World Bank: Bitcoin Is Not A "Ponzi Scheme"
Ponzi scheme: A fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Many of the under-informed, the under-educated, and the under-control masses have lobbed this parting shot at Bitcoin over the years. People tend to fear things that they don't understand, and will hide behind that fear with blind attacks that sound right, but are just as ignorant, if not more so. Bitcoin clearly does not fall into the definition of a "Ponzi....
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Estonia's Central Bank is warning citizens to be wary about getting involved with bitcoin, according to a report from Bloomberg, insinuating it could prove to be little more than Ponzi scheme. The emerging digital currency "is a problematic scheme," according to Mihkel Nommela, who heads the central bank's payment and settlement systems. "All risks are assumed by the user, who has no one to turn to for help." The call for caution comes amidst a slew statements from central banks around the world echoing similar sentiments, such as the currency's volatility, susceptibility to theft, and....
This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either. Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure. It is not the first....
It wouldn't be an ordinary day without another world government coming out against digital currency bitcoin. This time around it's the Central Bank of Kazakhstan, with its governor making some interesting comments. Kairat Kelimbetov, the bank's governor, said that bitcoin may be deemed as a ponzi scheme by the central bank at a press conference Tuesday in Almaty. "The issue is rather complicated. Some claim the currency is a good tool of money laundering and an absolute evil. That's why some monetary authorities, like those in China, have banned Bitcoin," said Kelimbetov, incorrectly....
The modern financial system is a debt-based pyramid scheme and an investment-based Ponzi Scheme with extra steps.
Three companies allegedly running a large-scale cryptocurrency Ponzi scheme are being investigated by Indian police. The scheme promises extraordinary returns to investors. The police have registered a case against the alleged CEO of the companies. Large-Scale Indian Crypto Ponzi Scheme Indian police are reportedly investigating three Bengaluru-based companies over a cryptocurrency investment scheme that has lured investors from all over India. The companies are Long Reach Global, Long Reach Technologies, and Morris Trading Solutions. They are allegedly connected to “a multi-crore....