins you can either leave and collect your winnings from the window or remain holding your coins.

 

every time it hits a number the value of your bitcoin goes up exponentially and new player must pay this value to buy a new bitcoin token from the players at the table. Or someone else mints a bitcoin by using electricity to the same value at bitcoin is now.

 

You can sell them yours for cash at this new price and keep some if you wish. or a new player can buy the ones just minted.

 

So every time the Bitcoin value goes up after, a spin what you hold in your bitcoin wallet goes up. 

 

Then as some point you can sell all your Bitcoin to the new players and cash out with a profit.

 

And you are rich.

 

However if the ball lands on a Zero then every Bitcoin everyone holds becomes worth nothing

 

Your portfolio then has no value. You have not cashed Out your winnings and now your wallet is worthless.

 

So unless you sell what you have before the zero comes up the bitcoin you hold  have no value.

 

The problem is that bitcoin like all other Crypto have no intrinsic value. There is no gold behind them and they don't even own the blockchain patent. They have no real value that can be recognised. Only the value to a new player joining the game of roulette, the Greater Fool who buys your bitcoin from you.

 

it does not mean you are a fool only there is someone at the end who will be holding the bitcoin when the value suddenly hits Zero 

 

if you get out before the value hits Zero or it falls below what you paid you are not the fool.

 

The risk is that something happens that reveals bitcoin actually has no real value.

 

So you can get big rewards if you play the game well cashing out when it hit a good level. Selling them, waiting for it to fall them buying in again.

 

So there are agents who buy many bitcoin to artificially increase the demand and therefore the price then sell them at this top level which makes the price drop.

 

Everybody else loses money, then they buy in again and do the same thing.

 

You have to know when the market is being artificially inflated then recognise when to get out.

 

There will come a day when they all get out and bitcoin collapses.

 

So if you are left holding bitcoin they become worthless.

 

People who say they have $20 million in Bitcoin own nothing until they sell them and get the cash.

 

So you will not have Made any money until the cash is in your hands

No logic behind zero. More likely hit $1m.

 

It takes 1 second to sell it.

 

This doom stuff on btc is like climate scare. Based on made up theories.

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13 hours ago, Muzzique said:

it does not mean you are a fool only there is someone at the end who will be holding the bitcoin when the value suddenly hits Zero 

At some point you bought it at market value and by that very definition you were the fool at that point in time until you sold.

 

It doesn't matter if you paid onlt 10 cents per coin, you were the fool at that point as someone else cashed in.

 

This is also how the stock market works.

 

You can also bet on 0 in a casino.

 

It's never going to zero, ever.

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12 hours ago, GrandPapillon said:

SEC Probes Trading Affiliates of Crypto Giant Binance’s U.S. Arm

The Securities and Exchange Commission is examining the relationship between the U.S. arm of Binance, the world’s largest cryptocurrency exchange, and two trading firms with ties to Binance’s founder, people familiar with the probe say.

The two trading firms, Sigma Chain and Merit Peak, act as market makers that trade cryptocurrencies on the Binance.US exchange. One area of focus for regulators is how Binance.US disclosed to customers its links to the trading firms, the people say.

 

https://www.wsj.com/articles/sec-probes-trading-affiliates-of-crypto-giant-binances-u-s-arm-11644948162?mod=djemalertNEWS

In New York state you have the Bitlicense which is a protectionist system designed to funnel all economic activity from NY into a very few select exchanges who have this special Bitlicense.

 

It's not a coincidence that all the licensed exchanges in New York State are local and influential, at least that's how it started out. So that's State level protectionism and cronyism.

 

What you're seeing with Binance is national level protectionism, they want to keep the foreigners out.

 

Why did the foreign owned Bitcoin exchanges in Thailand mostly shut down and get replaced with new Thai owned exchanges which are now partnered with banks? Same thing....different 'excuse'....

 

 

Edited by ukrules
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45 minutes ago, ukrules said:

What you're seeing with Binance is national level protectionism, they want to keep the foreigners out

they want to keep money laundering out of the US system, in particular Russian and Chinese money

 

the founders suspicious activities with their market makers affiliates reek of market and price manipulation

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1 hour ago, EricTh said:

When the bubble burst and you lose a lot of money, then you will know whether this is a Ponzi scheme that is 'legalised' just to make money for the banks.

