Ponzi scheme is a typical financial deception, robbing Peter to pay Paul, using the money of new investors to pay the interest and return of old investors, creating the illusion of making money and tricking more investors into it.

It was originally invented by Italian-born speculator Charles Ponzi, who wanted to get rich, and finally found that the fastest way was through finance.

Ponzi set up a fictitious company, promising investors a return within three months. The investors in the early stage gained considerable returns, interlocking with each other, and attracted 30,000 people to invest in a short time, which lasted for 1 year, and people gradually woke up.

Ponzi scheme will burst one day, because the later it is, the more it needs to find new investors. When it is difficult for investors and funds to support the operation of the whole system, it is bound to face a situation of collapse.

Many financial scams have evolved from Ponzi schemes, but Bitcoin is not like this.

First of all, Bitcoin is decentralized and uncontrolled. Ponzi controls the investors and funds of Ponzi scheme, but no banking institution can issue Bitcoin, including founder Satoshi Nakamoto, and the number is limited.

There are many virtual currencies on the Internet called variants of Bitcoin, but these currencies are controlled by people or institutions and become Ponzi schemes and pyramid schemes.

There is no such thing as "robbing Peter to pay Paul" in Bitcoin. There are two ways to get bitcoin: mining or buying. Although it is a virtual currency, it is also considered "owned".

Bitcoin is controversial, and such products have a lot of imagination and can easily become a hot spot of speculation. Much like the tulip craze in the Netherlands, the price rose unreasonably due to strong demand, and finally the bubble burst.

It is essentially the same as the previous "garlic you are malicious" and "stamp fever".

The total number of bitcoins is limited to 2 1 10,000, and many people value its "storage value". But bitcoin is not like gold. No matter what era, it can preserve and increase its value, and it has its own value. Bitcoin itself has no value.

Another feature of Bitcoin is that it is illegal. Its anonymity can condone black market transactions, money laundering, online gambling and other behaviors. Decentralization is essentially against the government. Only this, bitcoin has a huge market.

Bitcoin itself is not a scam, but it has become a scam when it is put into the speculative market. The current price of Bitcoin depends entirely on speculation, and it is impossible to become legal tender, because its decentralization seriously harms the country. The United States only recognizes Bitcoin as a "financial tool" and cannot threaten the status of the dollar.

There are too many uncertainties in the future of Bitcoin, which can be copied, such as Litecoin.

Now bitcoin is skyrocketing and is facing a plunge at any time.

The word Ponzi scheme is widely known together with pyramid schemes, so many people look at everything like Ponzi scheme, but Bitcoin is really not. Ponzi scheme refers to pyramid scheme, which relies on "new money" flowing into the market to meet the income of old users in the system. Ponzi scheme is doomed to be unsustainable, because once no new money comes in, the whole system will collapse. This is a typical pyramid scheme, because once it is not developed, the online income will become rootless water.

As for Bitcoin, although Bitcoin itself has no intrinsic value and people hold it for buying and selling, there is no so-called ups and downs, and it will not collapse because there is no new capital (even if only two people in the world hold Bitcoin, Bitcoin still exists), so Bitcoin is defined as a "bubble" in economics, not a Ponzi scheme.

Speaking of bubbles, many people may think that bubbles are a derogatory term, but they are not. Bubble is a neutral word in economics, which refers to goods whose market value is greater than their intrinsic value. For example, RMB, Euro and Pound are long-standing bubbles, and their market value is relatively stable, because people definitely hold RMB and Euro not to consume this paper, but to exchange what they want through this paper.

Behind the renminbi, the euro and the pound, there is the credit of the corresponding central bank for endorsement and support. Therefore, although the value of legal tender is a bubble, it is a relatively stable bubble, and there is no credit endorsement from any institution behind Bitcoin, which is closer to the newly discovered rare mineral deposits such as diamonds, gold or silver, so it is not surprising that the price fluctuates violently.

As more people understand and buy and sell Bitcoin, the value fluctuation of Bitcoin will eventually stabilize, but there is an essential difference between a bubble and a Ponzi scheme. As Tirole, winner of the Nobel Prize in Economics in 20 14, said, Bitcoin is not a Ponzi scheme, but a pure bubble. As for how much, it is determined by the market and people's beliefs.

Let's start with the conclusion: Bitcoin is a scam, but it is not a scam, and it is definitely not a Ponzi scam.

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Foreword 1:

I can only briefly talk about this matter, which touches the interests of too many people.

Believe it or not, you've seen it and counted it.

It is impossible to deduct such long answers as 1, 2, 3, 4 from my paper.

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Foreword 2:

Stakeholders: There is no bitcoin.

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1. What is Bitcoin?

Let me make an analogy, Saturn.

