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I'm a crypto hater, I consider bitcoin to be a pyramid scheme. And also, I think that it is a positive thing that an institution that I can influence (governme

I'm a crypto hater, I consider bitcoin to be a pyramid scheme. And also, I think that it is a positive thing that an institution that I can influence (government) is in control of deciding how transactions work. This might also be a cultural thing, since I'm scandinavian, and "we" generally consider government regulation as something necessary.

fasteddie31003 6y ago
To some aspect every asset is part pyramid scheme.
- pelliphant 6y ago
  Ok, but if I rephrase it as: I consider bitcoin to be more of a pyramid scheme then your average asset.
  - xerxespoy 6y ago
    After 12 years and billions invested in its pyramid, the numbers appear to suggest it's also a much sounder investment than your average asset: https://www.casebitcoin.com/images/stories/charliebilello_returns_btc.png https://www.casebitcoin.com/images/stories/charliebilello_re... Another way to look at Bitcoins meteoric rise over the past ten years is as a catastrophic crash in value of the assets it (and currencies like it) may be in the process of replacing.
qqii 6y ago
As a counter to being a pyramid scheme, we've seen the 4 year moving average price of bitcoin continue to trend upwards. That's more than 10 years and the price hasn't collapsed. Bitcoin governance is performed through mining pools signaling their opinion on proposals, we saw this with segwit and larger block sizes. As a relevant example Ethereum currently is going through a proposal and one pool has been vocal in being against it, another vocally for it. As a result miners have moved their hashrate accordingly. At these kind of scales I don't see how it's that much different form government. The rules are different, the norms are different but governance exists.
- MrMan 6y ago
  "Bitcoin governance is performed through mining pools signaling their opinion on proposals" yes this is a regression from representative government - a corporate cartel controlling monetary policy
  - tenuousemphasis 6y ago
    Mining pools do not control monetary policy - that is fixed as part of the consensus protocol. If miners tried to change it, their blocks would get rejected and they wouldn't be able to sell their coins to anyone who disagreed with their change.
staplers 6y ago
Something to consider: Bitcoin is a consensus network. You can move to any coin/network/currency that aligns with your preferred "governance". That includes stablecoins etc. There are already services that instantly convert your crypto into another for ease of liquidity. You can quite literally vote with your wallet.

fasteddie31003 6y ago

To some aspect every asset is part pyramid scheme.

pelliphant 6y ago
Ok, but if I rephrase it as: I consider bitcoin to be more of a pyramid scheme then your average asset.
- xerxespoy 6y ago
  After 12 years and billions invested in its pyramid, the numbers appear to suggest it's also a much sounder investment than your average asset: https://www.casebitcoin.com/images/stories/charliebilello_returns_btc.png https://www.casebitcoin.com/images/stories/charliebilello_re... Another way to look at Bitcoins meteoric rise over the past ten years is as a catastrophic crash in value of the assets it (and currencies like it) may be in the process of replacing.

qqii 6y ago

As a counter to being a pyramid scheme, we've seen the 4 year moving average price of bitcoin continue to trend upwards. That's more than 10 years and the price hasn't collapsed. Bitcoin governance is performed through mining pools signaling their opinion on proposals, we saw this with segwit and larger block sizes. As a relevant example Ethereum currently is going through a proposal and one pool has been vocal in being against it, another vocally for it. As a result miners have moved their hashrate accordingly. At these kind of scales I don't see how it's that much different form government. The rules are different, the norms are different but governance exists.

MrMan 6y ago
"Bitcoin governance is performed through mining pools signaling their opinion on proposals" yes this is a regression from representative government - a corporate cartel controlling monetary policy
- tenuousemphasis 6y ago
  Mining pools do not control monetary policy - that is fixed as part of the consensus protocol. If miners tried to change it, their blocks would get rejected and they wouldn't be able to sell their coins to anyone who disagreed with their change.

staplers 6y ago

Something to consider: Bitcoin is a consensus network. You can move to any coin/network/currency that aligns with your preferred "governance". That includes stablecoins etc. There are already services that instantly convert your crypto into another for ease of liquidity. You can quite literally vote with your wallet.