3 ms·

Do you mean "pyramid scheme" specifically or just "scheme"? A pyramid scheme recruits members for enrolling others into the scheme, and not in an abstract sense

by xqyf 5y ago

Do you mean "pyramid scheme" specifically or just "scheme"? A pyramid scheme recruits members for enrolling others into the scheme, and not in an abstract sense. Bitcoin is decentralized and there's no way to enroll in it, no one to enroll people.

zepto 5y ago
> Bitcoin is decentralized and there's no way to enroll in it, Buying Bitcoin is how you enroll. > no one to enroll people. This is laughable. Everyone who owns Bitcoin is incentivized to get other people to buy Bitcoin.
- xqyf 5y ago
  > not in an abstract sense ...and everyone that owns (is "enrolled" in) AAPL is "incentivized to get other people to buy" Apple products. So Apple is a "pyramid scheme" right? "Pyramid scheme" is a real thing with a real meaning. Someone posting "BTC to the moon!" on Twitter does not make BTC a pyramid scheme. Typically people are describing market manipulation, and they just don't know what a pyramid scheme is (your post).
  - zepto 5y ago
    > ..and everyone that owns (is "enrolled" in) AAPL is "incentivized to get other people to buy" Apple products. So Apple is a "pyramid scheme" right? Yes, to a mild extent and indeed they do, but for the most part Apple itself does this work, so the owners don’t have much extent. With Bitcoin there is nothing other than the owners, and there is no product. > "Pyramid scheme" is a real thing with a real meaning. Someone posting "BTC to the moon!" on Twitter does not make BTC a pyramid scheme. No, it’s a symptom of the fact it is structurally a pyramid scheme. > they just don't know what a pyramid scheme is (your post) Or they do, and they can see that in the context of decentralization, Bitcoin in fact is one. The no true Scotsman fallacy doesn’t work here.
    - xqyf 5y ago
      > yes, to a mild extent and indeed they do Thank you for agreeing. So your definition is so bad Apple qualifies as a pyramid scheme under it. That makes it appear that you have no idea what a pyramid scheme is. > so the owners don’t have much extent ...but "to a mild extent" they do, so your definition calls this a pyramid scheme. The no true Scotsman fallacy doesn’t work here. > [BTC] is structurally a pyramid scheme The decentralized blockchain? You haven't posted a specific reason to say this that isn't abstract, despite two desperate tries. There are no recruiters, there's no one actively distributing funds for getting new recruits. Just curious, do you know the difference between market manipulation and pyramid schemes? Pyramid schemes and Ponzi schemes? Pyramid schemes and other MLM schemes? Or you just use them all interchangeably because you have no idea what they mean?
      - zepto 5y ago
        > Thank you for agreeing. So your definition is so bad Apple qualifies as a pyramid scheme under it. That makes it appear that you have no idea what a pyramid scheme is. If you weren’t misrepresenting me, you’d be able to quote where I agreed AAPL qualified as a pyramid scheme. I understand that what people think of Bitcoin is of great importance to you, but it’s easier to discuss this if you stay away from ad hominem and misrepresentation.
        xqyf 5y ago
        > you’d be able to quote where I agreed AAPL qualified as a pyramid scheme. Sure thing, here ya go (it's right there if you scroll up): > > So Apple is a "pyramid scheme" right? > Yes, to a mild extent ...you qualify it with "the owners don’t have much extent" unfortunately the no true Scotsman fallacy doesn’t work here. > I understand that what people think of Bitcoin is of great importance to you Sure isn't. Weird shift to a personal attack, but what else do you have left after failing so badly? It’s easier to discuss this if you stay away from ad hominem.
        zepto 5y ago
        Ah. I was just agreeing to the part about incentives. Not to the claim that it was a pyramid scheme. Sorry for my part in not clearing up the ambiguity present in your question. I shouldn’t have quoted the whole paragraph. This would have gone better if you had asked for clarification instead of making that assumption. >> I understand that what people think of Bitcoin is of great importance to you > Sure isn't. Ok. > Weird shift to a personal attack, but what else do you have left after failing so badly? You seemed to care about what people think of Bitcoin. Now you say you don’t. I’m surprised given the level of zeal you are displaying. I’m curious why would you take it as a personal attack to point out that you care about Bitcoin?
knorker 5y ago
That's exactly what bitcoin is. Every HODLer spends half their time virtually knocking on doors trying to make you the greater fool, by buying into bitcoin. These big conferences and coiners on HN are constantly doing PR to make more people buy into bitcoin, to make their stash grow in value. And this speculation and pumping the only reason to do it, because it's a failure as a currency.

