The part that makes it different is that nobody is responsible for bitcoin. In a Ponzi scheme there is always someone making the promises, but there are no guidelines for bitcoin. This is just happening on its own.
@@SWelosishere Guess how many computers, servers and electricity it takes to run the Dollar in the USA ? Bear in mind that banks, corporations and Gov work to perfect a system that is also inefficient. All those ATM machines etc...... too.
The fact that they are so many influencers talking about bitcoins and so many people invested in bitcoins with the hope of making a benefit out of it must fly over your head
Well, Bitcoin isn’t backed by anything either so it’s just fiat with extra steps. In a way it’s even worse since government issued paper money is at least worth the paper it’s printed on so you can use it as toilet paper if the public trust collapses. With Bitcoin you don’t even have that
@@hamzamahmood9565 people who prop BTC and gold as some sort of currency do not understand one dependency. Fiat money for trade, growth is like grease to global economy. Not enough will cause catastrophe, too much will cause issue also. Something like gold has not worked in the even in times of gold standard causing prolonged recession.
Let's elect RFK junior for President. I bet he's going to try to bring back the gold standard. What we have now is a giant panzi scheme with fiat currency. Fiat currency doesn't work without debt. Jackson had his chance with federalizing everything and look what it got us. Let's look to Jefferson. Abandon the federal reserve and the central bank and its ponzi scheme
Actually no but it is based on demand for it and supply, number of holders, transactions and more... Though anti.profit is still right because of you get many people to buy the stocks then it may not actually effect the price the right way and also if one company owns a ton instead of the people it invests for then the number of holders goes down. So does supply, some demand and transactions so it really hurts the price in the long run.
@@downfallhighgaming8712 so if I bought a 1973 car back in 1973 for $3000 dollars and today someone wants to buy it for $900,000 because it's rare MEANS SOMEONE PAYS SOMEONE SOMETHING BASED ON WHAT THEY ARE WILLING TO PAY.
@@psychic-friend-toy-freddy Crypto is, but bitcoin is not a ponzi. Bitcoin is a $1.3 trillion market cap digital form of gold, a new global money that cannot be inflated away.
Bitcoin is a technology that outperforms fiat and any other asset class on the planet and offers a way for the unbanked to be banked. It also puts control back into the hands of the people and out of the hands of crooked banks and governments
@@rickfastly2671 the ceos of major banks have been coming out saying crypto is a Ponzi scheme. Despite the fact that each of these banks have been buying billions in crypto and raising the price. When they say it’s a Ponzi scheme, there is a very real scenario where banks pull their money, make huge profits off the sale, then tanking the crypto market. If the crypto market tanks after banks said it would, “confirming” that crypto was a Ponzi scheme all along, it will just stir up fear for anyone who is holding money anywhere besides a bank.
The original argument of this comment was the former use of americas gold standard, to explain why the dollar isn’t a ponzi. I was wrong, however. The gold standard was abolished in 1971. There is another argument at the bottom, as to why it isn’t. Not mine tho. Fixing this to avoid having to reply to everyone over and over.
My guy you got to read what a fiat currency is and also how the corporation known as the Federal Reserve which by the way is not a federal department but is in fact a corporation @@schrodingerscat2133
Because the dollar has the most powerful nation to ever exist in human history backing it, on top of the greatest alliance of nations in human history (every single first-world country ) also backing it. If that's not enough to secure the value of a currency, I don't know what is.
My guy, you can say any asset is a ponzi scheme or based on the greater fool theory. Asset values are always based on what people are willing to pay for it.
BINGO! And it turns out the market values bitcoin enough to give it a $1.3 TRILLION market cap. Also, Blackrock’s Larry Fink personally supports it now, after previously for years badmouthing it.
@@screamthesecond3946 What about most commodities? Sure, they have use, but most people buy them to speculate. Bitcoin is the same thing. Most people buy to speculate, not actually buy things although they could in some locales.
What Is the value you put on your freedom? What is the value you put in a digital asset which has a supply not controlled by a government but by pure free market. This is the value of bitcoin. If you held 100 dollars for 100 years you would now have toilet paper or less. @@screamthesecond3946
It takes a lot of mental effort to understand bitcoin. This guy and most of the world haven't done the work but they sure like to give their opinion on it
No. Every currenc in existence is first backed by something and it is, listen carefuly, USED !! Nobody on earth is using bitcoin to buy something. Except people who do illegal activities that's why it is so popular amongst criminals.
It costs lots of computing power and electrical energy to mine the coins that are finite so it’s somewhat backed by resources labour and energy both human and electrical energy, how is that any different from the labour we put into the economy to get dollars ? Guess regular currencies are Ponzi schemes as well? This dude just discovered economics for the 1st time. BTC coins are a part of the trusted decentralised mass consensus net work which has maximum 21 million coins where as dollars don’t mean anything and is infinite and is only really backed by force (so people don’t have choice and are subject to US Fed). All money is just a social technology that we agree on due to human psychology it’s not difficult to figure out. Technically working then is a ponzi scheme why not just steal ? wow 25k dollar car earned in 10min 😂. It’s all just psychological, if ppl weren’t afraid of violence then people wouldn’t use dollars and steal instead hence we need something fungible to exchange with, its a social agreement, however with BTC it only fails if we let it and don’t bother using it. Same idea even with gold if you’re on a dessert island and starving food & water is more important than gold. Everything related to money/valuable is psychological and agreement to interact with others in civilised world. 🙄
It costs lots of computing power and electrical energy to mine the coins that are finite so it’s somewhat backed by resources labour and energy both human and electrical energy, how is that any different from the labour we put into the economy to get dollars ? Guess regular currencies are Ponzi schemes as well? This dude just discovered economics for the 1st time. BTC coins are a part of the trusted decentralised mass consensus net work which has maximum 21 million coins where as dollars don’t mean anything and is infinite and is only really backed by force (so people don’t have choice and are subject to US Fed). All money is just a social technology that we agree on due to human psychology it’s not difficult to figure out. Technically working then is a ponzi scheme why not just steal ? wow 25k dollar car earned in 10min 😂. It’s all just psychological, if ppl weren’t afraid of violence then people wouldn’t use dollars and steal instead hence we need something fungible to exchange with, its a social agreement, however with BTC it only fails if we let it and don’t bother using it. Same idea even with gold if you’re on a dessert island and starving food & water is more important than gold. Everything related to money/valuable is psychological and agreement to interact with others in civilised world. 🙄
That's why bitcoin was made. Decentralized currency that no one controls. If the people used it properly to take back financial power, the banks would lose
I agree with you most of the time, but this Is just bullshit. If you define ponzi scheme like that (which Is not the definition) It would basically mean that any currency Is a ponzi, which Is not true. If you use the definition, Bitcoin doesn't have any sign of being that. You may not like Bitcoin, I totally respect that, but please don't call It ponzi when It evidently isn't even close to be that.
