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If you're getting technical, it's not a pyramid scheme, but a greater fool scam https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki
by three_seagrass 4y ago
If you're getting technical, it's not a pyramid scheme, but a greater fool scam
https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theory
- andirk 4y agoI'm a big fan of crypto but at least the idea of passing the hot potato til it crumbles in to nothing is a reasonable worry. Every stonk has that same exact issue.
- AnimalMuppet 4y agoWell, no, some stocks actually have value, because there's a money-making company behind the stock. (Or are you using "stonk" to refer to a stock that has a money-losing company behind it?)
- tluyben2 4y agoI read it as stonk to mean stock that would be a bad decision to put money in at any time (not just because it is overvalued at this time). Like GameStop.
- andirk 4y agoA lot of cryptocurrencies are part of projects that I believe in. I see the code, see commits, discussions, details of the project being used in the wild. I don't blame the people behind the project for ridiculous fluctuations in their coin's price or blind hysteria in the space. Bitcoin's project is that it's a collectible with limited supply.
- imtringued 4y agoStrangely enough RAI doesn't need to be excessively volatile. It just happens to be the least volatile cryptocurrency in existence. I wonder why that is...
- tigeroil 4y agoThing is, the market doesn't care whether or not you believe in the underlying asset. The difference is that when you buy shares you're buying shares in a company that actually produces something, and those shares usually pay dividends. Buying crypto because you believe in a given project is the same as buying a beanie baby because you happen to like the particular appearance of said beanie baby.