It burst multiple times already and every time it reinflates, just like the stock markets after a big crash.

 

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7 hours ago, Sparktrader said:

Like when Amazon collapsed?

 

How old are you? 12yo?

you probably weren't born in 1999, but Amazon did almost collapse in those years, and only because they had a small bridge loan taken before the 2000 crisis, they were able to survive and really take off after 2005.

 

Bezos was also in serious trouble, they wanted to replace him.

 

before that, they were losing massive amount of money, billions of investors money, losing like 5$ for every item they sold ????

Edited by GrandPapillon
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13 hours ago, ukrules said:

It burst multiple times already and every time it reinflates, just like the stock markets after a big crash.

 

no shortage of fools, that's why, and as long as regulators will not intervene to stop seriously the pump and dump game, we will see these cycles

 

it was the same with penny stocks in the 80s and 90s, it took 20 years for regulators to step in

 

let's hope the global regulators wake up a bit before that,

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10 minutes ago, GrandPapillon said:

you probably weren't born in 1999, but Amazon did almost collapse in those years, and only because they had a small bridge loan taken before the 2000 crisis, they were able to survive and really take off after 2005.

 

Bezos was also in serious trouble, they wanted to replace him.

 

before that, they were losing massive amount of money, billions of investors money, losing like 5$ for every item they sold ????

Amazon lost money 5 years in a row. All the nay sayers said nope it wont work.

 

They were wrong.

 

They said Google and Yahoo were worthless.

 

Negative types are wrong 95% of the time.

 

Once in a while they fluke a negative call and they say look I was right!!!

 

Tech is part of the future. Blockchain is massive and all the add ons.

 

Once again the nay sayers are wrong.

 

 

 

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11 minutes ago, GrandPapillon said:

no shortage of fools, that's why, and as long as regulators will not intervene to stop seriously the pump and dump game, we will see these cycles

 

it was the same with penny stocks in the 80s and 90s, it took 20 years for regulators to step in

 

let's hope the global regulators wake up a bit before that,

Yes the fools keep missing out. They lose 3% in cash and wonder why they are poor.

 

Penny stocks are everywhere getting pnd. All small miners run on drill results.

 

Fiat cash is a ponzi scheme keeping people poor. Time to wake up.

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8 minutes ago, Sparktrader said:

Amazon lost money 5 years in a row. All the nay sayers said nope it wont work.

 

They were wrong.

 

They said Google and Yahoo were worthless.

 

Negative types are wrong 95% of the time.

 

Once in a while they fluke a negative call and they say look I was right!!!

 

Tech is part of the future. Blockchain is massive and all the add ons.

 

Once again the nay sayers are wrong.

 

 

 

again, you weren't born then, so you wouldn't know

 

Dozens of successful startups were shutdown early because of lack of cash or investors

 

Google, Amazon and Yahoo were no different, the difference is a bit of luck and investors commitment

 

without which, these firms would have died long ago

 

remember these were the times of ENRON and WORLDCOM, 2 very successful companies that got caught in accounting scandals and shutdown eventually, investors appetite at the time was very shaky. Amazon survived out of luck with that loan.

 

Wait for a big scandal and regulator interventions for cryptos, and it will be the end of it like ENRON and WORLDCOM

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1 minute ago, GrandPapillon said:

again, you weren't born then, so you wouldn't know

 

Dozens of successful startups were shutdown early because of lack of cash or investors

 

Google, Amazon and Yahoo were no different, the difference is a bit of luck and investors commitment

 

without which, these firms would have died long ago

 

remember these were the times of ENRON and WORLDCOM, 2 very successful companies that got caught in accounting scandals that got them shutdown, investors appetite at the time was very shaky. Amazon survived out of luck with that loan.

 

Wait for a big scandal and regulator interventions for cryptos, and it will be the end of it like ENRON and WORLDCOM

When was I born????

 

I don't know you and you are posting nonsense.

 

I used to work with fund managers in the 90s.

 

Most people missed the dotcom boom.

 

Crypto is the same. Quality coins thrive, the junk will fall away.

 

Not due to luck. Quality Ceo, good ideas succeed in end.

 

Algorand has a genius CEO.

 

 

 

 

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