I agree that it is not entirely a ponzi scheme, but you are wrong that bitcoin is far from a ponzi scheme. You did not provide any arguments and confusedly compared BTC with a currency. I will give you the biggest difference I see between Bitcoin and currency. How do you pay taxes? government institutions create a constant demand for currency. it is true that it does not account for the entire value of the currency but BTC is not even close to currencies at the moment and in my opinion it never will be.
Imagine owning some property in new york: If you own it you own it, no state can take it from you. No one can to deflate it (no one can build more houses there. Thus you are guaranteed to have the same beautiful view forever). No one can hack it and It can’t be destroyed (no one can destroy your property or steal it from you. No politician can either). It will be here forever (it doesn’t degrade, and you don’t need to spend money to keep its value. You don’t need to trust someone. Meaning: you can live in piece forever. Now lastly: Imagine that you could store this property in your mind. If that doesn’t speak of value..
@@palitroki why was it created ? so nobody controls it ? Really ? The founder under the pseudonym Satoshi Nakamoto holds almost 10% of all bitocin...Michael J Slayer owns almost 1%. The winkelvoss twins 0.5% !! Is there any human being that holds 0.5% of all money ? And you say it is decentralized. 10 guys can crash bitcoin in an instant !! Nobody is using bitcoin to buy something or do anything except people who do illegal activities. EVERYBODY is buying it so they can sell it later for a higher price. This is the bigger fool scheme it wont go more than that.
@@palitrokiNobody knows who Satoshi is, but he's the only crypto founder that people don't know. Everyone knows the founders of the rest of the crypto projects.
Bitcoin is not your own personal bank when the elites control the internet, the only true way to be free of the banking system is to not use the same tools they use and while crypto is using the internet for transactions it belongs to them.
Everything is not a Ponzi scheme, you receive something in return for purchasing something usually. His point is bitcoin has no value outside of what ppl are willing to pay for it
Not really true. You buy a car because it drives you places and looks nice, you buy a phone to call and text, you buy clothes to wear, Gold and copper actually have value, and what value does crypto have? You’re buying shares of a currency that isnt even advanced enough to be used as a currency. Also, that is not the definition of a ponzi scheme. Elon Musk saying Tesla can be bought with bitcoin to pump it up just for it to never happen is a ponzi scheme. Elon musk promising that you can buy a Tesla and use it as a robotaxi that can get you a 100% return is a ponzi scheme. You arent usually buying shoes, clothes, electronics, etc expecting high returns and little to no risk(a ponzi scheme).
No intrinsic value can make an asset drop to zero, just like the Dutch Tulip Bubble. Other assets that generate income like a company stock, gold that can be used for jewelry, semi-conductors will hold their value and "ride" the wave much better than something that is only hope-based
Obviously you have no idea about economy, if you buy a can of beans no matter what the price will be you can still eat it, what can you do with worthless Bitcoin
Any commodity is trade able- food, energy, oil, wood, steel. It does not need to be only precious metals. The end result is the same. You bought something and sold it for more
Also precious metals fall into this too. At least water/food has inherent value, precious metal's value is tied to their rarity, so still a ponzi scheme
Crypto in general isn’t worthwhile. The whole idea was to create a decentralized currency (three pillars etc), but nobody actually uses crypto as currency; they use it as an investment.
A good way to recognize when your arguments are stupid is to watch high-level debates on the topic, and see if your argument comes up at all, especially if it’s a very widely known one. He clearly didn’t do that
The problem is that there aren't any merchants willing to take it as payment. If markets began to trade it for goods and services like the dollar it would solidify it as a tradable capital even greater than the US dollar.
I disagree. 1, Your definition of a ponzi scheme is factually wrong and 2, Bitcoin is not a Ponzi scheme, it is, for now at least, an asset like any other asset.
@@digitalhustlerx There is no reason to rely on what "they" tell you. You can read the Bitcoin whitepaper yourself. You can do your own research about Bitcoin. You can even download the Bitcoin software, read every line of the code yourself and be part of the Bitcoin network.
The saddest part is, Crypto used to have that "currency" part prominently displayed. It was an idealized way to get to a "Galactic Credits" system like the ones you see in franchises like Star Wars. We wanted a completely fungible way to move "value" around. These days, it's more a "crypto-security" that constantly gets shoved up and down by extremely volatile market manipulation tactics, and is very, very, very rarely used as a currency (speaking broadly about them all, not just Bitcoin.)
It's early days. Layers 2 will develope over the next 20 years and make Bitcoin payments easy. 90% of people will never want to spend Bitcoin due to it going up in value over time.
@@BratotodChento No, anti.prophet should “chill” instead of revealing his stupidity. In the same video, he both says bitcoin is a ponzi AND says bitcoin is a threat to the dollar. Imagine contradicting your argument immediately, and also being too stupid to realize you did that. Imagine then publishing such a video for all to see, and never realizing your horrible argument. 😂
Funny how those who claim to know it all often reveal their ignorance in their own words Funny how your comment radiates this ironic, toxic, dismissive, arrogant, and hypocritical aura. It's funny how you lack critical thought when forming the ironically arrogant statement. Read your own comment and take the advice, no one knows anything and it's basic common sense that doesn't need to be said on RUclips comments lol
The unfortunate truth is that, no mater what it is that is made illegal(pyramid, ponzi, etc...) it won't stop people from doing it, even in plain view.
