502.3 Lesson - ponziScheme

Screen: ponziScheme

Headline: Bitcoin is a Ponzi Scheme

Reward: 2

Text: Calling bitcoin a ponzi scheme shows a lack of understanding of both bitcoin and the definition of a ponzi scheme. A ponzi scheme involves promises of above-market returns to investors, but as a permissionless network, bitcoin does not have a central authority that can make such promises.

Additionally, bitcoin is not an investment scheme, it is a form of money. Unlike opaque investment opportunities that may be promoted to unsuspecting individuals, bitcoin's code is open-source and its supply can be independently verified at all times.

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QUIZ

Question: Which of the following statements is true about bitcoin?

Answer: It is a form of money

Feedback: Congratulations! You've earned some sats for correctly identifying that bitcoin is a form of money. Did you know that bitcoin was the first decentralized digital currency to be created, and it operates without a central bank or single administrator

Correct: true

Answer: It is a ponzi scheme

Feedback: Ah hah! You fell for the old ponzi scheme trick! Just kidding, but seriously, that's not what bitcoin is

Correct: false

Answer: It is an open-source investment scheme

Feedback: Nope, sorry! Bitcoin isn't an open-source investment scheme. But hey, at least you're learning about it, right?

Correct: false