sgravina



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Sr. MemberActivity: 451Merit: 250 Peer to peer digital Ponzi. April 03, 2013, 11:16:59 AM

Last edit: April 03, 2013, 11:35:44 AM by sgravina #1 Two months ago all my digital coins together were worth less than the amount of money I just made while eating a bagel.



I am now of the opinion that bitcoins are a Ponzi. As in most of the gains are coming from new investors and not from any economic activity.



It is hard for me to conceive of enough drugs, gambling and Alpaca socks to justify all this value. Then again if I really think about it is hard for me to believe that there are seven billion people in the world.



The network has become sentient and figured out how to get people to give it government backed money.



Like all Ponzi's I wonder: What is the network going to do with all that money?





piramida



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LegendaryActivity: 1162Merit: 1005 Re: Peer to peer digital Ponzi. April 03, 2013, 11:21:58 AM #2



Oh wait, it already does that... Yes master, must mine more coin... Simple - once the network has all fiat money and wealth of every human depends on it's existence, it can command us to do tasks needed to extend and strengthen it's operations.Oh wait, it already does that... Yes master, must mine more coin... i am satoshi

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Hero MemberActivity: 784Merit: 1000 Re: Peer to peer digital Ponzi. April 03, 2013, 11:31:31 AM #6 Bitcoin doesn't need to do what fiats have been doing, it just needs to prove it has the potential to do so.



The reason is that people have been screwed again and again by the fiat-based economy run by the government yet cannot do anything, because it was the only option. Now with Bitcoin they have a bargaining chip, with which they don't need to do away with the government, but can somehow threaten the governments to get more diligent with their work whenever they can't get off their ass to solve their problem. And people will certainly make sure to invest enough to keep their bargaining afloat.



Bitcoin is just like an opposition party of money, it may never get elected, but it must exist. https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.

Cluster2k



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LegendaryActivity: 1695Merit: 1018 Re: Peer to peer digital Ponzi. April 03, 2013, 11:35:52 AM #7 Quote from: oakpacific on April 03, 2013, 11:31:31 AM The reason is that people have been screwed again and again by the fiat-based economy run by the government yet cannot do anything, because it was the only option. Now with Bitcoin they have a bargaining chip, with which they don't need to do away with the government, but can somehow threaten the governments to get more diligent with their work whenever they can't get off their ass to solve their problem. And people will certainly make sure to invest enough to keep their bargaining afloat.



Bitcoin is just like an opposition party of money, it may never get elected, but it must exist.



The one problem with that is all taxes have to be paid in the local government currency. If you make a capital gain in bitcoins most governments expect you to pay capital gains profits in the local currency. Now, with bitcoin it's quite easy to conceal your profits and as long as you don't get MtGox to send you money then all is good. Otherwise, be careful that your government doesn't select you to make an example out of you.



The one problem with that is all taxes have to be paid in the local government currency. If you make a capital gain in bitcoins most governments expect you to pay capital gains profits in the local currency. Now, with bitcoin it's quite easy to conceal your profits and as long as you don't get MtGox to send you money then all is good. Otherwise, be careful that your government doesn't select you to make an example out of you.

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MemberActivity: 69Merit: 10 Re: Peer to peer digital Ponzi. April 03, 2013, 11:36:58 AM #8 Quote from: sgravina on April 03, 2013, 11:16:59 AM I am now of the opinion that bitcoins are a Ponzi. As in most of the gains are coming from new investors and not from any economic activity.



It is hard for me to conceive of enough drugs, gambling and Alpaca socks to justify all this value. Then again if I really think about it is hard for me to believe that there are seven billion people in the world.

Common mistake is to assess market price based only on current value without taking into account estimations of future value. You shouldn't make investment decisions considering only the bubble that is the present. Common mistake is to assess market price based only on current value without taking into account estimations of future value. You shouldn't make investment decisions considering only the bubble that is the present.

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chaos is fun... damental :)







LegendaryActivity: 938Merit: 1000chaos is fun... damental :) Re: Peer to peer digital Ponzi. April 03, 2013, 11:41:06 AM #9 Quote from: sgravina on April 03, 2013, 11:16:59 AM

I am now of the opinion that bitcoins are a Ponzi. As in most of the gains are coming from new investors and not from any economic activity.





Quote As in most of the gains are coming from new investors and not from any economic activity.

Quote new investors

Quote investors



OP are you sure that's the correct term ? OP are you sure that's the correct term ? Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.

myself



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chaos is fun... damental :)







LegendaryActivity: 938Merit: 1000chaos is fun... damental :) Re: Peer to peer digital Ponzi. April 03, 2013, 12:04:35 PM #13 Quote from: humanitee on April 03, 2013, 11:54:33 AM I fully disagree.



It doesn't take some financial wizard to look at the fundamentals and recognize that everything is on the positive.

I still think these prices are fine.



Bitcoin doesn't work the way you want it to. It was designed to deflate and deflate hard.

People want their money in something that deflates like this. There is no such thing as a "savings account" in the bank world anymore.



versus



Quote from: humanitee on April 01, 2013, 10:49:36 PM First ya pump, then ya dump.

versus Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.