Yep. It has value as long as everyone believe it has. Bitcoin simply does not have the reputation of the government issuing it unlike most of currencies
Definition of Ponzi scheme - money is taken from investors with promises of a big return (when it in fact is not invested at all) and the monies are paid to the existing investors from the new investors.
If you invest in a payment processor like Visa or Stripe or something, is that also a Ponzi scheme? Because you’ll only be making money from new investors thinking the payment system is valuable and will make them money?
@@artificiallyunintelligent4537 when you invest in stocks and what have you you are investing in a company. With actual goods and/or services. You can research the financials of said company. Company is also beholden to its shareholders. So no, not a Ponzi scheme. You’re investing in an actual company with a service that it provides the public. You are not giving someone money who tells you they are investing it for you who then turns around and pays their existing “investors” with it.
This might be true nowadays, but bitcoin was created with a different purpose. It is supposed to be a decentralized method for money exchanges. It is used to lower the power banks have in controlling everything you do. But of course, it might, unfortunately, also be used as a ponsy scheme.
You’re clueless, and so is the video. Bitcoin is a new form of money that is digital and has a finite supply that cannot be inflated away. It is like a better form of gold that is digital. It is not a ponzi, nor is it what you said, unless you meant the same thing I am saying.
@@EnderViBrittaniabeen a btc miner back in 2012. It really is a ponzi. Digital “money” always is. as well as a liability for we all know what happened with the truckers donators in canada…
I KNOW YE. THESE GUYS ARE SUPOSEDLY CRYPTO MILLIONARES BUT THEY POST VIDEOS TO RUclips EVERY HOUR. IF YOU WAS A MILLIONARE Y THE FUK WUD U WANA BE STUK AT A DESK 247
In general, you can literally say the same thing about anything other than basic needs like eating, sleeping etc. It all comes down to buying low and selling high.
@@EduardoScobar You can name everything on Earth a ponzi scheme except basic needs. That is why I do not agree with an author. Fot those who needs to know more about crypto I suggest to do some research, because I am not going to write here why I think bitcoin is supreme to the other assets and so on ...
@@xdoneshot9055 Because he demonstrates via this video that he does not do research before spreading a view, or worse he peddles disinformation to serve corrupt interests.
Because they won't tell you exactly what you want to hear? This guy's whole channel is about challenging your beliefs and making you question things, if you can't handle that it's your problem
I can’t believe I have stooped so low, it’s 06:20am and i am awake in bed watching some guy taking with a dish towel over his head. I believe this is an all time low for me 😢
Finally someone said it So many people dont even understand what the hell bitcoin is They simply go on and saying "Blockchain" They dont understand that for something to have sooo much value It should be backed properly Its sooo stupid And its irritating how its becoming harder to explain something sooo stupid Because its being promoted soo heavily
Learn something instead of revealing your ignorance. Bitcoin doesn’t need backing, because it already is backed. It’s a new digital money, like a digital gold. It is the asset. You don’t back a money with something. Gold isn’t backed by anything, and similarly bitcoin isn’t backed by anything. Neither needs backing.
The dollar and every other fiat are only backed by the capacity of countries to raide dept. And also by the trust that people put in its futur value. You can trust governments but at your risk. In the meantime, bitcoin don't require any trust. It is backed by the transparency of the blockchain and the fact that many many people watch/validate it
Right, people say "Block Chain" but can they explain it, how it came into being? I also wonder if the guy who created it is actually one person, and if it's possible the creators have a code to erase it
@@kiliandervaux6675 it's right and wrong at the same time The dollar is not only backed by the government But by big big multi corporation That means it depends on the real world entity So let's say we buy weapons , gold , oil , food , real estate Everything is backed by the dollar So there is very less volatility compared to the Bitcoin Where as the Bitcoin is backed by "investors" and 'traders' and the black market So the whole idea of not trusting the government is complete bs Let's face reality we have to trust the government So the whole idea of Bitcoin collapses completely One such example of a major crash is ftx It has no real world entity bonding so it crashed horribly Hence if investment is ur need Any day a well researched stock is better than Bitcoin
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Veronica Hoy.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
Tell me you don’t understand bitcoin (thus think it is “irrational bubble”) without telling me. Meanwhile the market values it at $1.3 trillion and Blackrock’s CEO personally goes on TV and describes why he likes it.
@@EnderViBrittaniaeverything blackrock does is definitely not in your best interests considering they also did something during the market crash in 2008.
Your father is smart, while this video is a rare L and very stupid. Imagine looking at a $1.3 trillion new form of digital gold money like Bitcoin, and thinking your weak criticism has merit. 😂 Imagine the arrogance to think that.
THE CRAZY THING IS THAT ITS A MUCH MUCH BETTER ALTERNATIVE TO WHAT WE HAVE IN PLACE NOW maybe its not perfect but its inflationary resistant its got scarcity built in so there really is only so much the world will ever get its fully transparent plus its got real world evceidence that it works going on 20 somehting years now .
@@DreadHalfling9no i don't do drugs..wtf 🤣 my friend and i we tried mining bitcoin but too complicated so we just bought btc on cex instead.. bought only 6 hahhaa should've bought more
@@jamina.4082they didn’t Someone online said they’d pay 10,000 bitcoin if someone would order them a pizza. So another member of the bitcointalk forum bought the pizza with fiat and received the bitcoin for doing so.
@@archravenineteenseventeen it’s used in all countries for online transactions and in some as their main currency due to the lack of stable currencies in the country. It’s essential for some people
@@blair2050thats really what an asset is, btc is not used as stables atm, I’m in crypto myself and I dont think crypto will ever replace fiat, crypto is just a medium to accumulate wealth, at least thats what I have in mind
That is not the definition of a Ponzi scheme. That is the definition of an item with appreciating value. By your definition, all collectibles including fine art are Ponzi schemes
Not to mention the fees are high when you actually have to sell, you have to deal with a middle man exchange most the time, and it takes time it's not instant
What about the decentralization anti fragile system that no governement can attack... cmon man do some research. And what about the double-spend problem and how blockchain solves all of this
@superherodog337 You could write a book on bitcoins intrinsic advantages as a network yet unfortunately some very intelligent people are still operating under surface-level research.
