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Good news keep coming: Bitcoin plunges below $24,000
June 15, 2022
1:24 pm
Dean
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savemoresaveoften said

Exactly, Yet some just keep describing it as a Ponzi scheme, and went as far as labeling non dividend paying stock to be a Ponzi scheme as well. It’s this type of misinformation that makes the internet dangerous…  

The term 'Ponzi Scheme' has been one of the most over/mis-used terms, for years now.

Whenever someone pulls out the Ponzi Scheme card, always take it with a grain of salt ... especially on the interweb ❗

    Dean

P.S.
Don't be a Ponzi. sf-wink

sf-cool " Live Long And Prosper " sf-cool

June 15, 2022
1:35 pm
AllanB
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Half the stock market is a pump and dump. Look at all the Cuban's O'Leary's who made their fortunes off shams, Broadcast and Softkey. The guy who took Yellow Pages public moved to Switzerland soon after it collapsed in an income trust. Cuban is viewed as a hero to many. Elon the first richest man in the world to make it on a profitless company. Cuban O'Leary Musk are court jesters.

June 15, 2022
2:03 pm
lifeonanisland
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Dean said

The term 'Ponzi Scheme' has been one of the most over/mis-used terms, for years now.

Whenever someone pulls out the Ponzi Scheme card, always take it with a grain of salt ... especially on the interweb ❗

    Dean

P.S.
Don't be a Ponzi. sf-wink  

Here's how the US Securities and Exchange Commission defines a Ponzi scheme: "A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors." Bitcoin fits this definition to a T. As for those with no sympathy for young "investors" who lost hugely, okay, well, do as you see fit. But regardless, for younger people who have never experienced market crashes of any type, it can't be denied that many, many parties, from governments who have failed to enforce regulations or at least warnings, to "influencers" like Elon Musk and Matt Damon, have been complicit in adding legitimacy to something that is basically dressed up casino gambling.

June 15, 2022
2:17 pm
savemoresaveoften
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lifeonanisland said

"A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors." Bitcoin fits this definition to a T.

How so ? As in a new bitcoin investor buy from an existing investor ? Is that what you are alluding to ? If so then every single corporate that has stock listing is a ponzi scheme. Cuz a new investor buys the shares from an existing investor when they trade on the stock exchange.

A Ponzi scheme is WHEN new investors CAPITAL is used to pay the promised or ficticious RETURN to existing investors. That is the definition of a ponzi scheme my friend....

June 15, 2022
2:32 pm
lifeonanisland
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savemoresaveoften said

lifeonanisland said

"A Ponzi scheme is WHEN new investors CAPITAL is used to pay the promised or ficticious RETURN to existing investors. That is the definition of a ponzi scheme my friend....  

Yes, I see that you're arguing against yourself. Pity you can't see that.

June 15, 2022
3:58 pm
savemoresaveoften
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lifeonanisland said

Yes, I see that you're arguing against yourself. Pity you can't see that.  

It is easy to say ‘I don’t care. It’s a Ponzi scheme to me’ does not make it a real one.

https://www.investopedia.com/terms/p/ponzischeme.asp

No one promises any bitcoin investors (early or late) that there will be a guarantee/ promise return. The late investors choose to believe it will only go up and get burn. Who do they have to blame ? Themselves…

June 15, 2022
4:25 pm
mmlt
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Bitcoin has "died" many times. Every time it's in it's death throes people come out of the woodwork shouting "I told you so, its a ponzi, its worthless trash" etc.etc.
These are the people who refused to understand the technology or were too lazy or inept to obtain some when it was only worth a few bucks. They are simply bitter losers.

June 15, 2022
5:28 pm
AllanB
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mmlt said

These are the people who refused to understand the technology or were too lazy or inept to obtain some when it was only worth a few bucks. They are simply bitter losers.  

Ya about 99% of us missed the boat. .000001% understand the technology.

I have regrets investing but no way do I regret not investin in crypto. It be like investing in a penny stock, B movie or lending money to your sister's boyfriend.

June 16, 2022
10:04 am
Dean
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AllanB said

Ya about 99% of us missed the boat. .000001% understand the technology.

I have regrets investing but no way do I regret not investin in crypto. It be like investing in a penny stock, B movie or lending money to your sister's boyfriend.  

