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It's a pyramid scheme in a sense that you depend on others to keep buying the bitcoin. If everyone suddenly lost trust in bitcoin you would lose everything, bec
by oldboyFX 9y ago
It's a pyramid scheme in a sense that you depend on others to keep buying the bitcoin. If everyone suddenly lost trust in bitcoin you would lose everything, because technically, it has zero real value.
That's why all the "bitcoin enthusiasts" keep hyping it up. They know that once the mania stops, people who didn't cash out will be left holding the bag.
Currently, it's nothing more than a speculative asset. You might as well invest in high-yield risky stocks.
The blockchain itself is pretty great though.
- googletazer 9y agoAnother "blockchain without bitcoin" post. You can't have one without the other.
- jon_smark 9y ago> It's a pyramid scheme in a sense that you depend on others to keep buying the bitcoin. Please don't use the expression "pyramid scheme" lightly, because there are actual pyramid schemes out there, and we want the expression to keep its power so we can warn people against them. Bitcoin may be in a bubble, but it's definitely not a pyramid scheme.
- coryfklein 9y agoIt does not have "zero real value" - it definitely competes well against established money transfer services like Western Union. You can send $1000 to your mom in Japan for a $5. That is a good enough value for money transfers that Bitcoin won't ever go completely to $0 value while Western Union can charge $20 for the same service. And that is at current bitcoin price. Since the fee is paid in bitcoin, if the price drops down to $100/bitcoin then you can send $1000 for pennies.