Wait a minute, there was no decentralized currency in the 1920s. The only reason the Great Depression came was because of actions from the Federal Government.
just buy Bitcoin and don't listen to anybody
His shirt ran back 🥲
@MelonMemiesno, you are not
How Disappointing.
Thank god
@MelonMemiesoh shit you again lol your always in his videos lol
FINALLY?!
This man just explained what a gold/stock investment is and called out a 'ponzi'
The part that makes it different is that nobody is responsible for bitcoin. In a Ponzi scheme there is always someone making the promises, but there are no guidelines for bitcoin. This is just happening on its own.
Bingo I love BTC, Maker and so on. More for me and believers like you!
@@SWelosishere Guess how many computers, servers and electricity it takes to run the Dollar in the USA ? Bear in mind that banks, corporations and Gov work to perfect a system that is also inefficient. All those ATM machines etc...... too.
The fact that they are so many influencers talking about bitcoins and so many people invested in bitcoins with the hope of making a benefit out of it must fly over your head
Biggest ponzi is fiat.
That means you do not understand what fiat is my friend.
Well, Bitcoin isn’t backed by anything either so it’s just fiat with extra steps.
In a way it’s even worse since government issued paper money is at least worth the paper it’s printed on so you can use it as toilet paper if the public trust collapses. With Bitcoin you don’t even have that
Yeah? And what's the alternative to fiat? Gold? Good luck finding enough of it to support global trade
@@hamzamahmood9565 people who prop BTC and gold as some sort of currency do not understand one dependency. Fiat money for trade, growth is like grease to global economy. Not enough will cause catastrophe, too much will cause issue also.
Something like gold has not worked in the even in times of gold standard causing prolonged recession.
@@karolb8924fiat is simply fake money that doesn't have any backing like gold or real assets.
It’s like watching a game where the rules keep changing, and you’re never sure who’s playing fair.
Life in general
OH MY GOD REALLY, HES AWAKE-
Let's elect RFK junior for President. I bet he's going to try to bring back the gold standard.
What we have now is a giant panzi scheme with fiat currency. Fiat currency doesn't work without debt. Jackson had his chance with federalizing everything and look what it got us. Let's look to Jefferson. Abandon the federal reserve and the central bank and its ponzi scheme
No one is playing fair, fair isn't actually a thing, never was.
Calvinball.
That’s literally NOT what a Ponzi scheme is, genius.
Foreal😂
This is exactly what a Ponzi scheme is: Cryptocurrencies aren’t shit
this what buying at the top does to a mfr
It only takes once
😂
😂😂😂😂😂😂
Mfs go from euphoria to cynicism as soon as they see red
😂😂 real shit
Everything is based on what the next guy is willing to pay.
Exactly if no one is willing to pay you fuck up.
Exactly lol
Actually no but it is based on demand for it and supply, number of holders, transactions and more... Though anti.profit is still right because of you get many people to buy the stocks then it may not actually effect the price the right way and also if one company owns a ton instead of the people it invests for then the number of holders goes down. So does supply, some demand and transactions so it really hurts the price in the long run.
Not really, no
@@downfallhighgaming8712 so if I bought a 1973 car back in 1973 for $3000 dollars and today someone wants to buy it for $900,000 because it's rare MEANS SOMEONE PAYS SOMEONE SOMETHING BASED ON WHAT THEY ARE WILLING TO PAY.
Crypto is a ponzi scheme in general ngl
Same with nfts
@@ThorntonHeathHater for real
@@psychic-friend-toy-freddy Crypto is, but bitcoin is not a ponzi. Bitcoin is a $1.3 trillion market cap digital form of gold, a new global money that cannot be inflated away.
Nfts maybe but crypto not
Bout to start mining tomorrow
😂😂..The loudest are the ones who dont have any lol
Bro fell for the J.P. Morgan propaganda
Drank the coolaid and thinks he’s the one 20 year old that figured it out hahaha
@@mrultima what is the truth, please tell me I don’t want to be ignorant anymore, at least give me sources.
Bitcoin is a technology that outperforms fiat and any other asset class on the planet and offers a way for the unbanked to be banked. It also puts control back into the hands of the people and out of the hands of crooked banks and governments
@@rickfastly2671 the ceos of major banks have been coming out saying crypto is a Ponzi scheme. Despite the fact that each of these banks have been buying billions in crypto and raising the price. When they say it’s a Ponzi scheme, there is a very real scenario where banks pull their money, make huge profits off the sale, then tanking the crypto market. If the crypto market tanks after banks said it would, “confirming” that crypto was a Ponzi scheme all along, it will just stir up fear for anyone who is holding money anywhere besides a bank.
@@rickfastly2671 I’ll reply in the morning with a good answer
Okay, now explain why the dollar isn't a ponzi
By his definition, every currency that doesn't have an intrinsic value is a ponzi scheme
The original argument of this comment was the former use of americas gold standard, to explain why the dollar isn’t a ponzi. I was wrong, however. The gold standard was abolished in 1971. There is another argument at the bottom, as to why it isn’t. Not mine tho.
Fixing this to avoid having to reply to everyone over and over.
My guy you got to read what a fiat currency is and also how the corporation known as the Federal Reserve which by the way is not a federal department but is in fact a corporation @@schrodingerscat2133
@schrodingerscat2133 there is not enough "to back the dollar" for the amount in circulation
Because the dollar has the most powerful nation to ever exist in human history backing it, on top of the greatest alliance of nations in human history (every single first-world country ) also backing it. If that's not enough to secure the value of a currency, I don't know what is.
My guy, you can say any asset is a ponzi scheme or based on the greater fool theory. Asset values are always based on what people are willing to pay for it.
BINGO! And it turns out the market values bitcoin enough to give it a $1.3 TRILLION market cap. Also, Blackrock’s Larry Fink personally supports it now, after previously for years badmouthing it.
but some assets actually have inherit value, like a house you can live in or a car you can drive.
