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Old 11-08-2017, 11:10 PM
 
Location: Prepperland
13,325 posts, read 9,440,325 times
Reputation: 9257

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Any medium of exchange issued by parties who are NOT the producers of the goods and services traded with said MOEs is a S C A M.
Requires a victim who is gullible to invest his valuables with the hucksters running the S C A M.

Of course, this includes "legal tender" based on debt-credit,borrowed at usury, with no par value. (Ex: Federal Reserve Notes, per 12 USC Sec. 411)
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Old 11-11-2017, 02:44 AM
 
1 posts, read 479 times
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Quote:
Originally Posted by functionofx View Post
Federal reserve note, bitcoin, both are fiat currencies. Take your pick, and good luck!
Is bitcoin price going to fall?
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Old 11-11-2017, 12:48 PM
 
9,277 posts, read 9,521,620 times
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Quote:
Originally Posted by iPhoneseller View Post
Is bitcoin price going to fall?
The trillion dollar question!
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Old 11-11-2017, 01:01 PM
 
146 posts, read 63,667 times
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Buy international postage coupons!
-- C. Ponzi
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Old 11-11-2017, 01:49 PM
 
9,277 posts, read 9,521,620 times
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Quote:
Originally Posted by Fifty Percent Off View Post
Buy international postage coupons!
-- C. Ponzi
In 1920, an International Reply Coupons (IRC) bought in Italy was worth four times the purchase price in the US. Ponzi sent money to relatives in Italy, who purchased IRCs and sent them back to him.

Ponzi's scheme collapsed after someone actually did the math, and calculated that Ponzi would have to have purchased 160 million International Reply Coupons to produce the profits he claimed. In reality, the Post Office Department could only confirm about 27,000 of the coupons were in circulation. The Post Office Department also reported that there had been no mass redemptions of IRCs.

The USPS stopped selling IRCs as of January 27, 2013.

The danger of bitcoins is the ever increasing cost of electricity to validate a single transaction. Without the exponential growth in price, the bitcoin miners will get out of the business because it is not cost effective. When it starts taking weeks to verify a transaction the value of BTC could drop like a stone.

In that sense BTC resembles a classical pyramid scheme which depends on exponential growth. The collapse is likely to be sudden and severe spiral.
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Old 11-11-2017, 02:26 PM
 
8,496 posts, read 3,638,309 times
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Not quite 'classic', as the number of future/total bitcoins is set at 21,000,000.
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Old 11-11-2017, 02:45 PM
 
146 posts, read 63,667 times
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Set by whom?
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Old 11-11-2017, 03:54 PM
 
8,496 posts, read 3,638,309 times
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Quote:
Originally Posted by Fifty Percent Off View Post
Set by whom?
Set by system protocol/developers.

https://en.bitcoin.it/wiki/Controlled_supply
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Old 11-12-2017, 03:58 AM
 
9,277 posts, read 9,521,620 times
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Originally Posted by Hoonose View Post
Not quite 'classic', as the number of future/total bitcoins is set at 21,000,000.
BTC are divisible up to 8 decimal places. Even if BTC zooms to $100,000 apiece a satoshi will still be only worth one mil.Just as Ponzi was selling and buying far more IRC than existed, eventually BTC will require more electricity than can reasonably be produced.

That is what makes it a classic pyramid scheme You are not producing any true wealth, but you are buying and trading something until you grow beyond your fixed resource.
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Old 11-12-2017, 09:23 AM
 
8,496 posts, read 3,638,309 times
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Quote:
Originally Posted by PacoMartin View Post
BTC are divisible up to 8 decimal places. Even if BTC zooms to $100,000 apiece a satoshi will still be only worth one mil.Just as Ponzi was selling and buying far more IRC than existed, eventually BTC will require more electricity than can reasonably be produced.

That is what makes it a classic pyramid scheme You are not producing any true wealth, but you are buying and trading something until you grow beyond your fixed resource.
But the bitcoin user/investor know this or should know this.

"Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."

Bitcoin is a Ponzi scheme: The Internet currency will collapse.
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