4 ms·
> Who is at the top that gains from all of this? In a ponzi scheme the people higher in the pyramid are anyone who joined in the past and is trying to grow it.
by TheFreim 5y ago
> Who is at the top that gains from all of this?
In a ponzi scheme the people higher in the pyramid are anyone who joined in the past and is trying to grow it. You could say Satoshi with his early mining and various other "insiders", whether their identity is known or not, are at the top. I don't necessarily agree that it's a ponzi scheme, although I'm sympathetic with many anti-crypto arguments, but that's the reasoning if expect they'd use.
- chiefalchemist 5y agoPonzi scheme? Perhaps not. So maybe we need a new word? It's a new invention, and thus might require a new lexicon to capture its essence.
- cygx 5y agoHere are some terms that already exists: 'economic bubble', 'pump and dump', 'greater fool theory', ...
- Ekaros 5y ago'Mania' etc. There is nothing special about crypto apart it being digital and new... Art, collectibles, real estate... Many things have been overvalued with basis that prices have always gone up and being paid by those acquiring them later...
- jtbayly 5y agoSounds like a fiat currency in many respects. Which is funny since that’s what it was supposed to not be.
- DonHopkins 5y agoPinto Currency? http://content.time.com/time/specials/2007/article/0,28804,1658545_1658498_1657866,00.html http://content.time.com/time/specials/2007/article/0,28804,1... Scripps-Booth Bi-Autogo Currency? http://content.time.com/time/specials/2007/article/0,28804,1658545_1657686_1657674,00.html http://content.time.com/time/specials/2007/article/0,28804,1... Bagger Currency? https://en.wikipedia.org/wiki/Bagger_288 https://en.wikipedia.org/wiki/Bagger_288