3 ms·
You are describing a pyramid scheme, but in word salad format.
by gitfan86 4y ago
You are describing a pyramid scheme, but in word salad format.
- rglover 4y agoWhat? Where is the pyramid scheme in this? Not once do they mention anything involving individuals having to coax other individuals into it. It's 100% voluntary and makes zero promise of some fantastical ROI (unlike every non-Bitcoin cryptocurrency).
- rednerrus 4y agoThere's no value unless you coax other individuals into it.
- rglover 4y agoThe good news is you don't need to coax anybody. Once you study how it works (legitimately), you realize it has a ton of intangible value [1] and can trade with others who think the same. Anybody who disagrees can choose not to use it. It's quite beautiful. It's universally frowned upon in the Bitcoin community to tell people they're going to make X in X time frame. All of that nonsense takes place with the Ethereum/shitcoin crowd which gets conflated with Bitcoin. [1] https://news.ycombinator.com/item?id=33586717 https://news.ycombinator.com/item?id=33586717
- gitfan86 4y agoI think we are on the same page. Some people like to own and trade bitcoin. Some people like to own and trade Beanie Babies. Some people may think this is a silly comparison because one of these things was fueled by a get rich quick FAD and the other has at least some real value in the real world. But they are pretty similar in that they will be worth whatever people want to pay for them in the long run.
- unsupp0rted 4y agoTo be fair, there's no value in stuff like Twitter, stamp collections, the US dollar, etc unless you coax other individuals into them (in some cases by using armies). It's a function true of pyramid schemes and any system that relies on network effects to be of any real value. Not that I care about Bitcoin one way or the other.