Bitcoin a Ponzi Scheme? ❓😲❓ There are still people who believe that
Hello Steemit friends,
i had a morning laugh, first after reading this article by the New York Post. The man (John Crudele) has the guts to simply assert that Bitcoin is a Ponzi scheme because of it's high volatility and the backing by belief of people.. an appropiate answer to such uneducated B....... comes from a Youtuber who wonderfully put the light on the dollar instead of Bitcoin.. which makes me laugh the second time because of the sharp minded idea 😂
Why Bitcoin May Soon Be Worth Nothing? - video by Crypto Viewing
This John Crudele was the one who predicted the same already in 2014 and criticized MIT students who wanted to gave away Bitcoin with $100 value to other students at the time (about 0.2 BTC or $500 per BTC) and he was completely wrong. The article is written with so less background knowlegde or maybe consciously written as smoke grenade for someone who paid for it. I don't know but it is this kind of zero knowledge propaganda which holds back people who don't wanna educate themselves.
The video above shows how crude these assumptions are if we look at the constant devaluation of the dollar and the underlying system.. The author of the linked article comes to a well thought out conclusion that:
it is still true that our system is tragically absurd. (debt based dollar)
Someone can question the value of Bitcoin but should always look around in our present world and should ask: "What is the current state?" and "Is that better than Bitcoin?".
Finally a very good explanation how new money is created and also what debt really means on a macroeconomic scale:
How The Economic Machine Works by Ray Dalio - by Principles by Ray Dalio
Ray Dalio who financed the educational video is a big part of the system as investor and hedge fund manager.
What do you think of the value of Bitcoin?
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1 Bitcoin could be worth anythink between 0 and 1m USD or more, but the analogy of a Ponzi scheme is just wrong.
A Ponzi scheme is constantly sucking away the money of the new people who join, which creates the impression that you can earn a very high and safe return, while it can be proven that these return rates cannot continue for ever. Consequently the amount of additional money has to grow exponentially, otherwise the system will die immediately.
The price of bitcoin does however not need to see exponential growth of additional demand. If the demand grows on slightly stronger than supply (which grows very slowly), prices will not go down. Prices will only go down if demand goes down.
As our economics professor used to say: "Money is what fulfils money functions / Geld ist was Geldfunktionen erfüllt". these are
Store of value
Medium of exchange
Unit of account
Bitcoin might not fulfill all three criterias as of today, but it clearly can get there
I think Bitcoin grows naturally in all 3 roles. Maybe the author might be confusing Bitcoin with Bitco....t presented at min 16:07 in the following video which was obviously an Ponzi scheme 😂 could happen..
Cryptocurrencies: Last Week Tonight with John Oliver (HBO) - video by LastWeekTonight
Beside that i also critized the video at all because it paints also a picture of Bitcoin as fraud just to entertain the masses and forget about all the advantages achieved through technology.
Good point. Bitconnect is the classical Ponzi scheme! But it was also very easily to be identified as such. Bitcoin is no different than any other currency - all it needs is mass adoption. If everybody accepts that this is the world currency it can work as such. If everybody is convinced that this role should belong Ethereum or something else - that would change everything of course.
For sure there are people who will spread the negativity towards the Bitcoin because they don't believe or they don't hold. And these kind of videos or writings can spread the panic moments for some who are completely uneducated in aspect of Cryptocurrency market.
If Bitcoin or Cryptocurrencies are Ponzi Scheme then there would no any biggest ICO's, there would no any Meetups, there would not any acceptance from the government in any country, their would not any planning to make Crypto City, we have all opposite and Crypto Sphere will be the ultimate market for everyone for sure.
And your work is appreciable because you are sharing the awareness spreading post and these kind of posts will educate people and also it will let know everyone how people try to convince that something is Ponzi Scheme no matter how good it is or how much potential it have.
Wishing you an great day and stay blessed. 🙂
You made very good points! But these people play with our short-term memory and a bias towards more attention for bad news. It reminds me of the marketing and press army of german automotive companies who constantly yelled: "There is no market for EV's!".. until they prepared their own strategic programs against competitors.
Yes, it's one aspect of Fake News and Propaganda News where they try to suppress an aspect which is producing good value to the common people. And centralised personnel's fear Bitcoin and Crypto Sphere because they think that it will reduce their control from the common people.
There are thousands like him who just advertise their ignorance about Bitcoin and decentralization, but they will soon be shock by the time Bitcoin becomes mainstream global currency @onetin84
Yes, without any hype i'm quite sure that these people either will change their mind (like so many in the short past) or will be forgotten with their complains about the technology and money of the future. It's already unstoppable like Andreas Antonopoulos explained with a funny statement a quite long time ago that even the roman sesterces are not gone completely and may have some value for collectors and tourists.. so Bitcoin will have in the worst case.
hahaha Maybe bitcoin ponzi scheme but what if bitcoin will go away will others currencies can survive from my experience answer is no ... so i am having trouble because we all are having steem ... so hope for the good and the best 😍
if bitcoin is a ponzi scheme then the whole banking system too is a ponzi for me lol
..the biggest fraud at all and they are backed by our governments with taxes from people who worked hard for every penny!
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Awesome video ☺
Thanks for sharing my friend. ;)
The future of this world lot of misconceptions about it
Nice video.Thanks for this.
Bitcoin is unstoppable, it is the decentralized engine, though transactions are public.