in

the great ponzi scheme

I have no idea why I am being censored so much in this bitcoin group. Why can’t there be a healthy discussion on the possible downside of supporting an anonymous cryptocurrency which clearly will not benefit the masses?

I start off by saying there is a massive cost to maintaining the system, there is a cost for transactions and also the fact that the coins can be hacked, stolen, code changed, a plethora of faults that clearly new investors high on the dreams of making massive profits do not see. Ask all the investors of old who spent money on bitcoin what has happened to so much of their coin.

A funny comment on one of the treads here….

Here is roughly how much energy bitcoin mining consumes, not only ultimately is this not sustainable, but also it is a horrible waste of our resources.

[https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html](https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html)

Now this has to be done regardless and will continue to increase because after all mining is a competition. I think POW will eventually fizzle out.

There needs to be a better system but there is also a problem with the lack of transparency.

For all we know there could be governments who are actively working to undermine the US economy by manipulating BTC price wither through payment processing, performing large scale transactions and holding like big companies like tesla are doing. The big guys always make profits. It is always the little guy who loses.

[https://www.forbes.com/sites/billybambrough/2021/02/26/bill-gates-issues-serious-bitcoin-warning-as-tesla-billionaire-elon-musk-stokes-crypto-price-mania/?sh=107573163892](https://www.forbes.com/sites/billybambrough/2021/02/26/bill-gates-issues-serious-bitcoin-warning-as-tesla-billionaire-elon-musk-stokes-crypto-price-mania/?sh=107573163892)



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12 Comments

  1. Probably because its fud and its annoying people. Did you know bots spam negative news as the price of bitcoin goes down yo panic investors. The rich profit and the poor guy get his pockets picked. This kind of post looks alot like that.

  2. if you cant understand how this can benefit the masses, especially low income communities and developing countries then you are profoundly ignorant. digital currency is the way of the future.

  3. A Ponzi scheme is a where returns on an investment are paid to earlier investors out of funds contributed by later investors – it’s highly illegal and a scam. There are no ‘investment returns’ from BTC, only price fluctuations based on supply and demand which for BTC is all about speculation. You may not like it, but a Ponzi scheme it is not. That speculation could see it shoot even higher or crash down to earth, but that’s a natural thing for any speculative bubble.

  4. The the world’s first truly permissionless, uncensorable and undebaseable savings technology that anyone across the world (even in africa) only need a smartphone to use hasn’t benefitted the masses?

    have you seen what happened to the national currencies of argentina or venezuela?

    re: energy consumption. if you think bitcoin consumes a lot of energy, wait until you hear about the global banking system (backed by oil and “men with guns”), the US petrodollar, and the US military. [https://energyindemand.com/2019/06/22/us-military-is-worlds-single-largest-consumer-of-oil-and-as-a-result-one-of-the-worlds-top-greenhouse-gas-emitters/](https://energyindemand.com/2019/06/22/us-military-is-worlds-single-largest-consumer-of-oil-and-as-a-result-one-of-the-worlds-top-greenhouse-gas-emitters/)

  5. these lock downs are getting to you too? i’m with you on that. try to focus on productive things, like learning about subjects before pretending you’re an expert and spewing half-baked nonsense all over everyone in earshot.

  6. Then invest in something else instead of complaining you don’t like how Bitcoin works? You might look at T-Bills, even bury your US dollars in the back yard. You don’t think those people who HODL since 2017 have a right to make good money on their tenacity and putting up for shit all these years in something they believe in? I don’t understand why people who FOMO feel like everyone owes them something and put in so little effort other than whine. On the other hand, you haven’t lost anything if you bought at the top and hold. You just have to be into long-term investment People invest in 40k1 and Roth IRA, whatever your country does for retirement savings. They feel happy getting 14% returns. If this is what you want, have at it. Governments manipulate the Dollar, Yen, Yaun, Ruble, Euro all the time, why not crypto?

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