@@screamthesecond3946 What about most commodities? Sure, they have use, but most people buy them to speculate. Bitcoin is the same thing. Most people buy to speculate, not actually buy things although they could in some locales.
@@screamthesecond3946yep, while bitcoin has 0 backing. Agreed
What Is the value you put on your freedom? What is the value you put in a digital asset which has a supply not controlled by a government but by pure free market. This is the value of bitcoin. If you held 100 dollars for 100 years you would now have toilet paper or less. @@screamthesecond3946
Never seen anyone understand AND hate Bitcoin! Never! Still waiting!
It takes a lot of mental effort to understand bitcoin. This guy and most of the world haven't done the work but they sure like to give their opinion on it
Time will tell
This how all stocks work too.
Bro just defined every currency in existence
No. Every currenc in existence is first backed by something and it is, listen carefuly, USED !! Nobody on earth is using bitcoin to buy something. Except people who do illegal activities that's why it is so popular amongst criminals.
Regular currency inflates, bitcoin is deflationary
It costs lots of computing power and electrical energy to mine the coins that are finite so it’s somewhat backed by resources labour and energy both human and electrical energy, how is that any different from the labour we put into the economy to get dollars ? Guess regular currencies are Ponzi schemes as well? This dude just discovered economics for the 1st time. BTC coins are a part of the trusted decentralised mass consensus net work which has maximum 21 million coins where as dollars don’t mean anything and is infinite and is only really backed by force (so people don’t have choice and are subject to US Fed). All money is just a social technology that we agree on due to human psychology it’s not difficult to figure out. Technically working then is a ponzi scheme why not just steal ? wow 25k dollar car earned in 10min 😂. It’s all just psychological, if ppl weren’t afraid of violence then people wouldn’t use dollars and steal instead hence we need something fungible to exchange with, its a social agreement, however with BTC it only fails if we let it and don’t bother using it. Same idea even with gold if you’re on a dessert island and starving food & water is more important than gold. Everything related to money/valuable is psychological and agreement to interact with others in civilised world. 🙄
I wonder if this guy realizes that this is how EVERYTHING works.
Bro just spits bullshit in almost all videos
@@XekoN10Engagement bait
Well he can’t even see so he probably can’t use his brain either
For real😂😂😂
lemme guess...bitcoin bro😂@@XekoN10
I take all my financial advice from dudes with chiclets all over their face
My man just discovered what economics is 😅
Kynesian economics.
@@jamesnelson2279 nice try but currency predates John Maynard Keynes by about 5000 years
It's a hedge against inflation and the reason El Salvador is now a thriving Country.
Video: Crypto is a Ponzi Scheme
Comments: Shirt is back on
Everything is a Ponzi scheme according to this clown’s definition…
But he isn’t wrong, this is how markets work, not Ponzi schemes…
It costs lots of computing power and electrical energy to mine the coins that are finite so it’s somewhat backed by resources labour and energy both human and electrical energy, how is that any different from the labour we put into the economy to get dollars ? Guess regular currencies are Ponzi schemes as well? This dude just discovered economics for the 1st time. BTC coins are a part of the trusted decentralised mass consensus net work which has maximum 21 million coins where as dollars don’t mean anything and is infinite and is only really backed by force (so people don’t have choice and are subject to US Fed). All money is just a social technology that we agree on due to human psychology it’s not difficult to figure out. Technically working then is a ponzi scheme why not just steal ? wow 25k dollar car earned in 10min 😂. It’s all just psychological, if ppl weren’t afraid of violence then people wouldn’t use dollars and steal instead hence we need something fungible to exchange with, its a social agreement, however with BTC it only fails if we let it and don’t bother using it. Same idea even with gold if you’re on a dessert island and starving food & water is more important than gold. Everything related to money/valuable is psychological and agreement to interact with others in civilised world. 🙄
No.
Example: used car market, cars do not rise in value. We buy them to USE them.
Another example. Houses so rise in value. Same shit .
This guy certainly doesn't understand the blockchain or the value of finite currency that can not be printed like the USD!!!
how is BTC finite when it will keep being mined years until after you die? Until like 2140.
@@Reathon it has a limit. it is finite. 21 million. thats it
It has value because people give value to it.
@@cristianreyes6273 how is that different than anything else that has been used as money?
“Banks are not your friend” has been categorically IGNORED for far too long
Neither is the big guy holding btc
If you are wealthy, banks are your friends. So they suck basically.
That's why bitcoin was made. Decentralized currency that no one controls. If the people used it properly to take back financial power, the banks would lose
No wonder they're haram
No one is your friend
I agree with you most of the time, but this Is just bullshit. If you define ponzi scheme like that (which Is not the definition) It would basically mean that any currency Is a ponzi, which Is not true. If you use the definition, Bitcoin doesn't have any sign of being that. You may not like Bitcoin, I totally respect that, but please don't call It ponzi when It evidently isn't even close to be that.
💯
completely agree with you
agreed
Nah I'd win
I agree that it is not entirely a ponzi scheme, but you are wrong that bitcoin is far from a ponzi scheme. You did not provide any arguments and confusedly compared BTC with a currency. I will give you the biggest difference I see between Bitcoin and currency. How do you pay taxes? government institutions create a constant demand for currency. it is true that it does not account for the entire value of the currency but BTC is not even close to currencies at the moment and in my opinion it never will be.
Imagine owning some property in new york:
If you own it you own it, no state can take it from you. No one can to deflate it (no one can build more houses there. Thus you are guaranteed to have the same beautiful view forever). No one can hack it and It can’t be destroyed (no one can destroy your property or steal it from you. No politician can either). It will be here forever (it doesn’t degrade, and you don’t need to spend money to keep its value. You don’t need to trust someone. Meaning: you can live in piece forever.
Now lastly:
Imagine that you could store this property in your mind.
If that doesn’t speak of value..
People who don't understand why it was actually created.......
by people who don’t know who created it… 😂
@@palitroki why was it created ? so nobody controls it ? Really ? The founder under the pseudonym Satoshi Nakamoto holds almost 10% of all bitocin...Michael J Slayer owns almost 1%. The winkelvoss twins 0.5% !! Is there any human being that holds 0.5% of all money ? And you say it is decentralized. 10 guys can crash bitcoin in an instant !! Nobody is using bitcoin to buy something or do anything except people who do illegal activities. EVERYBODY is buying it so they can sell it later for a higher price. This is the bigger fool scheme it wont go more than that.
