Is Bitcoin a Ponzi Scheme?

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Bitcoin has been criticized as a Ponzi scheme due to its high investment returns and its history of being marketed by some as a get-rich-quick strategy—without any downside. Additionally, like all forms of money, Bitcoin’s value proposition can be difficult to understand in that it serves as a store of value without cash flows. This article explores why Bitcoin is fundamentally different in structure from Ponzi schemes.

What Is a Ponzi Scheme?

A Ponzi scheme is a form of financial fraud where returns to early investors are paid using funds from new ones, rather than from actual profits. The scheme depends on continually attracting new participants to sustain itself, making it inherently unsustainable in the long run.

This form of fraud is named after Italian con artist Charles Ponzi, who scammed investors in 1919 by guaranteeing 50-100% returns over a short time period by claiming to trade postal reply coupons. Instead of trading these coupons, Ponzi used funds from new investors to pay earlier ones, creating the illusion of success.

Ponzi schemes are marked by four fundamental characteristics that contribute to their unsustainable nature.

Scammers running these schemes are often unlicensed and unregulated, and fail to provide accounting statements or transparency about their actions.

Why Bitcoin Is Not a Ponzi Scheme

On its face, Bitcoin appears to have similarities with Ponzi schemes: Its average annual return over the past ten years is over 80%, and returns are often highest during times of market euphoria.

Additionally, as a cryptocurrency, investors new to Bitcoin are often drawn towards newer, more exciting cryptocurrency investments that promise high returns with little-to-no downside. There have been many cryptocurrency-related scams, frauds, and Ponzi schemes during each of Bitcoin’s bull markets.

However, Bitcoin is fundamentally different from other cryptocurrencies: It is decentralized with no central authority. Its monetary properties are transparent and available for anyone to scrutinize. Lastly, while some may claim to know what Bitcoin’s future performance will be, Bitcoin’s price performance is volatile and unpredictable.

Under a more careful examination, Bitcoin fails to meet all the criteria of a Ponzi scheme:

• No guaranteed returns: Bitcoin’s price is market-driven, reflecting the supply and demand of a global market. No one can predict bitcoin’s future price with accuracy.
• No reliance on continual new participants: While Bitcoin benefits from increased adoption, it will not collapse if adoption stalls or declines. Bitcoin has survived through 4 multi-year bear markets, where its price fell by over 70%. Despite this, the network continues to operate without change.
• Trust without deception: Ponzi schemes rely on deceit, exploiting new participants by selling a false story. Unlike Ponzi schemes, everything about Bitcoin is open and transparent: its whitepaper, codebase, inflation rate, and ownership distribution are all free to inspect.
• Lack of centralized control: Unlike Ponzi schemes and fiat currencies, Bitcoin is a decentralized network with no central issuer or authority.
  

Bitcoin is a form of money, not a Ponzi scheme. But do other forms of money share similarities with Ponzi schemes?

Is Money a Ponzi Scheme?

Money is a foundational tool of society, providing real value in its ability to facilitate economic cooperation and the preservation of value over time. The value of all forms of money—historical and present—relies on society’s continuous trust and participation.

All forms of money share varying degrees of similarity with Ponzi schemes:

• Fiat money is not backed by physical assets, but derives value from collective belief in its central issuer.
• Money issued by governments can be infinitely inflated in supply.
• There are many instances of fiat monies rapidly collapsed in similar fashion to a Ponzi scheme, such as the Zimbabwean dollar in the 1990s.
  

Despite these similarities, most forms of money can safely be considered not to be Ponzi schemes. Money has widely accepted utility in society as a medium of exchange and store of value. Most forms of money do not provide guaranteed returns; the value of money is typically formed by the consensus of its users, not the deception of a centralized issuer.

While Bitcoin is more novel as a form of money compared with gold and fiat currencies, it shows less fundamental similarities with Ponzi schemes than the US dollar.

Key Takeaways

• A Ponzi scheme is a form of financial fraud where returns to early investors are paid using funds from new ones, rather than from actual profits.
• Bitcoin is not a Ponzi scheme due to its decentralized structure, lack of guaranteed returns, and lack of reliance on new investors.
• All forms of money share varying degrees of similarity with Ponzi schemes.
  

