4 ms·

It's not an investment product, it's a ponzi scheme

• spookthesunset 8y ago
  > it's a ponzi scheme The beauty of Bitcoin and the whole crypto "space" is that they are more than just mere ponzi schemes. Don't let the pedants get to you--the crypto space transcends the entire gamut of frauds, scams and schemes. They're not only ponzi schemes but pyramid schemes, MLM scams, a pump & dump scams, exit scams, exchange scams, securities fraud, and a bunch of other named and unnamed scams you'd find in wikipedia. Often times these scams are deeply layered, with scammers scamming other scammers. Sometimes just best to simplify the whole thing as "a scam" instead of iterate through every single sub-scam, sub-fraud and sub-scheme that exists within the entire ecosystem. The whole thing is really quite remarkable and would be much more enjoyable to watch if it wasn't such a massive drain on earth's resources.
  • jsutton 8y ago
    Your view seems to be to throw out the baby with the bathwater. The crypto space is full of scams, PnDs, etc. The crypto space is also full of world-changing technologies that will affect our economies and societies significantly. Both are true, and you'll be remiss to ignore that part.
  • aje403 8y ago
    Let's translate your spiel into English: "I, spookthesunset, am invested in bitcoin" You're right though, it is more than just a mere ponzi scheme: https://en.wikipedia.org/wiki/Heaven%27s_Gate_(religious_group) https://en.wikipedia.org/wiki/Heaven%27s_Gate_(religious_gro...