4 ms·

It's absolutely a pyramid scheme. But that doesn't mean it will actually collapse. A lot of the best known pyramid schemes (Amway, Mary Kay) ended being incredi

by tootie 4y ago

It's absolutely a pyramid scheme. But that doesn't mean it will actually collapse. A lot of the best known pyramid schemes (Amway, Mary Kay) ended being incredibly durable businesses where all the people who lost their shirts failed to dissuade the next generation.

eldenwrong 4y ago
It's absolutely not. Go google the definition of a pyramid scheme
- moron4hire 4y ago
  Not a convincing argument.
  - eldenwrong 4y ago
    To engage in rational discourse one has to a at least put minimum effort in the topic
    - moron4hire 4y ago
      Same to you
    - giaour 4y ago
      Your original comment was just an assertion without analysis or argument. Was this exchange meant to be performance art?
      - eldenwrong 4y ago
        Because bitcoin is simply not a pyramid scheme. It has been argued wrongly for over 10 years. Why not read the definition of what pyramid scheme is first? It would clear all doubts, yet people love to parrot dumb headlines
        deleted 4y ago
        [deleted]
        tootie 4y ago
        You can argue semantics (I mean you're not really even trying) but the fact is that most pyramid schemes at least give some bottles of herbal supplements or crystals or something. Crypto is valued exactly as much as the rate that people keep buying it (minus a load of wasted electricity) and nothing else. It is literally illegal in the US to advertise investments on TV yet there has been an absolute bombardment of marketing trying to get as many average joes as possible to buy crypto to goose the price. Enticing unsophisticated investors with a promise of massive rewards coupled with badgering FOMO is the exact MO of pyramid schemes.
        eldenwrong 4y ago
        Its literally not a pyramid scheme. You could call it a scam sure. A pyramid scheme means that you use money from new investors to pay previous investors. Thats not at all what happens with Bitcoin. Bitcoin just trades like a commodity... You can call it a bubble sure. But its simply not a pyramid scheme
        tjader 4y ago
        > A pyramid scheme means that you use money from new investors to pay previous investors. That's a Ponzi scheme. A pyramid scheme is when you have to pay to your superiors and recruit subordinates, in a way that the main way of recouping your investment is by bringing more subordinates, so that it's only profitable to those in the first few levels of the pyramid.
        moron4hire 4y ago
        A pyramid scheme is a distributed, decentralized Ponzi scheme
- giaour 4y ago
  I just did, and the first result was https://finance.yahoo.com/news/economist-bitcoin-is-a-pyramid-scheme-204217615.html https://finance.yahoo.com/news/economist-bitcoin-is-a-pyrami...
  - eldenwrong 4y ago
    Google the definition not a fucking opinion. Jesus whenever Bitcoin is brought up we get a horde of midwits
xyzzy4747 4y ago
You could use the same argument about gold which is worth over $10 trillion for an amount that fits into a swimming pool.
- rowanajmarshall 4y ago
  Although people aren't pouring money into gold with the hope of making big profit.
  - ntoskrnl 4y ago
    The folks at ZeroHedge would disagree
    - NovemberWhiskey 4y ago
      The folks at ZeroHedge have also predicted the financial apocalypse about seventeen times since 2008.
- gonzo41 4y ago
  Gold is ductile and a good conductor. Outside of it's shiny / jewelry uses it's actually a useful metal. Crypto only consumes energy as a product of it's existence.
  - ogogmad 4y ago
    And when the mining stops, all its value vanishes. Value stored on jelly. Bitcoin has a runaway implosion mechanism built in, and no floor on its price except 0.
    - gonzo41 4y ago
      I bet there's a lot of people who've bought bitcoin on leverage. Bitcoin may go to zero and it'll cost a lot of money on it's journey there.
  - xyzzy4747 4y ago
gonzo41 4y ago
Let me tell you about a new NFT I'm launching for our fans so they can own a piece of the ~watever~ and show their support to us. Each NFT will be a AI generated thumbs up that's slightly unique, just like you. # Yep, crypto and it's offshoots are totally not a scam.
emurillo510 4y ago
the us dollar system is the biggest pyramid scheme :D. Ask people in third world countries. Bitcoin is an alternative from US fiat currency. It is not country backed, but run by individual actors around the world. Will there be volatility? yes, welcome to a true free market system in a high inflation world
- tootie 4y ago
  No fiat is a pyramid. Fiat currencies are actively managed and the managers are at least partially answerable to elected policy makers. If fiat is a pyramid, then all civilized society and representative democracy is a pyramid.