From: River - A Bitcoin-only financial institution

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比特币因其高额投资回报以及被一些人宣传为快速致富策略（且没有任何负面影响）的历史而被批评为庞氏骗局。此外，与所有形式的货币一样，比特币的价值主张可能难以理解，因为它是一种没有现金流的价值储存手段。本文将探讨比特币在结构上与庞氏骗局的根本区别。

什么是庞氏骗局？

庞氏骗局是一种金融欺诈形式，其回报是用新投资者的资金支付给早期投资者的，而不是来自实际利润。这种骗局依赖于不断吸引新参与者来维持自身，因此从长远来看，它本质上是不可持续的。

这种欺诈形式以意大利骗子查尔斯·庞兹（Charles Ponzi）的名字命名。1919年，他通过交易邮政回邮券，向投资者保证短期内可获得50%至100%的回报。庞兹并没有交易这些回邮券，而是用新投资者的资金来支付之前的投资者，制造了成功的假象。

庞氏骗局具有四个基本特征，导致其不可持续。

实施这些计划的骗子通常没有执照且不受监管，并且无法提供会计报表或透明度来说明他们的行为。

为什么比特币不是庞氏骗局

从表面上看，比特币似乎与庞氏骗局有相似之处：过去十年的平均年回报率超过 80%，而且在市场繁荣时期回报率往往最高。

此外，作为一种加密货币，比特币的新投资者往往会被更新、更刺激的加密货币投资所吸引，这些投资承诺高回报，且几乎没有任何风险。在比特币的每一次牛市中，都出现了许多与加密货币相关的骗局、欺诈和庞氏骗局。

然而，比特币与其他加密货币有着根本的不同：​​它是去中心化的，没有中央权威。它的货币属性透明，任何人都可以审查。最后，虽然有些人可能声称知道比特币的未来走势，但比特币的价格表现却波动剧烈，难以预测。

经过更仔细的审查，比特币未能满足庞氏骗局的所有标准：

• 不保证收益：比特币的价格由市场驱动，反映了全球市场的供求关系。没有人能够准确预测比特币的未来价格。
• 不依赖持续的新参与者：虽然比特币受益于采用率的提高，但如果采用率停滞或下降，它也不会崩溃。比特币经历了四次长达数年的熊市，价格下跌了超过 70%。尽管如此，该网络仍在持续运行，没有发生任何变化。
• 信任而非欺骗：庞氏骗局依赖于欺骗，通过兜售虚假故事来剥削新参与者。与庞氏骗局不同，比特币的一切都公开透明：其白皮书、代码库、通胀率和所有权分配均可自由查阅。
• 缺乏集中控制：与庞氏骗局和法定货币不同，比特币是一个去中心化的网络，没有中央发行者或权威机构。
  

比特币是一种货币，而不是庞氏骗局。但其他形式的货币是否与庞氏骗局有相似之处？

金钱是庞氏骗局吗？

货币是社会的基础工具，其真正的价值在于促进经济合作和价值的长期保值。所有形式的货币——无论是历史上的还是现在的——其价值都依赖于社会持续的信任和参与。

所有形式的货币都与庞氏骗局有着不同程度的相似性：

• 法定货币没有实物资产的支持，而是从对其中央发行者的集体信任中获得价值。
• 政府发行的货币供应量可以无限膨胀。
• 有很多法定货币以类似庞氏骗局的方式迅速崩溃的例子，例如20 世纪 90 年代的津巴布韦元。
  

尽管存在这些相似之处，但大多数形式的货币都可以安全地视为非庞氏骗局。货币作为交换媒介和价值储存手段，在社会中被广泛接受。大多数形式的货币并不提供保证回报；货币的价值通常由其用户的共识形成，而非中心化发行者的欺骗。

虽然与黄金和法定货币相比，比特币作为一种货币形式更为新颖，但它与庞氏骗局的根本相似性不如美元。

关键要点

• 庞氏骗局是一种金融欺诈形式，其中使用新投资者的资金而不是实际利润来支付早期投资者的回报。
• 比特币不是庞氏骗局，因为它具有去中心化的结构、缺乏保证的回报，并且不依赖新投资者。
• 所有形式的货币都与庞氏骗局有着不同程度的相似性。