Topic: in reality bitcoins are just another ponzi scheme
Anonymous A started this discussion 13 years ago #27,023
> The system is basically a slow ponzi scheme. The expansion of the network goes into a fixed rate of 1 block per 10 minutes, regardless of the number of miners. The standard reward for finding a block with a smaller than the previous hash for the first series of 210,000 blocks 50btc (btc = bitcoin). This reward halved after each 210,000 blocks and is now on 25btc.
> The difficulty to find a block automatically increases with the number of miners and the power of their specialist mining computers (or data centers). It has become a factor of 7 million higher than the first blocks. The reward for finding a new block halves every 210,000 blocks. Because a block found an average of 10 minutes, the pyramid 'phased out' after about 4 years.
think about it!
> The difficulty to find a block automatically increases with the number of miners and the power of their specialist mining computers (or data centers). It has become a factor of 7 million higher than the first blocks. The reward for finding a new block halves every 210,000 blocks. Because a block found an average of 10 minutes, the pyramid 'phased out' after about 4 years.
think about it!
Anonymous B joined in and replied with this 13 years ago, 31 minutes later[^] [v] #406,042
It's not a ponzi scheme. It's not run by an individual or organization, there is no fraud involved and there is no unscrupulous shifting of funds to benefit one or more parties...
If you must spread FUD about Bitcoin, come up with a new term to describe it because the term 'ponzi scheme' simply does not fit.
The forces of the free market is what's behind Bitcoin's success, not some individual pulling the strings.
If you must spread FUD about Bitcoin, come up with a new term to describe it because the term 'ponzi scheme' simply does not fit.
The forces of the free market is what's behind Bitcoin's success, not some individual pulling the strings.
Anonymous C joined in and replied with this 13 years ago, 56 minutes later, 1 hour after the original post[^] [v] #406,046
MONEY IS A PONZI SCHEME
NOBODY TRUST THE MONEY IT IS CONTROLLED BY THE ROMAN EMPIRE POPE FRANCIS IS IN CONTROL
POPE FRANCIS MADE THE BITCOIN TO ENFORCE ELECTRONIC MONEY UPON THE NATION AND TAKE CONTROL
MAY JESUS SPIN IN HIS GRAVE TO SEE THE CHRISTIAN FAITH USED BY THE ROMAN EMPIRE IN SUCH A WAY TO CONTROL HUMANITY
AFRICA HAS NOTHING TO DO WITH THIS POPE FRANCIS KEEP YOUR BITCOIN FROM THEIR LANDS THEY ARE INNOCENT
THERE ARE NO EVIL BANKERS IN AFRICA THEY DO NOT DESERVE THE BITCOIN TEST THE BIOLOGICAL WARFARE THAT IS THE SOCIAL EXPERIMENT OF MONEY
FUCK POPE FRANCIS
NOBODY TRUST THE MONEY IT IS CONTROLLED BY THE ROMAN EMPIRE POPE FRANCIS IS IN CONTROL
POPE FRANCIS MADE THE BITCOIN TO ENFORCE ELECTRONIC MONEY UPON THE NATION AND TAKE CONTROL
MAY JESUS SPIN IN HIS GRAVE TO SEE THE CHRISTIAN FAITH USED BY THE ROMAN EMPIRE IN SUCH A WAY TO CONTROL HUMANITY
AFRICA HAS NOTHING TO DO WITH THIS POPE FRANCIS KEEP YOUR BITCOIN FROM THEIR LANDS THEY ARE INNOCENT
THERE ARE NO EVIL BANKERS IN AFRICA THEY DO NOT DESERVE THE BITCOIN TEST THE BIOLOGICAL WARFARE THAT IS THE SOCIAL EXPERIMENT OF MONEY
FUCK POPE FRANCIS
Anonymous D joined in and replied with this 13 years ago, 4 minutes later, 1 hour after the original post[^] [v] #406,047
@previous (C)
hey can you get me one cheeseburger with ketchup and onions and like some french fries that would be grate
thanks
hey can you get me one cheeseburger with ketchup and onions and like some french fries that would be grate
thanks
Anonymous E joined in and replied with this 13 years ago, 3 minutes later, 1 hour after the original post[^] [v] #406,048
ponzi scheme is a specific type of scam
bitcoins is not that
bitcoins is not that
Anonymous A (OP) replied with this 13 years ago, 22 seconds later, 1 hour after the original post[^] [v] #406,049
Anonymous D replied with this 13 years ago, 6 minutes later, 1 hour after the original post[^] [v] #406,050
@previous (A)
no but i will take the bbq sauce
and then i will try bbq tuna on toast even though it will turn out to be gross as fuck anyway
idgaf
no but i will take the bbq sauce
and then i will try bbq tuna on toast even though it will turn out to be gross as fuck anyway
idgaf
Anonymous B replied with this 13 years ago, 4 minutes later, 1 hour after the original post[^] [v] #406,051
@406,048 (E)
exactly.