@@palitrokiNobody knows who Satoshi is, but he's the only crypto founder that people don't know. Everyone knows the founders of the rest of the crypto projects.
@@solmaramos5112 he’s the only founder. All the rest are founder wannabes who claim to have been blablabla with someone that nobody knows…
Yeah and you can't point fingers at anybody if anything bad happens lol
Think of crypto as more like having your own private bank. You would be stupid to have all your money in a government owned bank.
It goes both ways to be honest.
Yeah it's a hedge against any inflation in regular fiat currency.
Demand yeah it's a hedge against banks going under too or refusing to let people withdraw during some major financial crisis.
Bitcoin is not your own personal bank when the elites control the internet, the only true way to be free of the banking system is to not use the same tools they use and while crypto is using the internet for transactions it belongs to them.
According to that logic every form of currency is a scam which includes the US dollar
You called it bro... you literally pissed off all the bitcoin boys that seen this short 😂😂😂😂😂
By your definition, everything is a panzi scheme. The only reason I like Bitcoin is because the big banks and institutions do not.
Yeah this video is a rare L for this guy, uses a criticism from a decade ago and thinks he is smart 😂
Banks are actually really into bitcoin tho, its the only crypto that has etf, futures and options. Most big american banks own 100s of millions in btc
Everything is not a Ponzi scheme, you receive something in return for purchasing something usually. His point is bitcoin has no value outside of what ppl are willing to pay for it
Are you sure about that because banks are REALLY into Bitcoin
@@EnderViBrittania and you think you're smart because you're into bitcoin? 😂
you could say any asset is a ponzi scheme. everything you buy may go up or down in value and its dependent on what the next guy will pay for it
Not really true. You buy a car because it drives you places and looks nice, you buy a phone to call and text, you buy clothes to wear, Gold and copper actually have value, and what value does crypto have? You’re buying shares of a currency that isnt even advanced enough to be used as a currency. Also, that is not the definition of a ponzi scheme. Elon Musk saying Tesla can be bought with bitcoin to pump it up just for it to never happen is a ponzi scheme. Elon musk promising that you can buy a Tesla and use it as a robotaxi that can get you a 100% return is a ponzi scheme. You arent usually buying shoes, clothes, electronics, etc expecting high returns and little to no risk(a ponzi scheme).
No intrinsic value can make an asset drop to zero, just like the Dutch Tulip Bubble. Other assets that generate income like a company stock, gold that can be used for jewelry, semi-conductors will hold their value and "ride" the wave much better than something that is only hope-based
Obviously you have no idea about economy, if you buy a can of beans no matter what the price will be you can still eat it, what can you do with worthless Bitcoin
@@bobbobek2098Worthless Bitcoin?? Tell that to the 99% of Bitcoin holders who are in significant profit right now and getting richer!😂😂😂😂😂😂
I'm proud to make a decent living from that Ponzi scheme
Decimal point is infinite. Bitcoin is not a limited commodity
If bitcoin is a ponzi scheme then so is every currency on earth except for precious metals
Not even then, since bitcoin is a digital version of gold except with even less monetary inflation.
Which is why we should bring back the gold standard or any standard for currency
Any commodity is trade able- food, energy, oil, wood, steel. It does not need to be only precious metals. The end result is the same. You bought something and sold it for more
Also precious metals fall into this too. At least water/food has inherent value, precious metal's value is tied to their rarity, so still a ponzi scheme
Crypto in general isn’t worthwhile. The whole idea was to create a decentralized currency (three pillars etc), but nobody actually uses crypto as currency; they use it as an investment.
I know a few people who use it as a currency. Sometimes it's a cheaper way to do international payments
A good way to recognize when your arguments are stupid is to watch high-level debates on the topic, and see if your argument comes up at all, especially if it’s a very widely known one. He clearly didn’t do that
I love his little tiny T-Rex finger tap slamming he's doing. 100% tiny mini "how many times do I have to teach you old man" energy and I love it
To be honest either you like or not
It's Truth
@MelonMemiesbased
Truth is subjective but Bitcoin will always be bullshit
@@samuelrivera7373 Have fun staying poor then, since Bitcoin is $1.3 TRILLION in market cap 😂.
He’s also probably salty he didn’t get in sub 20k 😂😂
The problem is that there aren't any merchants willing to take it as payment. If markets began to trade it for goods and services like the dollar it would solidify it as a tradable capital even greater than the US dollar.
Your completely right
But we have a small window at the moment where Bitcoin is still useful
The rug isn't pulled yet
I disagree. 1, Your definition of a ponzi scheme is factually wrong and 2, Bitcoin is not a Ponzi scheme, it is, for now at least, an asset like any other asset.
And has a market cap of $1.3 trillion!! Imagine being as arrogant as anti.prophet to make such a dumb video 😅
Or so they want it to seem
@@digitalhustlerx There is no reason to rely on what "they" tell you. You can read the Bitcoin whitepaper yourself. You can do your own research about Bitcoin. You can even download the Bitcoin software, read every line of the code yourself and be part of the Bitcoin network.
The saddest part is, Crypto used to have that "currency" part prominently displayed. It was an idealized way to get to a "Galactic Credits" system like the ones you see in franchises like Star Wars. We wanted a completely fungible way to move "value" around.
These days, it's more a "crypto-security" that constantly gets shoved up and down by extremely volatile market manipulation tactics, and is very, very, very rarely used as a currency (speaking broadly about them all, not just Bitcoin.)
It's early days. Layers 2 will develope over the next 20 years and make Bitcoin payments easy. 90% of people will never want to spend Bitcoin due to it going up in value over time.
Selling at a higher price than you bought is literally not a Ponzi scheme.
I think you’re confused about what a Ponzi Scheme is.
Boomers incurred massive debt, so I'll stop using their money.
Exactly!