Everyone knows that Saturn has 62 satellites, but the ancients knew nothing about it until one day someone invented a black technology that could put flags on Saturn's satellites. An algorithm can find a satellite without a flag, and then once you put the flag on it, the satellite is yours. (As a non-code farmer, you don't need to know what blockchain technology is, and you don't need to know how the black technology of flag planting works. All I know is it's a black technology. )

Then, at this time, people can easily find two characteristics:

First: Saturn's moons are always limited. Human science and technology cannot make satellites. In other words, once all the satellites are flagged, you will never find a place to flag them without the consent of the satellite owner.

Second: No one can make the 63rd satellite.

So Saturn's moons will never expand. The same is true of Bitcoin.

After the people who invented the method of planting flags were fooled, people will soon find out:

Third: No one, no organization, no force can guarantee the legality of your flag planting. Only black technology guarantees that you can't plant flags on satellites that already have flags.

Fourth: After planting the flag, you will find that the process of planting the flag is meaningless. Because Saturn's moons are worthless to human beings.

Therefore, Saturn's satellite is a subject matter that has no guarantee of the value of anyone or anything, but it absolutely guarantees the ownership of the real law. The same is true of Bitcoin.

So, to sum up, what is bit ratio? It's a satellite of Saturn. You can plant flags.

In other words: this is a natural, non-renewable and sacred personal property, but it has no practical value.

2. Why is Bitcoin not a Ponzi scheme?

Ponzi scheme is a typical scheme of robbing Peter to pay Paul to protect the interests of the elderly with new funds, thus expanding the investment fraud funds. Obviously bitcoin is not. Bitcoin is the subject matter (you can understand it as currency). Bitcoin is more like a bond and contract.

Bitby's transaction is basically a transaction in which you buy a subject matter with money, and you have already bought something (Saturn's satellite has planted a flag). Although this thing has no real impact on you ... it doesn't fit the definition of Ponzi scheme.

3. Why is Bitcoin a scam?

There are several reasons.

A. Bitcoin is not an absolute anti-inflation target.

With another algorithm, we can also find many other kinds of electronic money. For example, c special coins, d special coins.

Just like you can find many planets with satellites by changing a telescope, such as the earth, the moon, Jupiter and so on.

Saturn will always have only 63 satellites, but it will never have only 63 satellites. With the upgrading of human observation means, the number of known planetary satellites will increase with the number of planets that humans can observe.

So is Bite. Although the bit ratio has the characteristics of quantity, there are C special coins and D special coins.

Therefore, the anti-inflation property of Bitcoin is limited. This is a lie.

B. Any sovereign country likes to be a currency manipulator.

This is a taboo. Don't be too careless in financial wars and currency games. In the world political and economic arena, when you want to do something through the exchange rate, you absolutely don't want to see something similar to money difficult to inflate and not controlled by all governments. At that time, the gold standard can be said that all the people who had the power to issue money joined hands to get rid of it. Otherwise, once something goes wrong, everyone will change this uncontrolled currency, and the government will have no fun.

So Bitcoin is liberal, anarchist and anti-government. This is a double lie.

C. No one guarantees Bitcoin.

As we know, bank notes are the credit currency of banks, and RMB is the credit currency of China. The dollar is the credit currency of the United States.

Using gold and other physical objects as reserves is the basis for nominal major banknote printing institutions to issue money.

The internal logic is this:

I have RMB 1, and the People's Bank of China can exchange RMB 1 for equivalent gold at any time when I need it.

But bitcoin can't. If no one admits it, then you can't exchange this currency for anything of value in the real world. Because no one, any organization or any institution stores gold or other valuable resources as a guarantee.

As I said just now, Bitcoin is essentially anarchy, so there will be no strong political power to guarantee it.

So bitcoin is an unsafe currency. This is a three-cheat.

4. Why is Bitcoin not a scam?

Just reverse the reason for 3.

A. because of non-renewability.

As I said just now, Bitcoin is indeed non-renewable until other "electronic money" is recognized and recognized by the public, such as C special coins and D special coins. Under this premise, absolutely no inflation condition can be satisfied. It is a high-quality anti-inflation currency.

In fact, there are really few other kinds of currency speculation to the point where bitcoin is widely used to do business for a certain purpose. So, this is not a scam.

B. Because of anarchism

This thing that is not controlled by the government has become a very powerful black gold market. When the first tycoon on the black market began to collect bitcoin, bitcoin began to gradually circulate on the black market. And now why is it skyrocketing day by day? That's because bitcoin has become a very common means of trading on the black market. Do you want missiles? Have some bitcoin. Do you want to launder money? Have some bitcoin. Want money to escape? Have some bitcoin.

It is precisely because of this anarchist black market that Bitcoin has a market, a circulation and a value. So, this is not a scam.