by xqyf 5y ago

zepto 5y ago

> Bitcoin is decentralized and there's no way to enroll in it, Buying Bitcoin is how you enroll. > no one to enroll people. This is laughable. Everyone who owns Bitcoin is incentivized to get other people to buy Bitcoin.

xqyf 5y ago
> not in an abstract sense ...and everyone that owns (is "enrolled" in) AAPL is "incentivized to get other people to buy" Apple products. So Apple is a "pyramid scheme" right? "Pyramid scheme" is a real thing with a real meaning. Someone posting "BTC to the moon!" on Twitter does not make BTC a pyramid scheme. Typically people are describing market manipulation, and they just don't know what a pyramid scheme is (your post).
- zepto 5y ago
  > ..and everyone that owns (is "enrolled" in) AAPL is "incentivized to get other people to buy" Apple products. So Apple is a "pyramid scheme" right? Yes, to a mild extent and indeed they do, but for the most part Apple itself does this work, so the owners don’t have much extent. With Bitcoin there is nothing other than the owners, and there is no product. > "Pyramid scheme" is a real thing with a real meaning. Someone posting "BTC to the moon!" on Twitter does not make BTC a pyramid scheme. No, it’s a symptom of the fact it is structurally a pyramid scheme. > they just don't know what a pyramid scheme is (your post) Or they do, and they can see that in the context of decentralization, Bitcoin in fact is one. The no true Scotsman fallacy doesn’t work here.
  - xqyf 5y ago
    > yes, to a mild extent and indeed they do Thank you for agreeing. So your definition is so bad Apple qualifies as a pyramid scheme under it. That makes it appear that you have no idea what a pyramid scheme is. > so the owners don’t have much extent ...but "to a mild extent" they do, so your definition calls this a pyramid scheme. The no true Scotsman fallacy doesn’t work here. > [BTC] is structurally a pyramid scheme The decentralized blockchain? You haven't posted a specific reason to say this that isn't abstract, despite two desperate tries. There are no recruiters, there's no one actively distributing funds for getting new recruits. Just curious, do you know the difference between market manipulation and pyramid schemes? Pyramid schemes and Ponzi schemes? Pyramid schemes and other MLM schemes? Or you just use them all interchangeably because you have no idea what they mean?
    - zepto 5y ago
      > Thank you for agreeing. So your definition is so bad Apple qualifies as a pyramid scheme under it. That makes it appear that you have no idea what a pyramid scheme is. If you weren’t misrepresenting me, you’d be able to quote where I agreed AAPL qualified as a pyramid scheme. I understand that what people think of Bitcoin is of great importance to you, but it’s easier to discuss this if you stay away from ad hominem and misrepresentation.
      - xqyf 5y ago
        > you’d be able to quote where I agreed AAPL qualified as a pyramid scheme. Sure thing, here ya go (it's right there if you scroll up): > > So Apple is a "pyramid scheme" right? > Yes, to a mild extent ...you qualify it with "the owners don’t have much extent" unfortunately the no true Scotsman fallacy doesn’t work here. > I understand that what people think of Bitcoin is of great importance to you Sure isn't. Weird shift to a personal attack, but what else do you have left after failing so badly? It’s easier to discuss this if you stay away from ad hominem.
        zepto 5y ago
        Ah. I was just agreeing to the part about incentives. Not to the claim that it was a pyramid scheme. Sorry for my part in not clearing up the ambiguity present in your question. I shouldn’t have quoted the whole paragraph. This would have gone better if you had asked for clarification instead of making that assumption. >> I understand that what people think of Bitcoin is of great importance to you > Sure isn't. Ok. > Weird shift to a personal attack, but what else do you have left after failing so badly? You seemed to care about what people think of Bitcoin. Now you say you don’t. I’m surprised given the level of zeal you are displaying. I’m curious why would you take it as a personal attack to point out that you care about Bitcoin?

knorker 5y ago

That's exactly what bitcoin is. Every HODLer spends half their time virtually knocking on doors trying to make you the greater fool, by buying into bitcoin. These big conferences and coiners on HN are constantly doing PR to make more people buy into bitcoin, to make their stash grow in value. And this speculation and pumping the only reason to do it, because it's a failure as a currency.