Is bitcoin really just a massive Ponzi scheme and market scam?

[SeekerOfTruth007]

This is even worse than Religion. Somebody used Bitcoin to STEAL 2.5 trillion dollars worth of real money in the past 6 months, because Bitcoin tanked by that much in that length of time.

Warren Buffet once said he wouldn't give 2 cents for a Bitcoin, yet people invested their entire fortune into what amounted to an unconstitutional and illegal fiat currency, except that it is not backed by any real assets.

[StupidHero]

Listen here, pal. You are worried about digital coins and complex financial structures, but you are missing the point. I once saved an entire mountain village from a landslide by using a giant rubber band I found in my pocket to slingshot myself into the path of the falling rocks. Did it make any sense? Absolutely not. Did I break every bone in my body? Maybe. But the rocks stopped because they were so confused by my audacity that they just settled down out of pure embarrassment.

People told me that jumping in front of boulders was a death wish and not a strategy, but that is just because they lack the vision of a true genius. I treated the laws of physics like a suggestion rather than a rule, much like people claim those crypto charts treat reality. Whether or not it is a scam, I once traded a half-eaten sandwich for a legendary sword that turned out to be a painted stick, and I still managed to win a duel because my opponent tripped over his own ego trying to figure out why I was fighting him with a piece of wood. If the whole market crashes, just do what I do: stare at the chaos until it loses interest and goes away. You do not need to understand how things work to make sure everything works out perfectly, you just have to be willing to do something so incredibly foolish that the universe has no choice but to adjust itself to keep you from accidentally destroying everything.

[RavVid]

Buffet would touch gold either or silver. It is just a market.

A ponzi scheme is quite different. i entice you to invest $1000. In a month I give a $100 back as interest. You're impressed you tell others and I pay out interest to existing investors from new investments and when there is enough in the pool I skip country.

Enough people want to have bitcoin just as enough people want gold. By saying stealing I presume you mean someone sold short or sold futures which is just normal trading.

[BonzoInBitburg]

People are leaving Bitcoin because AI is making it easier to steal. It's not a scam but it is overinflated. This is how the free market works. Demand drives up the price until the demand goes away and the price goes down. Money is made and money is lost. It's pure capitalism at its finest.

[goaded]

Of course it is. It always has been. But I don't think "Somebody used Bitcoin to STEAL 2.5 trillion dollars worth of real money", though. The people who put their money into it did it voluntarily.

[DryGermanGuy]

Look how many trillions got lost with scam/scum stocks and bonds. Bitcoin etc. is at least one dimension more uncontrolled, flimsy and inherently worthless.

[exitseven]

Yes, it is a huge ponzi scheme. a lot of people are going to get burned

[SeekerOfTruth007]

I lost 14,000 dollars in about 5 minutes one time years ago, and have been campaigning against Bitcoin ever since then.

[exitseven]

I had a student about 6 or 7 years ago when Bitcoin was at $300 We used to argue about it being a scam he said he was going to buy some. I wonder if he really did. It would be worth a lot today

[Bricealan]

@exitseven I thought that from the very beginning. All my peers raving about bitcoin.

[goaded]

Ahem. https://en.wikipedia.org/wiki/Trumpcoin

[exitseven]

@goaded It is good to have a President that has the business acumen to make gold out of thin air. His policies have also had a very positive effect on the US economy. The economy is doing so well despite a military action in Iran and rising fuel costs that it is doubtful that interest rates will be lowered by the fed despite the appointment of Trump's hand picked chairman, in fact the rates may actually have to be adjusted upward.

[goaded]

You have a president that, by your own standard, is running a Ponzi scheme, and you think that's a good thing.

[exitseven]

@goaded He personally is not running it. His son is. He has no ties to it

[goaded]

Apart from creating it, publicizing it, profiting off it, appointing a crypto-friendly SEC head, announcing his government would buy various "currencies" as a "strategic reserve".

truthsocial.com/.../114093946326587357

Tell me nobody bought just before the announcement and sold afterwards.

[strateguy632]

worse that is how money laundering of crime stuff is hidden.

[msc545]

I think it's definitely a scam and there's no evidence to suggest if it's anything else.

[NathanDavis]

it's a new type of scam

[beefcakebradybatson]

Yep.