Author Topic: NuBits is structured like a Ponzi Scheme [BLOG POST]  (Read 10885 times)

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Offline davidpbrown

Re: NuBits is a Ponzi [BLOG POST]
« Reply #30 on: January 13, 2015, 07:00:55 pm »
Yes, that's good.. hope you added that comment to the blog.
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Offline bytemaster

Re: NuBits is a Ponzi [BLOG POST]
« Reply #31 on: January 13, 2015, 07:03:59 pm »
Yes, that's good.. hope you added that comment to the blog.

Second paragraph on Blog... changed the title a bit too.
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Offline onceuponatime

Re: NuBits is a Ponzi [BLOG POST]
« Reply #32 on: January 13, 2015, 07:09:16 pm »
>:(  my worry is that Nubits will refine their design base on BM's article .....
 8)

You worry BitShares won't double down and beat them at their own game again?

Another more positive bitcointalk thread notes the uptick in Bitshares assets.. https://bitcointalk.org/index.php?topic=923698.msg10140714 to which I've suggested it is a good place for sheltering in a storm. btw what's happening with Bitcoin!?.. I've lost track not having so many now.

As a reaction to the (probably) false flag "je suis Charlie" event, the controllers (as fronted by Britain's Cameron today) are trying to initiate a crackdown on cryptography on the internet and on privacy in general. Big players are concerned that this will disrupt the crytpt-currency movement.


UK Prime Minister Proposes Encryption Ban: What That Means for Bitcoin
http://insidebitcoins.com/news/uk-prime-minister-proposes-encryption-ban-what-that-means-for-bitcoin/28655
« Last Edit: January 13, 2015, 07:25:02 pm by onceuponatime »

Offline lil_jay890

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #33 on: January 13, 2015, 07:19:41 pm »
Dan's unique drum is what sets BTS apart from all the other crypto's.  It's unfiltered and delivers hard truth's that many competitors don't want to acknowledge.  We don't want Dan's thoughts and words to go through the PR dumb down filter.  Alt coins and Currencies are a totally unique and new concept for humans... It is counter-productive to try to fit them into a cookie cutter, make everyone happy PR mold.

Boldness is what will make BTS a huge success.  Vanilla tiptoeing and walking on eggshells PR and Marketing will only suffocate us.

Offline davidpbrown

Re: NuBits is a Ponzi [BLOG POST]
« Reply #34 on: January 13, 2015, 07:26:12 pm »
As a reaction to the (probably) false flag "je suis Charlie" event, the controllers (as fronted by Britain's Cameron today) are trying to initiate a crackdown on cryptography on the internet and on privacy in general. Big players are concerned that this will disrupt the crytpt-currency movement.

Nonsense.. the counterbalance is far stronger.. they are desperate to revive a dying economy. The Conservatives might want to indulge their nastyparty motivations but they are hobbled by the LibDems and the economic interests will overpower all other considerations. If the UK.gov does fall the wrong way, it will only be an error in effort to contain and control the mess they've created.

Given the tone of the call for information and the priorities for the UK atm, I would expect that when they do get their act together and suggest an interest, it will be in support of the UK playing host to digital economy.

Big players might become frustrated but the utility of blockchain technology cannot be denied.
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Offline btswildpig

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #35 on: January 13, 2015, 07:31:04 pm »
Dan's unique drum is what sets BTS apart from all the other crypto's.  It's unfiltered and delivers hard truth's that many competitors don't want to acknowledge.  We don't want Dan's thoughts and words to go through the PR dumb down filter.  Alt coins and Currencies are a totally unique and new concept for humans... It is counter-productive to try to fit them into a cookie cutter, make everyone happy PR mold.

Boldness is what will make BTS a huge success.  Vanilla tiptoeing and walking on eggshells PR and Marketing will only suffocate us.

BitAssets are what sets BTS apart from all the other crypto's .

As for the PR part , I will I could agree with you , but I can't , because I know the truth .

Bad PR is always and will be effecting the future of this project for the very reason that the dilution income effected by the price , lower price would cause the developers don't have enough motivation to work .

It's a simple math .  Ignoring PR and marketing is like watching money fly away by one wrong sentence that you wish you can undo .

PR wouldn't matter if this project is still funding by AGS .
But it's not anymore .

Of course , all the PR I'm talking about is for keeping the investors . Not apply to this case .
« Last Edit: January 13, 2015, 07:33:49 pm by btswildpig »
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Offline edilliam

Re: NuBits is a Ponzi [BLOG POST]
« Reply #36 on: January 13, 2015, 07:33:56 pm »
Yes, that's good.. hope you added that comment to the blog.

Second paragraph on Blog... changed the title a bit too.

I much prefer the article with the edit, far more diplomatic.

Offline onceuponatime

Re: NuBits is a Ponzi [BLOG POST]
« Reply #37 on: January 13, 2015, 07:34:46 pm »
As a reaction to the (probably) false flag "je suis Charlie" event, the controllers (as fronted by Britain's Cameron today) are trying to initiate a crackdown on cryptography on the internet and on privacy in general. Big players are concerned that this will disrupt the crytpt-currency movement.