C. The protection of Bitcoin is realized through the black gold market.

Obviously, although no government will guarantee Bitcoin, a runaway currency, it will. At the earliest time, bitcoin was very cheap. When these black tycoons have the strength to make some guarantees for the whole market, it is for today ... This currency is not only valuable, but also a capital circulation channel and market completely out of government control, and it is the favorite thing of global capitalists.

Because of this, Bitcoin is guaranteed, because global capital does not like the government.

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The above is the story of what Bitcoin is, why it is a scam, why it is not a scam and why it is definitely not a scam.

Strictly speaking, bitcoin is a lucky game when it is very cheap.

This kind of currency began to circulate when black gold bosses began to collectively attack the Universiade at a relatively low price.

After circulation, it is not a scam.

The main reasons why I don't buy it myself are:

1. The non-replicability of Bitcoin is not absolute, and there will be C coins and D coins.

2. The circulation and value of Bitcoin are guaranteed by the black market, which has natural anti-government attributes.

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I didn't buy bitcoin to tell you another truth:

You can't be a local tyrant if you are afraid of risks.

Although they can become local tyrants without fear of risks, most people are killed by risks before they become local tyrants.

If the trend of anti-globalization is stopped and capital tycoons fight back, bitcoin will continue to skyrocket.

I dare say such a thing, but do you dare to buy it? I dare not.

Bitcoin is a pass game for fools!

In recent days, the price of bitcoin has been rising. In just one day, the currency value of Bitcoin has exceeded US$ 65,438+US$ 200,000, US$ 65,438+US$ 300,000 ... and US$ 654,386,000 (as of press time, the highest value exceeded US$ 20,000), with an increase of over 65,438+0.000% in one month. After trading futures on platforms such as GDAX in the United States, although there was a small dive (about 1 0,000 US dollars), it remained at about 1.5- 1.8 million US dollars.

The author believes that bitcoin, as a limited cryptocurrency, has been pushed to a high cliff by bitcoin practitioners and vested interests, and it will be smashed if it is not careful.

Bitcoin price exceeds value.

According to market rules, although the prices of various commodities in the market fluctuate, they always fluctuate around a center. This center is the value of goods, and price is the expression of value.

Although the law is so, this objective law is often broken in history, because people are social people, not pure economic people.

The "Dutch tulip incident" is called the first bubble in history, and people often compare it with Bitcoin.

The most famous case of price exceeding value should be tulip bubble, the Netherlands, in the17th century: the tulip bulbs at that time caused crazy buying, which led to soaring prices (the price of a tulip bulb was equivalent to a mansion next to canals of amsterdam). When the bubble bursts, the price is only 1% of the peak value.

Although some people think that tulip bubble is an investment boom spawned by human aesthetics, it is undeniable that it, together with the South China Sea bubble in Britain and the Mississippi Company in France, is called the three major bubble events in modern Europe, and it is also undeniable that it is very similar to Bitcoin today. Or, we can also understand that Bitcoin is a craze for human investment in cryptocurrencies. But now it is clear that the price of bitcoin far exceeds the value itself.

The rules of bitcoin's game

There is such a joke on the Internet that tells the horror of bitcoin games: You, a Wall Street trader, have been studying financial theory hard for several years, 10 working week 100 hours, and have no time to spend with your family, so you are super excited about this year's 10% return; And a bitcoin player: reading some books, pouring water and eating steak, he got a 900% return. This (bitcoin) is tantamount to gambling in the eyes of traditional economics.

The overall price trend of bitcoin in different time periods

Therefore, some foreign media commented that "Bitcoin is a faith-based financial asset in the populist era." The author agrees with this view.

Continued inflation, currency devaluation, and growing distrust of the Internet, much like people's distrust of the US economy and the US dollar when the 197 1 Bretton Woods system collapsed. At this time, people psychologically need to transition from the original financial system to a more reliable monetary standard.

Forty years ago, Hunter Brothers chose silver futures and bought 35 million ounces of silver futures at a cost of $2.9 per ounce. In the first two months, the price of silver rose to $6.7, an increase of 130%. Today, some people choose cryptocurrency with Fintech blessing, and the price of Bitcoin has increased by more than 100% or even more in one month.

Hunter brothers

Judging from the final bankruptcy of the Hunt brothers, the result of this speculation may be terrible. However, just like the Hunt brothers caught in the silver futures speculation game, it is not surprising that they are crazy in the face of huge profits. On the first day after Bitcoin was officially launched as a futures last week, Bitcoin futures were blown three times. The server of futures trading platform is down due to excessive access traffic, and some functions are invalid. It can be seen that the madness of Bitcoin now seems to be no less than the silver futures speculation of that year.

2 Zero-sum game of futures