cuyankees wrote:ChilledAlex wrote:RHODEY wrote:No offense taken.and no Im not trying to lure anyone into doing something they would not willing to do normally.
As far as bitcoin and all digital currencies in general being a ponzi scheme, let me ask you why does any currency not also merit that assessment? Currency availability is controlled by the Government and this means to becoming more or less valuable in the flow of Forex Markets which speculates on such values. So Bitcoin which is also traded in that market has as much respectability as the USD, GBP or the EUR and so to suggest it’s a massive Ponzi scheme is off the mark.
The rise in Digital Currency is still in it’s infancy and the development of new coins will bring opportunities for those (like me
) with a view to enriching their situation.
If the demand is there for the currency that will ensure there will be more in circulation to meet that requirement exactly as is the case with “currency” that we regard as “the norm”. Like all new technologies Bitcoin and Digital Currency is at the forefront of the Financial World and it’s functionality and lifespan is unknown but I can honestly say Bitcoin is here to stay- IMO.
A Pyramid/Ponzi is by definition something that has no inherent value, Bitcoin is exchanged in transactions that transfer funds from purchaser to seller therefore cant be deemed in any shape or form a “scheme”, Pyramid or illegal financial system.
All i suggest is for those that are hesitant is to learn about the opportunity to gain from the Bitcoin and digital currencies market.
But the point stands - cryptocurrencies have close to 0 use and their price is only based on demand. In the end you just store your dollars in cryptocurrency thats price is dictated by demand and has no use other than.... store dollars LOL. In my opinion that's textbook idiotism to trust and buy something like that
Slight correction: BTC is not a demandside based currency, it's entirely speculative. There is 0 demand for it to conduct transactions, just to be clear for all readers.
BTC and other cryptos are purely speculative plays w little to 0 demandside action.
That depends on your point of view.
First, we have to define what is an investment and what is speculation.
According to Investopedia: ‘’An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future’’
Speculation: ‘’The act of trading in an asset or conducting a financial transaction that has a significant risk of losing most or all of the initial outlay ’’.
In other words, speculation is a riskier way of investment. How safe is Bitcoin? Again it depends on your perspective. People who believe Bitcoin is extremely safe will say it is an investment because they are super certain of it’s success, while non-believers will just say it is a scam/bubble/ponzi/others.
So while I believe you should be extremely skeptical of everything. I personally believe Bitcoin is here to stay and I dare to say that it has the potential to be the biggest revolution since the internet.
Is Bitcoin still going to be around? Most likely. It has the potential to multiply your investment in 10x, or even possibly 100x or more, who knows? However, such possibility only exists because it also has the potential to go to zero. So you have to take the good with the bad - the whole risk reward model
Because of that I agree its more of a speculation instead of an investment. That doesn't make it a bad thing, IMO its a potentially great thing. Make your own research about the technology and in case you decide to invest, only put what you can lose.