Is Bitcoin basically a ponzi scheme?

anger of missing out everywhere wrote:but the technology is the future.

Posted the American who has no clue most of the rest of the world already has a better solution.

You missed the point... Floating currencies allow countries to keep prices stable within the country. But this makes prices between different different countries unstable, like when the Mexican Peso dropped tenfold compared to the US dollar practically overnight. Spain no longer has to worry about what the French Franc or the Dutch Guilder is doing.

Hardloper wrote:

You missed the point... Floating currencies allow countries to keep prices stable within the country. But this makes prices between different different countries unstable, like when the Mexican Peso dropped tenfold compared to the US dollar practically overnight. Spain no longer has to worry about what the French Franc or the Dutch Guilder is doing.

This sure sounds good, but isn't true.

My neighbor thinks he'll be a millionaire because he invested in cryptogold.io early.

I'm going with my big jar of money plan.

https://joshmartinink.files.wordpress.com/2012/05/img_1155.jpg

True story. Today at lunch two guys at the table next to me were talking about lite coin and bitcoin, buying more, and the investment potential. Then in the elevator these three folks were talking about it too.

Sounds a lot like the old saying of “when the taxi cab driver is recommending stocks it’s time to sell.”

BTW - I’m happy for everyone who made a killing on bitcoin and related coins. Hope they take some money off the table.

pop_pop!_v2.2.1 wrote:

anger of missing out everywhere wrote:but the technology is the future.

Posted the American who has no clue most of the rest of the world already has a better solution.

Sorry, but not American. Never set foot in the USA.

Cornell ‘02 wrote:

True story. Today at lunch two guys at the table next to me were talking about lite coin and bitcoin, buying more, and the investment potential. Then in the elevator these three folks were talking about it too.

Sounds a lot like the old saying of “when the taxi cab driver is recommending stocks it’s time to sell.”

BTW - I’m happy for everyone who made a killing on bitcoin and related coins. Hope they take some money off the table.

Correct. Now it's pimply faced teenagers and lower middle class folks jumping in

I never jumped in. Warren Buffett said not to. He goes hard on vanguard index funds. Not super sexy but over long haul you will kill it

Read some of Anton Antonopoulus articles and/or or watch a few of his videos for one take on what is happening.

Ultimately though, nobody knows what will happen in the future.

https://medium.com/@aantonop/latest

https://antonopoulos.com/

https://youtu.be/FyK4P7ZdOK8

https://youtu.be/ONvg9SbauMg

The energy issue limits the potential value of bitcoin. There is a pretty hard ceiling to its explosive growth. The end is nigh.

Haha yo (make money) wrote:

Cornell ‘02 wrote:

True story. Today at lunch two guys at the table next to me were talking about lite coin and bitcoin, buying more, and the investment potential. Then in the elevator these three folks were talking about it too.

Sounds a lot like the old saying of “when the taxi cab driver is recommending stocks it’s time to sell.”

BTW - I’m happy for everyone who made a killing on bitcoin and related coins. Hope they take some money off the table.

Correct. Now it's pimply faced teenagers and lower middle class folks jumping in

I never jumped in. Warren Buffett said not to. He goes hard on vanguard index funds. Not super sexy but over long haul you will kill it

W0rd ma nigs

Haha yo (make money) wrote:

Cornell ‘02 wrote:

True story. Today at lunch two guys at the table next to me were talking about lite coin and bitcoin, buying more, and the investment potential. Then in the elevator these three folks were talking about it too.

Sounds a lot like the old saying of “when the taxi cab driver is recommending stocks it’s time to sell.”

BTW - I’m happy for everyone who made a killing on bitcoin and related coins. Hope they take some money off the table.

Correct. Now it's pimply faced teenagers and lower middle class folks jumping in

I never jumped in. Warren Buffett said not to. He goes hard on vanguard index funds. Not super sexy but over long haul you will kill it

+1

I love how everyone worships Buffett.

Yes he's bright, but his time has passed. To completely discount crytocurrency is ignorant.

Now days Buffett makes most of his $ off sheep. Berkshire Hathaway buys stocks, often of companies that are struggling, at huge discounts compared to what any of us could ever hope to pay. When you sheep do pay, he makes big $ and everyone says "wow, the Oracle's done it again!"

Anybody who doesn't know that bitcoin is severely over valued and is riding a big bubble, will be in for a huge surprise. I expect a major correction before the end of the year.

And when it starts, it will be huge

The weird thing about the Bitcoin craze is that even those who oversee Bitcoin don't even agree what its purpose is. So how can one truly understand it and place a value on it?

Henry Wrinkler wrote:

Fonzie meme??? Ayy......

It is definitely a Fonzie meme.

Caution Advised Against Investment - Keep Your Head on Straight People!

This is a general warning of reliance on a monetary instrument that is very popular in the last few months. I've see quite a few people using this instrument without knowledge of where it comes from, and how it works. Really the only reason they're doing it is because everyone else is.

This monetary instrument has no intrinsic value. You can't make jewelry or electronics out of it. You can't take it to a bank to exchange for gold or silver. It's has a value based on only because we believe it has value. The value fluctuates according to supply and demand.

Some people have massive holdings of it that can be used to influence the market in their favor.

Next time your put your trust and reliance on the U.S. dollar, remember that you are just holding a piece of paper.

I'm guessing this is a not particularly eloquent attempt to show that all the supposed weaknesses of blockchain currencies also apply to the USD.

Hardloper wrote:

The intrinsic value of Bitcoin is the ability to participate in the payment system which has advantages over other payment systems. Whether that justifies the price it's currently trading at is another story.

Some advantages include not being able to touch or see it, nobody accepting bitcoin, and when you find someone that does, having to use ridiculously small fractional increments.