if you want to slap a label on the Bitcoin phenomenon, you could easily claim it's an 'economic bubble' but usually true bubbles are only recognized in hindsight. Bitcoin has already survived one so-called 'bubble burst'.
exactly.
if you want to slap a label on the Bitcoin phenomenon, you could easily claim it's an 'economic bubble' but usually true bubbles are only recognized in hindsight. Bitcoin has already survived one so-called 'bubble burst'.
Anonymous F joined in and replied with this 13 years ago, 4 hours later, 5 hours after the original post[^] [v] #406,106
Anonymous G joined in and replied with this 13 years ago, 1 hour later, 7 hours after the original post[^] [v] #406,134
Anonymous B replied with this 13 years ago, 7 hours later, 14 hours after the original post[^] [v] #406,352
@406,106 (F)
You pull out your offline bitcoin wallet (stored on paper, like real money) and/or physical bitcoins (stored value in a coin, like real money) and trade using those.
You pull out your offline bitcoin wallet (stored on paper, like real money) and/or physical bitcoins (stored value in a coin, like real money) and trade using those.
Anonymous H joined in and replied with this 13 years ago, 11 hours later, 1 day after the original post[^] [v] #406,444
@406,042 (B)
Bitcoin is not free or decentralized. It's a restrictive algorithm, with the protocol assuming the role of the central authority. Deviate from the algorithmic rules in any way, and what you have is not a bitcoin. It works as money precisely because it's not free.
Bitcoin is not free or decentralized. It's a restrictive algorithm, with the protocol assuming the role of the central authority. Deviate from the algorithmic rules in any way, and what you have is not a bitcoin. It works as money precisely because it's not free.
Anonymous I joined in and replied with this 13 years ago, 5 hours later, 1 day after the original post[^] [v] #406,537
@OP
Bitcoins are not touted as an investment. Bitcoins purpose is to provide an anonymous currency, free of controls that many banks have like seizing assets, monitoring accounts, and also holds the ideal that deflationary currencies are better than inflationary ones. There is more to it than that, but you are clearly mistaking the point of it.
@previous (H)
> It's a restrictive algorithm, with the protocol assuming the role of the central authority.
lol. A protocol is a protocol, it's a way of interacting with others. The swarm is the authority, and the swarm is distributed, with the protocol as an agreed upon way of maintaining solidarity.
Bitcoins are not touted as an investment. Bitcoins purpose is to provide an anonymous currency, free of controls that many banks have like seizing assets, monitoring accounts, and also holds the ideal that deflationary currencies are better than inflationary ones. There is more to it than that, but you are clearly mistaking the point of it.
@previous (H)
> It's a restrictive algorithm, with the protocol assuming the role of the central authority.
lol. A protocol is a protocol, it's a way of interacting with others. The swarm is the authority, and the swarm is distributed, with the protocol as an agreed upon way of maintaining solidarity.