by tootie 4y ago

eldenwrong 4y ago

It's absolutely not. Go google the definition of a pyramid scheme

moron4hire 4y ago
Not a convincing argument.
- eldenwrong 4y ago
  To engage in rational discourse one has to a at least put minimum effort in the topic
  - moron4hire 4y ago
    Same to you
  - giaour 4y ago
    Your original comment was just an assertion without analysis or argument. Was this exchange meant to be performance art?
    - eldenwrong 4y ago
      Because bitcoin is simply not a pyramid scheme. It has been argued wrongly for over 10 years. Why not read the definition of what pyramid scheme is first? It would clear all doubts, yet people love to parrot dumb headlines
      - deleted 4y ago
        [deleted]
      - tootie 4y ago
        You can argue semantics (I mean you're not really even trying) but the fact is that most pyramid schemes at least give some bottles of herbal supplements or crystals or something. Crypto is valued exactly as much as the rate that people keep buying it (minus a load of wasted electricity) and nothing else. It is literally illegal in the US to advertise investments on TV yet there has been an absolute bombardment of marketing trying to get as many average joes as possible to buy crypto to goose the price. Enticing unsophisticated investors with a promise of massive rewards coupled with badgering FOMO is the exact MO of pyramid schemes.
        eldenwrong 4y ago
        Its literally not a pyramid scheme. You could call it a scam sure. A pyramid scheme means that you use money from new investors to pay previous investors. Thats not at all what happens with Bitcoin. Bitcoin just trades like a commodity... You can call it a bubble sure. But its simply not a pyramid scheme
        tjader 4y ago
        > A pyramid scheme means that you use money from new investors to pay previous investors. That's a Ponzi scheme. A pyramid scheme is when you have to pay to your superiors and recruit subordinates, in a way that the main way of recouping your investment is by bringing more subordinates, so that it's only profitable to those in the first few levels of the pyramid.
        moron4hire 4y ago
        A pyramid scheme is a distributed, decentralized Ponzi scheme
giaour 4y ago
I just did, and the first result was https://finance.yahoo.com/news/economist-bitcoin-is-a-pyramid-scheme-204217615.html https://finance.yahoo.com/news/economist-bitcoin-is-a-pyrami...
- eldenwrong 4y ago
  Google the definition not a fucking opinion. Jesus whenever Bitcoin is brought up we get a horde of midwits

xyzzy4747 4y ago

You could use the same argument about gold which is worth over $10 trillion for an amount that fits into a swimming pool.

rowanajmarshall 4y ago
Although people aren't pouring money into gold with the hope of making big profit.
- ntoskrnl 4y ago
  The folks at ZeroHedge would disagree
  - NovemberWhiskey 4y ago
    The folks at ZeroHedge have also predicted the financial apocalypse about seventeen times since 2008.
gonzo41 4y ago
Gold is ductile and a good conductor. Outside of it's shiny / jewelry uses it's actually a useful metal. Crypto only consumes energy as a product of it's existence.
- ogogmad 4y ago
  And when the mining stops, all its value vanishes. Value stored on jelly. Bitcoin has a runaway implosion mechanism built in, and no floor on its price except 0.
  - gonzo41 4y ago
    I bet there's a lot of people who've bought bitcoin on leverage. Bitcoin may go to zero and it'll cost a lot of money on it's journey there.
- xyzzy4747 4y ago

gonzo41 4y ago

Let me tell you about a new NFT I'm launching for our fans so they can own a piece of the ~watever~ and show their support to us. Each NFT will be a AI generated thumbs up that's slightly unique, just like you. # Yep, crypto and it's offshoots are totally not a scam.

emurillo510 4y ago

the us dollar system is the biggest pyramid scheme :D. Ask people in third world countries. Bitcoin is an alternative from US fiat currency. It is not country backed, but run by individual actors around the world. Will there be volatility? yes, welcome to a true free market system in a high inflation world

tootie 4y ago
No fiat is a pyramid. Fiat currencies are actively managed and the managers are at least partially answerable to elected policy makers. If fiat is a pyramid, then all civilized society and representative democracy is a pyramid.