Nonsense.. the counterbalance is far stronger.. they are desperate to revive a dying economy. The Conservatives might want to indulge their nastyparty motivations but they are hobbled by the LibDems and the economic interests will overpower all other considerations. If the UK.gov does fall the wrong way, it will only be an error in effort to contain and control the mess they've created.

Given the tone of the call for information and the priorities for the UK atm, I would expect that when they do get their act together and suggest an interest, it will be in support of the UK playing host to digital economy.

Big players might become frustrated but the utility of blockchain technology cannot be denied.

Two points:

1. I didn't say they would succeed, merely that is what they are attempting. And the attempt and accompanying noise is causing FUD

UK Prime Minister Proposes Encryption Ban: What That Means for Bitcoin
http://insidebitcoins.com/news/uk-prime-minister-proposes-encryption-ban-what-that-means-for-bitcoin/28655

2. This is global, not UK-centric. Obama is making similar noises in the U.S., and other countries' "leaders" will soon be stimulated to do so by their controllers.

Offline Empirical1.1

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #38 on: January 13, 2015, 07:36:39 pm »
Dan's unique drum is what sets BTS apart from all the other crypto's.  It's unfiltered and delivers hard truth's that many competitors don't want to acknowledge.  We don't want Dan's thoughts and words to go through the PR dumb down filter.  Alt coins and Currencies are a totally unique and new concept for humans... It is counter-productive to try to fit them into a cookie cutter, make everyone happy PR mold.

Boldness is what will make BTS a huge success.  Vanilla tiptoeing and walking on eggshells PR and Marketing will only suffocate us.

I disagree with this. Some moves I've seen are unnecessarily PR negative & VERY BTS costly. In this case though, Daniel is exceptionally strong on economics & has clearly laid out why this is doomed to fail. The potential victims of NuBits will be people who don't understand this process. I think the PR outcome should be OK but it's largely a matter of principal imo that people should be warned about high risks like this regardless of the PR outcome.
« Last Edit: January 13, 2015, 07:40:37 pm by Empirical1.1 »

Offline davidpbrown

Re: NuBits is a Ponzi [BLOG POST]
« Reply #39 on: January 13, 2015, 07:49:08 pm »
.. what they are attempting. And the attempt and accompanying noise is causing FUD

.. This is global, not UK-centric. Obama is making similar noises in the U.S., and other countries' "leaders" will soon be stimulated to do so by their controllers.

I see no difference from the noise they've always been making.. no sudden change that should prompt any serious Bitcoin interest to sell out.

The bigger resistance will come from existing third party authorities, fearful that blockchains will make them redundant.. but again, I wouldn't expect Governments to be duped by them for long. I expect too, those disingenuous will put a lot of resources into the fight later too.

To go back on topic.. perhaps we all need to put more time into noting how what we have really isn't good enough and highlighting what all of blockchain technology can do, whatever flavour if comes in.
« Last Edit: January 13, 2015, 07:50:57 pm by davidpbrown »
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Offline Helikopterben

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #40 on: January 13, 2015, 08:02:51 pm »
I disagree with this quote from the blog post:

Quote from: bytemaster
    The US government has no realistic means of ever paying off [its] debt...

A country can always inflate its way out of debt.

In other words, the national debt is in nominal terms.  I.e. it is a certain number of dollars.  Bondholders have no guarantee about the real value of the goods and services represented by this nominal debt.

His statement is correct.  Inflating the money supply is not a REALISTIC means of paying off debt.

Offline toast

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #41 on: January 13, 2015, 08:09:04 pm »
Isn't it literally impossible for the US to pay off its debt because the fed perpetually gives the treasury loans at >0% interest? I thought debt always grows and we just hope real value of dollars falls fast enough
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Offline oldman

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #42 on: January 13, 2015, 08:17:03 pm »
Mathematically the US cannot repay debt owed unless they pull some serious hyperinflation shenanigans.

Realistically they will:

1. Default

Tin foil says they will:

2. Show up with millions of BTC (following ground-up global adoption), claim it is legal tender/new world currency, pump the cap into the trillions via Wall Street, pay off their debt and resume status as the global alpha dog.

As for BM's article, sometimes you have to call a spade a spade. I applaud BM for doing so and truly hope he continues to do so in the future.

In the end, folks will come to Bitshares for honesty, integrity, truth. There is only one way to build that sort of reputation and sometimes it ain't pretty.

Plus I found the indignant 'soonish/someday/probably' response from the Nubits guy very telling...


Offline Chuckone

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #43 on: January 13, 2015, 08:18:41 pm »
Isn't it literally impossible for the US to pay off its debt because the fed perpetually gives the treasury loans at >0% interest? I thought debt always grows and we just hope real value of dollars falls fast enough

True, cause each dollar in circulation is owed with interest to the fed. It's a simplified explanation, but each new dollar printed comes with a percentage of interest that is owed to the lender (fed). There's no way we can ever pay back completely the debt, cause we use those borrowed dollars to do interest payments.
« Last Edit: January 13, 2015, 08:22:22 pm by Chuckone »

sumantso

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #44 on: January 13, 2015, 08:21:00 pm »
The definition of Ponzi as mentioned in wiki and quoted by BM mentions 'fradulent'. That means NuBits is accused of being having wrong motives.