[center]some months ago, I was having a conversation in a book club, in that chat, a prominent and respected community member remarked.
He said, “I think there are a lot of subtle Ponzi going on in the financial market.”

He read about the Game Stop saga, the battle between some hedge funds and Wallstreetbets. It was a historic fight between the shorts and longs in the financial market.

As it turned out, Wallstreetbets gained massive support, Reddit was on fire, they won the battle and the hedge fund was short-squeezed, hence, declaring bankruptcy. After witnessing this historical event as an outsider, and seeing people talk about bitcoin and cryptocurrency, it is easier for him to conclude that bitcoin is like Ponzi.

He said “If this is what these hedge funds do, is it not Ponzi? And it is legal.”
This is a reasonable question from a sound mind especially when cryptocurrency trading is viewed at the surface level.[/center]

Read more on Medium>>>> https://contentking.medium.com/is-bitcoin-a-ponzi-or-another-fancy-scam-15ef7f983a55

Bitcoin isn't ponzi, but trade with caution. I mean, invest what you can afford to lose in case of unforseen circumstances.

paddyDIGITAL:
Bitcoin isn't ponzi, but trade with caution. I mean, invest what you can afford to lose in case of unforseen circumstances.

Thanks

autofreak2020:
[center]some months ago, I was having a conversation in a book club, in that chat, a prominent and respected community member remarked.
He said, “I think there are a lot of subtle Ponzi going on in the financial market.”

He read about the Game Stop saga, the battle between some hedge funds and Wallstreetbets. It was a historic fight between the shorts and longs in the financial market.

As it turned out, Wallstreetbets gained massive support, Reddit was on fire, they won the battle and the hedge fund was short-squeezed, hence, declaring bankruptcy. After witnessing this historical event as an outsider, and seeing people talk about bitcoin and cryptocurrency, it is easier for him to conclude that bitcoin is like Ponzi.

He said “If this is what these hedge funds do, is it not Ponzi? And it is legal.”
This is a reasonable question from a sound mind especially when cryptocurrency trading is viewed at the surface level.[/center]

Read more on Medium>>>> https://contentking.medium.com/is-bitcoin-a-ponzi-or-another-fancy-scam-15ef7f983a55

It is worse than a ponzi. Ponzi can still be traced, that one, if your money is gone, it's a goal. That's why few days ago criminal hackers asked to be paid in cryptocurrency.
I know this has little to change your mind but for others who may want to fall into the trap, don't go there. Never put your hard earned money in crypto no matter how much they hype and sugar coat it. I repeat, don't put your money there. It's a fast lane to wealth and you will lose all. If you want somewhere to put your money and build your wealth gradually, go to NSE and build your wealth gradually, over time, diversify into bonds and treasury bills and build physical businesses that can be an income stream over time.

There's a reason those who built legitimate wealth over time will never near it. It is not the way true and enduring wealth is made.
Here's Warren Buffett's response when asked if he will put his money there:


“Cryptocurrencies basically have no value and they don't produce anything… In terms of value: zero,” Buffett had told CNBC last year. “I don't have any cryptocurrency and I never will,” he had said. 20 Mar 2021

Now imagine asking a Dangote if he will put his wealth built over 3 decades into it. He will look at you, shake his head and walk away.


Success always leaves a trail, if you do what successful people do, you will likely end where they ended, to miss your way, just do the opposite of what they do.Ponzi and Crypto is the exact opposite of what they do and you will not end where they ended.Shikena. You will not find yourself where they are.

True enduring wealth is by creating value and it takes time to build.

Vaughanlanrewaj:



It is worse than a ponzi. Ponzi can still be traced, that one, if your money is gone, it's a goal. That's why few days ago criminal hackers asked to be paid in cryptocurrency.
I know this has little to change your mind but for others who may want to fall into the trap, don't go there. Never put your hard earned money in crypto no matter how much they hype and sugar coat it. I repeat, don't put your money there. It's a fast lane to wealth and you will lose all. If you want somewhere to put your money and build your wealth gradually, go to NSE and build your wealth gradually, over time, diversify into bonds and treasury bills and build physical businesses that can be an income stream over time.

There's a reason those who built legitimate wealth over time will never near it. It is not the way true and enduring wealth is made.
Here's Warren Buffett's response when asked if he will put his money there:


“Cryptocurrencies basically have no value and they don't produce anything… In terms of value: zero,” Buffett had told CNBC last year. “I don't have any cryptocurrency and I never will,” he had said. 20 Mar 2021

Now imagine asking a Dangote if he will put his wealth built over 3 decades into it. He will look at you, shake his head and walk away.


Success always leaves a trail, if you do what successful people do, you will likely end where they ended, to miss your way, just do the opposite of what they do.Ponzi and Crypto is the exact opposite of what they do and you will not end where they ended.Shikena. You will not find yourself where they are.

True enduring wealth is by creating value and it takes time to build.

Lols....

Elsalvado just announced that they will be accepting BTC officially.

And you can buy their permanent residency with 3 BTC.

It is a matter of choice.

You can use cryptocurrrency as means of payment

Or use it as store of value.

As for me, it use it for both.

And this helped me edge against currency devaluation and inflation in Nigeria.

Hm