@@nashi._.7563 Andrew Jackson was the last president to pay down the National Debt. It's not just boomers
That's cool to say but you still use it
@DutchWestIndianCo you're correct. It make more sense to say jews racked up massive debt.
@@DutchWestIndianCoout of all the crazy shit he did that was one of the redeeming things he did
If you think you know everything, you don't know shit.
Chill bitcoin bro
@@BratotodChento No, anti.prophet should “chill” instead of revealing his stupidity. In the same video, he both says bitcoin is a ponzi AND says bitcoin is a threat to the dollar. Imagine contradicting your argument immediately, and also being too stupid to realize you did that. Imagine then publishing such a video for all to see, and never realizing your horrible argument. 😂
🤣🤣🤣
Laugh in Salvador 😆
Funny how those who claim to know it all often reveal their ignorance in their own words
Funny how your comment radiates this ironic, toxic, dismissive, arrogant, and hypocritical aura.
It's funny how you lack critical thought when forming the ironically arrogant statement.
Read your own comment and take the advice, no one knows anything and it's basic common sense that doesn't need to be said on RUclips comments lol
The unfortunate truth is that, no mater what it is that is made illegal(pyramid, ponzi, etc...) it won't stop people from doing it, even in plain view.
I love how you explained it. Add processing power and figure out for yourself.
So is USD and every other currency. So what?
Yep. It has value as long as everyone believe it has. Bitcoin simply does not have the reputation of the government issuing it unlike most of currencies
Its not a ponzi scheme its a 0 sum game, u just have to not be stupid and has one of the most predictable swings out of all asset classes
We are early in in cycle or no
@xyz-pg3zd hell no, we're either getting a double pump later this year before winter, or we gotta wait another 3 years
@@brickkid30 why are we promised one
@@brickkid30 I meant if we are early in the cycle
Facts, cashless literally means you gonna be cashless in the future
That's why there's Tether.
Definition of Ponzi scheme - money is taken from investors with promises of a big return (when it in fact is not invested at all) and the monies are paid to the existing investors from the new investors.
If you invest in a payment processor like Visa or Stripe or something, is that also a Ponzi scheme? Because you’ll only be making money from new investors thinking the payment system is valuable and will make them money?
@@artificiallyunintelligent4537 when you invest in stocks and what have you you are investing in a company. With actual goods and/or services. You can research the financials of said company. Company is also beholden to its shareholders. So no, not a Ponzi scheme. You’re investing in an actual company with a service that it provides the public. You are not giving someone money who tells you they are investing it for you who then turns around and pays their existing “investors” with it.
Why explaining, the guy doesn't even know what money is. He is an uneducated marketer.
@@yoss4r1an explanation was more for everyone else to understand what a Ponzi scheme actually is.
@@artificiallyunintelligent4537 I responded to your comment, not sure where it went. But your example is incorrect. That is not a Ponzi scheme.
But we keep reaching new all time highs
This is exactly what happened to gold rush tbh. The only people that profits the most from it is the one who sells the shovel (GPU and ASIC makers)
Everything is a ponzie until it isn't.
Literally how the stock market, housing market, pretty much capitalism, it all works the same.
No one ever wants to sell at a loss.
Bros investment didn't go well
This might be true nowadays, but bitcoin was created with a different purpose. It is supposed to be a decentralized method for money exchanges. It is used to lower the power banks have in controlling everything you do. But of course, it might, unfortunately, also be used as a ponsy scheme.
You’re clueless, and so is the video. Bitcoin is a new form of money that is digital and has a finite supply that cannot be inflated away. It is like a better form of gold that is digital. It is not a ponzi, nor is it what you said, unless you meant the same thing I am saying.
Mate I studied bitcoin I am pretty sure that I have some knowledge on this topic.
@@EnderViBrittaniaYou're arrogant by calling others clueless.
@@EnderViBrittania😂😂😂
@@The_Questionautevery MLM mindset uses these words
Isn’t that technically money in general, everyone calls it a scam, but in reality all types currency is the same exact way
That's why I don't trust anyone that promotes any crypto
Your lack of understanding is why you don’t trust anyone? Fascinating.
@@EnderViBrittaniabeen a btc miner back in 2012. It really is a ponzi. Digital “money” always is. as well as a liability for we all know what happened with the truckers donators in canada…
@@EnderViBrittania No it's because they only promote crypto only to make their crypto increase in value.
I KNOW YE. THESE GUYS ARE SUPOSEDLY CRYPTO MILLIONARES BUT THEY POST VIDEOS TO RUclips EVERY HOUR. IF YOU WAS A MILLIONARE Y THE FUK WUD U WANA BE STUK AT A DESK 247
Still not a bigger ponzie than USD
lol
Bitcoin is like transporting gold in seconds anywhere around the world. Currency without borders
Same for every Picasso out there 😂
In general, you can literally say the same thing about anything other than basic needs like eating, sleeping etc. It all comes down to buying low and selling high.
Can you explain yourself a bit more?
Buy low sell high…what more explanation do you need?
@@EduardoScobar You can name everything on Earth a ponzi scheme except basic needs. That is why I do not agree with an author. Fot those who needs to know more about crypto I suggest to do some research, because I am not going to write here why I think bitcoin is supreme to the other assets and so on ...
Same with any currency ever
Young Sheldon had the best view on this situation
Congratulation you cracked the market model of every marketplace
You can clearly say that he has No clue what He IS talking about 😂
Fed doesn't know what a ponzi is, who would have thought?
Also the amount of rugs happening in crypto is crazy
Influencers like this are dangerous.
How... explain?
@@xdoneshot9055 Because he demonstrates via this video that he does not do research before spreading a view, or worse he peddles disinformation to serve corrupt interests.
Because they won't tell you exactly what you want to hear? This guy's whole channel is about challenging your beliefs and making you question things, if you can't handle that it's your problem
@@xdoneshot9055because if you wanted to invest in some bitcoin… imagine listening to this 4 years ago only to watch it go from 3k to 65k…
@libertyhart3273 he doesn't understand what he's talking about here.