I like that last one ... LOL sf-laugh

Thanks AllanB,

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 16, 2022
2:03 pm
Alexandre
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https://www.bloomberg.com/news/articles/2022-06-16/musk-tesla-spacex-are-sued-for-alleged-dogecoin-pyramid-scheme

Elon Musk, SpaceX and Tesla Inc. were sued for $258 billion over claims they are part of a racketeering scheme to back the cryptocurrency Dogecoin.

Keith Johnson, “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” sued Musk and his companies.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” Johnson said in his complaint.

Good news keep coming, indeed.

June 16, 2022
2:55 pm
Dean
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.
No offence, Alexandre ... but that article/story sounds a bit 'Hooey' to me.

And of all the major news outlets out there (Reuters/BNN/CTV/BBC/etc.), why is Bloomberg the Only one running that article ❓

I'll believe it when the others also publish that story.

Until then ... I still say 'Hooey'. sf-smile

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 16, 2022
3:44 pm
MattS
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Case should be dismissed. Plenty of celebrity or people that are well known have openly stated the now 18000 crypto currency’s are made up out of nowhere and could be worthless. Imagine if every gambler was able to sue the casino because someone else won and they lost.

June 16, 2022
3:55 pm
Bill
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Google it, lots of news sources, e.g. Reuters, reporting this lawsuit.

June 16, 2022
4:17 pm
lifeonanisland
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MattS said
Case should be dismissed. Plenty of celebrity or people that are well known have openly stated the now 18000 crypto currency’s are made up out of nowhere and could be worthless. Imagine if every gambler was able to sue the casino because someone else won and they lost.  

Key component of his lawsuit: that dogecoin is gambling, and that it should be presented as such. Not as a viable currency. Be interesting to see if a judge agrees.

June 16, 2022
6:05 pm
mordko
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Musk shoots his mouth off all the time and acting on what he says seems dumb. Then again, people clearly do as the price reacted to his words. Big time.

The whole concept behind crypto was having a currency which is safe from Central Bank manipulation. A bit ironic that someone like Elon can manipulate it with a tweet.

June 16, 2022
6:16 pm
Dean
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.
Bitcoin down Very Close to $20K USD now . . .
.

.
I wonder how many people are still wetting their pants over this.

I'm guessing ... Lots

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 17, 2022
4:26 am
savemoresaveoften
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MattS said
Case should be dismissed. Plenty of celebrity or people that are well known have openly stated the now 18000 crypto currency’s are made up out of nowhere and could be worthless. Imagine if every gambler was able to sue the casino because someone else won and they lost.  

Agreed with you totally.
If only people have integrity to own up their mistakes and negative result cuz greed. They rather sue when things go wrong, and then claim they are the smartest investor when they come out ahead.

Reminded me of the lady who won $$$$$ against McD cuz she held a hot cup of coffee btw her legs and it spilled…It’s obvious McD fault NOT to put a warning label on the cup…..sigh

June 17, 2022
12:38 pm
HermanH
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savemoresaveoften said Reminded me of the lady who won $$$$$ against McD cuz she held a hot cup of coffee btw her legs and it spilled…It’s obvious McD fault NOT to put a warning label on the cup…..sigh  

Maybe McD should have launched counter-suit for her to put a 'Danger Zone' sign between her legs. sf-wink

June 17, 2022
1:16 pm
Norman1
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There was a lot more to the Liebeck v. McDonald's Restaurants case.

That McDonald's restaurant was found mostly liable because it was serving coffee with such a higher temperature.

Restaurant made the situation worse for themselves by refusing an initial settlement of $20,000 for her actual medical expenses.

June 18, 2022
4:16 am
savemoresaveoften
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Norman1 said
There was a lot more to the Liebeck v. McDonald's Restaurants case.

That McDonald's restaurant was found mostly liable because it was serving coffee with such a higher temperature.

Restaurant made the situation worse for themselves by refusing an initial settlement of $20,000 for her actual medical expenses.  

Well the buyer is well aware the coffee is hot. I can see why the restaurant refuse to settle. In my mind, the judge just blatantly practice ‘protect the dumb and dumber’. Basically saying the law will cover you when things go wrong no matter the circumstance. I just hope the same type of judge is not going to set the ruling re dogecoin lawsuit and the like. Every investment can be risky, ‘no risk no gain’ applies to all.

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