scamalert wrote: » stock penny market is what it is :cool: theres nothing online in last few years that would make someone %3000 percent returns on smth that literally doesn't exist or has no real world usage. I see ICO's exploding left and right with shipping contrainers stacked with asics, mines in caves to keep temps low :pac: and other ICO's that are based on some nut ideas. fact it no one uses it as currency anyone in the game is because of making actual $$$ from nothing its even useless as money transfer since costs and volatily is so rapid by the minute it reaches other end it could be worth 10% up or down, hassle with cashing out is utter pain. Everyone claims its such a new generation technology but in 7 years time we only seen that's its like slots online. the very core idea that one needs to use massive amounts of power to solve nothing for reward which is digital breaks any economical fundamentals. its a gamble at best where you need sucker to sell it to and find exchange which will give you actual cash for it.
Pintman Paddy Losty wrote: » Bitcoins utility boils down to buying drugs and kiddie porn.
sReq | uTeK wrote: » You do realise that companies such as Ripple (XRP) which had significantly greater gains are working with some of the worlds largest banks. But alas, why do the research when you can spout nonsense. Sure there are ICO's that are fads, thats why people do this phenomenon thing call "RESEARCH".
copeyhagen wrote: » https://www.coindesk.com/ripples-xrp-hit-worst-january-crypto-market-decline/
smacl wrote: » Whatever you use it for is your own business, though not sure I'd be talking about it on a public forum. Hardly surprising you're met with vitriol coming up with posts like that. :rolleyes:
lostboy75 wrote: » This entire thread is becoming ridiculous. I'm all for debate. But this isn't debate. Posters spouting the same anti-crypto nonsense over and over again, no matter how many people point out flaws in their arguments. At least try to come up with a new argument other than there is no value in it, it's a ponzi, repeat. There are many of us here that 'might' be swayed by reasoned argument. So far I haven't heard any.
kaymin wrote: » There is actually no need to provide new arguments because the reason you should not invest is because it is a pyramid scheme. I've been open to explanations why it is not a pyramid scheme
lifeandtimes wrote: » Ecoin up 2754% Wtf!
alb wrote: » From wikipedia: A pyramid scheme (commonly known as pyramid scams) is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. Bitcoin isn't a business model, bitcoin doesn't recruit members, bitcoin doesn't make a promise of payments or services for enrolling others into a scheme.
tcawley29 wrote: » looks like a pump and dump
kaymin wrote: » A pyramid scheme: a usually illegal operation in which participants pay to join and profit mainly from payments made by subsequent participants
kaymin wrote: » Or if you rather I called it a ponzi scheme: A Ponzi scheme (/ˈpɒnzi/; also a Ponzi game) is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading.
alb wrote: » You don't pay to join bitcoin, there's nothing to join. I know where you're coming from, because you profit by selling it to someone else in future for a higher fiat value. This makes it a speculative store of value, like vintage baseball cards or precious metals, not a pyramid scheme. There's a difference. Bitcoin is not fraudulent. Bitcoin has no operator. Bitcoin generates no returns.
kaymin wrote: » If it makes it more palatable then lets call it a ponzi scheme. Crypto currencies are illegal in some countries. You might like to think there's no operator - but Bitcoin has been subject to market manipulation to get it to current levels - something that would be illegal in any regulated market. Are you not concerned that Bitcoin generates no return - that's pretty much the key element in any pyramid or ponzi scheme - the profits you're hoping for need to come from somewhere??
alb wrote: » This makes it a speculative store of value, like vintage baseball cards or precious metals, not a pyramid scheme. There's a difference.
papu wrote: » When you understand the tech behind Bitcoin and why it was invented, you will see that it is actually the total opposite of a Ponzi scheme... I suggest you enlighten youself
kaymin wrote: » I've read plenty about it, thanks. And I know its been around for years and has had very little traction in the mainstream in that time. And again, you seem unable to distinguish between Blockchain technology and crypto currencies.
kaymin wrote: » There is actually no need to provide new arguments because the reason you should not invest is because it is a pyramid scheme. I've been open to explanations why it is not a pyramid scheme - I asked as much 3 weeks ago when prices were double what they are now. None of the cyrpto advocates were able to provide any explanation of a business (besides crypto generates profits that depends on crypto currency trades - i.e. the very definition of a pyramid scheme) behind a crypto currency that supports its valuation - can you?
kaymin wrote: » If it makes it more palatable then lets call it a ponzi scheme.
kaymin wrote: » Sure stick with your investment, it doesn't meet the definition of a pyramid scheme - it'll be grand.
alb wrote: » Yes bitcoin is non-tangible, like domain names.
papu wrote: » So you acknowledge it isn't a ponzi scheme? If you've read "plenty" about it you know new users that join the Bitcoin network don’t fund the older users with new money. It’s just plain lazy (or ignorant) to make this assertion.
kaymin wrote: » New joiners to Bitcoin pay old 'members' of Bitcoin for their coins - i.e. older users are funded with this new money. Profits will only be generated if new buyers can be found willing to buy at higher prices. Yes, it is a Ponzi / Pyramid scheme.
Bob24 wrote: » I don't see it as being comparable to a domain name. A domain name can have a value for what it is and not just for speculative motives. If you own lets say "news.com", beyond its speculative value it has a practical use for you as a money maker because that URL will generate traffic for whatever website you host with it. So there are reasons to own that domain name beyond just speculating on its future value.
