25 Nov '12, 2am

People who say #bitcoin is a Ponzi Scheme either don't know what a Ponzi Scheme is or don't know what #bitcoin is.

Earlier today I contributed to the discussion on wikipedia’s Talk:Bitcoin page.1 I will re-post my contribution here. Using the SEC’s definition of a ponzi2 : “A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.” The rest of the paragraph describing what a ponzi scheme is only lists attributes they might include. Later, the page lists red flags: “High investment returns with little or no risk.” I really doubt that you can find a source saying that there is little to no risk in buying bitcoins. “Overly consistent returns.” Looking at the chart[15], the returns have been anything but consistent. “Unregistered investments.” True, Bitcoin isn’t registered, however, it’s not the sort of thing that the SEC requires to register, either in the consideration that it is math, or if you co...

Full article: http://blog.smickles.com/bitcoin/comparison-of-bitcoin-an...

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