IS BITCOIN A PONZI SCHEME??

Well if you are trading federal reserve notes for bitcoin then bitcoin does have value from the exchanged dollars. However silver and gold are money and bitcoin and dollars are currencies. There is a big difference between money and currency it's just some currencies are stronger then others. So what does that say about the dollar?

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inventor16 (64) · 7 years ago

Bitcoin and gold are both a store of value, only bitcoins are virtual. I believe the USD is a house of cards, and it has been since they left the gold standard in 1971.

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droucil (62) · 7 years ago

Actually the dollar has been a "card house" long since it was ever created. It's basicly created out of thin air, so it has never had any real value. Only difference being that till Nixon disbanned the gold standard it was backed up by something that did have value. In the end our fiat currencies are nothing more than our believes in it.

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inventor16 (64) · 7 years ago

Having a gold backing is important, and in this case it does have "real value", because in theory you could go to the government and ask for your gold equivalent for the cash that you have. Obviously that wouldn't happen but it's a case in point. If the dollar was backed by gold and externally audited that would be an ideal situation.

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droucil (62) · 7 years ago

Technically you could call it value by the idea of it being backed up. But the money in essence still has no real value. It would make more sense to create a currency backed up by either technology (crypto's) or coins of gold/silver, giving it actual value.

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inventor16 (64) · 7 years ago

Cryto's don't need backing because they are backed by math. Math is a strong enough backing imo.

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mickyscofield (54) · 7 years ago

Nah...Bitcoin is just very different from ponzi scheme
Ponzi is simply tagged 'A hit and run business type'.
Bitcoin is a currency. It does deal on p2p or ponzi style of business

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sheikh27 (61) · 7 years ago

gold is substantial and bitcoun is virtual, but they are both demand against usd dollat, thanks for sharing.

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moemanmoesly (67) · 7 years ago

I agree with you @inventor16 it is not a ponzi scheme it is a store of value and then some thanks for the information

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livelifefullest (62) · 7 years ago

100 % right, very good info. Thanks a lot

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magnata (66) · 7 years ago

Contrary to popular belief, Bitcoin is not the intentionally created Ponzi scheme. It is enough to study quite a bit of information to make sure of this finally.

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dim753 (65) · 7 years ago

Never bitcoin is an alien technology for us hehe

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kouba01 (81) · 7 years ago (edited)

I dont think so...It's a new type of monetary system based on mathematics and rare numbers. That's why it's a game changer. That's why we see 5-10 million investments to bitcoin startups every week. It has nothing to do with a Ponzi scheme.

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rival (67) · 7 years ago

good presentation, you get better each time.. i noticed that during your holiday vids it looks more natural but this is really good.. one advice, after you posted the dtube video you can change the tags on steemit and remove the dtube- in front of it.. this could give you a lot more visibility..

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rival (67) · 7 years ago (edited)

Check. you just did!! Keep on going mate. By the way, i won 2 out of 4 poker rounds this evening...

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inventor16 (64) · 7 years ago

Nice work on the poker, I used to love playing poker but I don't enjoy it much anymore.

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inventor16 (64) · 7 years ago (edited)

@rival thanks for the tag tip, I'll start doing that. I've been feeling a lot of anxiety since getting back to Vegas, not sure why exactly, might be allergies or diet related. A part of me wants to move to Colombia. haha. I've been studying spanish a lot, plan to be speaking fluently within 3-6 months.

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rival (67) · 7 years ago

You must understand the anxiety. Why, what changed.. so columbia was the best part of your holiday.. but please keep in mind that holiday is and never will be a normal days life.. AND... in 2019 I want to go to vegas and we will meet.. you must guide me to the best places.. and I give you a golf lesson on that nice place you post about .. ;-)

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inventor16 (64) · 7 years ago

@rival There are a lot more chemicals in the foods here than overseas, I find overseas foods to be more wholesome. I just have a sensitive body, so I'm cleaning up my diet. The anxiety will go away after I clean up my diet and do my regular meditations again.

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sthitaprajna (62) · 7 years ago

Its not at all ponzy scheme rather its a valuable asset and revolution in 21st century...

Thanks ...steem on and stay blissful...

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inventor16 (64) · 7 years ago

Likewise :)

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dinisanda (57) · 7 years ago

Hey @inventor16
Yes....you are right my dear friend....I think btc is not ponzi scheme...
Wel done and perfect work...
Upvoted...
Cheers~~~~

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edkarnie (56) · 7 years ago

I don't think bitcoin itself is a ponzi scheme, but there are a lot of high yield investment programs using bitcoin that pay 1% to 10% or more per day that can definitely be categorized as a ponzi scheme.

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inventor16 (64) · 7 years ago (edited)

Yep, def some coins out there that are ponzi schemes. take a look at @mrwalt youtube videos to find out the popular ones.

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zoef (64) · 7 years ago

Very well explained. I wil link to this whenever people ask.

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starving (55) · 7 years ago

the definition of Ponzi itself don't suit on Bitcoin thanks for this cool video where you updated me with cool info.

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amanrazz (50) · 7 years ago

for all those who keep doubting on bitcoin or thinking bitcoin is a ponzi ....for those the world is ponzi coz you can never trust anyone in this world......great advice @inventor16

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bbomber (64) · 7 years ago

Very nice information @inventor16, i really like your words that "if bitcoin is a ponzi scheme then every thing is a ponzi scheme", upvoted and resteemed the post too my followers too.

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blazing (70) · 7 years ago

Very nicely explained and cleared up many things :)

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cutiepie (58) · 7 years ago

the apple example helped me to understand more nicely thanks for it :)

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theguruasia (67) · 7 years ago (edited)

@inventor16,
Great video and hope to keep it as a reference for people who ask this stupid question :D

Cheers~

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steemwija (58) · 7 years ago

@inventor16 - Oh my goodness, BTC is not a ponzi scheme. You explained it well in the video Sir. Love it <3 :*

+W+ [UpVoted & ReSteemed]

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minnowspower (55) · 7 years ago

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