But you are part of the herd that buys the top anyway so what would you know lol
So same story with gold bro. It doesn't matter
I can’t believe I have stooped so low, it’s 06:20am and i am awake in bed watching some guy taking with a dish towel over his head. I believe this is an all time low for me 😢
Bro lost some money to BTC and came out to rant
Luna or FTX collapse maybe
Finally someone said it
So many people dont even understand what the hell bitcoin is
They simply go on and saying
"Blockchain"
They dont understand that for something to have sooo much value
It should be backed properly
Its sooo stupid
And its irritating how its becoming harder to explain something sooo stupid
Because its being promoted soo heavily
Learn something instead of revealing your ignorance. Bitcoin doesn’t need backing, because it already is backed. It’s a new digital money, like a digital gold. It is the asset. You don’t back a money with something. Gold isn’t backed by anything, and similarly bitcoin isn’t backed by anything. Neither needs backing.
The dollar and every other fiat are only backed by the capacity of countries to raide dept. And also by the trust that people put in its futur value.
You can trust governments but at your risk. In the meantime, bitcoin don't require any trust. It is backed by the transparency of the blockchain and the fact that many many people watch/validate it
@@kiliandervaux6675yep, lot of dumb takes, OP video included
Right, people say "Block Chain" but can they explain it, how it came into being? I also wonder if the guy who created it is actually one person, and if it's possible the creators have a code to erase it
@@kiliandervaux6675 it's right and wrong at the same time
The dollar is not only backed by the government
But by big big multi corporation
That means it depends on the real world entity
So let's say we buy weapons , gold , oil , food , real estate
Everything is backed by the dollar
So there is very less volatility compared to the Bitcoin
Where as the Bitcoin is backed by "investors" and 'traders' and the black market
So the whole idea of not trusting the government is complete bs
Let's face reality we have to trust the government
So the whole idea of Bitcoin collapses completely
One such example of a major crash is ftx
It has no real world entity bonding so it crashed horribly
Hence if investment is ur need
Any day a well researched stock is better than Bitcoin
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Veronica Hoy.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Veronica Hoy too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
🎶 Inflation, inflation .. is the best commodity. 🎶
Thanks to this it adds to the inflation.
Bro just described every single fiat currency ever
This is true for all products. Perception is everything. Bitcoin is an irrational bubble.
Tell me you don’t understand bitcoin (thus think it is “irrational bubble”) without telling me. Meanwhile the market values it at $1.3 trillion and Blackrock’s CEO personally goes on TV and describes why he likes it.
@@EnderViBrittaniaeverything blackrock does is definitely not in your best interests considering they also did something during the market crash in 2008.
My old father really thinks that Bitcoin is the future of Money. Oh dear
Your father is smart, while this video is a rare L and very stupid. Imagine looking at a $1.3 trillion new form of digital gold money like Bitcoin, and thinking your weak criticism has merit. 😂 Imagine the arrogance to think that.
THE CRAZY THING IS THAT ITS A MUCH MUCH BETTER ALTERNATIVE TO WHAT WE HAVE IN PLACE NOW maybe its not perfect but its inflationary resistant its got scarcity built in so there really is only so much the world will ever get its fully transparent plus its got real world evceidence that it works going on 20 somehting years now .
Clearly your father didn't raise you right. If you arent listening to him and your name is lazy, I think you both failed life.
@@birddrew My username is a joke. It is basically irony. But I guess one needs to have enough braincells for that.
@@birddrewsays the victim of a ponzi scheme😂
Same with the stock market… Some learn most don’t. Risk management and profit on downturns is the best way!
Everyones retirement is invested in these companies that "fuck you over"
I bought bitcoin at 100 dollars bro.. i waited 12 years i'm up a lot..go cry about it
U buy drugs or actually know?
@@DreadHalfling9no i don't do drugs..wtf 🤣 my friend and i we tried mining bitcoin but too complicated so we just bought btc on cex instead.. bought only 6 hahhaa should've bought more
And to think, this all started with a Papa Johns pizza
Tell me about it...what a joke.
If no one know about it n it's value why did papa Jones accept it?
@@jamina.4082they didn’t
Someone online said they’d pay 10,000 bitcoin if someone would order them a pizza. So another member of the bitcointalk forum bought the pizza with fiat and received the bitcoin for doing so.
Thai gov: and don't forget if you are on that rug you gonna fall as well
He’s basically saying HOLD, DO NOT SELL your BITCOIN…
I’d say this is true for every cryptocurrency EXCEPT bitcoin. Bitcoin’s main use is as a digital currency, not as an investment
Naaah its a commodity
@@archravenineteenseventeen it’s used in all countries for online transactions and in some as their main currency due to the lack of stable currencies in the country. It’s essential for some people
@@blair2050 it defeats the purpose though since it's now own by blackrock
@@blair2050thats really what an asset is, btc is not used as stables atm, I’m in crypto myself and I dont think crypto will ever replace fiat, crypto is just a medium to accumulate wealth, at least thats what I have in mind
That is not the definition of a Ponzi scheme. That is the definition of an item with appreciating value. By your definition, all collectibles including fine art are Ponzi schemes
FOReign EXchange boys casually selling bitcoins in the market before the value crashes:
Not to mention the fees are high when you actually have to sell, you have to deal with a middle man exchange most the time, and it takes time it's not instant
That’s how all the worlds financial systems work 😂
What about the decentralization anti fragile system that no governement can attack... cmon man do some research.
And what about the double-spend problem and how blockchain solves all of this
The video creator does not believe in researched takes, he believes in spreading propaganda to serve the corrupt.
And not only that there's way less fees your not taxed it's anonymous super fast and can be exchanged all around the world
@superherodog337 You could write a book on bitcoins intrinsic advantages as a network yet unfortunately some very intelligent people are still operating under surface-level research.
The guy is not even trying to hide his bullshit anymore is what is killing me 😂
@@stirupdmind5087 it's facts tho
OK fine. Let Blackrock and Greyscale pull the rug out, let Bitcoin plummet to $100.... I will buy it all.
2014 called and would like their arguments back
Wait a minute, there was no decentralized currency in the 1920s. The only reason the Great Depression came was because of actions from the Federal Government.
Dude got rug pulled. lol
You need to do more research