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Bitcoin and POW I think is a good article
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Author Topic: Bitcoin and POW I think is a good article  (Read 775 times)

barbierir

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Re: Bitcoin and POW I think is a good article
« Reply #1 on: January 15, 2015, 06:56:32 am »

No, the article is the typical trash from someone who doesn't understand what the blockchain is. I think Bitcoin and PoW are flawed but I'm also sure those who call it a Ponzi scheme are idiots
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CryptoCrazy

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Re: Bitcoin and POW I think is a good article
« Reply #2 on: January 15, 2015, 07:00:34 am »

The folks in the comments didn't seem to find it as humorous as I did.
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blackyblack1

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Re: Bitcoin and POW I think is a good article
« Reply #3 on: January 15, 2015, 07:06:16 am »

I do not agree with the article since bitcoin has the value. The value of bitcoin is the way to safely exchange money and reach the decentralized consensus. The value is in shops and stores which accepts bitcoin.

But I think that MS minting is a ponzi: https://nxtforum.org/monetary-system/minting-is-a-ponzi/msg151439/#msg151439
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CryptoCrazy

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Re: Bitcoin and POW I think is a good article
« Reply #4 on: January 15, 2015, 07:13:18 am »

The mining end of it is ponzi-like in a way. What he described was miners borrowing money to buy equipment to mine bitcoin to sell to investors to pay back the loan and generate a profit. Seems like most business is ponzi-like in that aspect.

ETA: Its exactly a ponzi if the miner keeps borrowing more and more to stay competitive with increasing difficulty.
« Last Edit: January 15, 2015, 07:19:01 am by CryptoCrazy »
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cryptoscout

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Re: Bitcoin and POW I think is a good article
« Reply #5 on: January 15, 2015, 07:17:28 am »

Well I am sorry to say, But I have found Bitcoin to be a Ponzi scheme since day one.

Right now with the price drop It would not surprise me if its the same people getting more cheap btc.

Secondly look at the following what they want to do.

New World Order
One World
One Rule
ONE CURRENCY

well indirectly bitcoin fanatics are only doing one things PONZI WITHOUT KNOWING IT

What industries win here with bitcoin:
Energy
Hardware
Shipping

Real world is controlled by fear of wars etc proof when looking at the ruble and grvn de-valued

So lets look at bitcoin as its reliant on mining take away the mining companies then price is low they come in and swoop up cheap btc and then start mining again.

Governments = Mining


No, the article is the typical trash from someone who doesn't understand what the blockchain is. I think Bitcoin and PoW are flawed but I'm also sure those who call it a Ponzi scheme are idiots
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barbierir

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Re: Bitcoin and POW I think is a good article
« Reply #6 on: January 15, 2015, 08:15:03 am »

Only the mining side has some similarities with Ponzi scheme and only if you're very loose with the definition, it seems to me just the deserved bust of the mining bubble. The price and difficulty will adjust to a better market value and Bitcoin will still be there.
If Bitcoin changes to PoS would you still consider it a Ponzi scheme?
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cryptoscout

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Re: Bitcoin and POW I think is a good article
« Reply #7 on: January 15, 2015, 07:05:01 pm »

It's against the Bitcoin way to go POS too many mining guys are behind the foundation

Big Companies paying off government officials will be exactly the same convert Bitcoin to POS how much revenue is lost???

Only the mining side has some similarities with Ponzi scheme and only if you're very loose with the definition, it seems to me just the deserved bust of the mining bubble. The price and difficulty will adjust to a better market value and Bitcoin will still be there.
If Bitcoin changes to PoS would you still consider it a Ponzi scheme?
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