Topic: Bitcoin - a financial pyramid: true or myth? (Read 591 times)

Yes, bitcoin is gaining its value just because of its application to real-world not just due to promotions nor hype about future value. People do believe that bitcoin will have great future because of it's usage into our daily life and that is the reason they are buying it and making more demand for it.

All the commodity in this world are gaining their value based on this concept. This is all the basics of every economics is working. Some commodity will create demand due to its applications and based on its supply it will get its final value.

We all must understand that bitcoin is not gaining its value just because of some people are buying and selling it for higher prices than their buying price level. There will be no guarantee that we are going to sell our bitcoin for higher rates than our buying rates. But a typical permit scheme is working based on the assurance of someone will get you more value than your buying levels. This must be the basic difference between bitcoin and other ponzi schemes. We all must understand this fact and we should not compare bitcoin to bubble or pyramids.

Bitcoin is far from a pyramid scheme as can be seen in the way the technology that is behind it is being applied in various fields of human endeavours. Bitcoin can best be liken to a way of life as it meets all the requirements of a currency. Both the price and the value is controlled by the community as this respects the law of demand and supply as well as technical and fundamental analysis.

Bitcoin is a purely decentralized cryptocurrency as it is basically controlled by the community.
It can not be referred to as a financial pyramid, unless it is regulated

Bitcoin is not a pyramid, but some people describe Bitcoin as a pyramid because Bitcoin is used by some people for other commercial financing, which will have a negative impact on Bitcoin!

Financial pyramid or whatever it is, for me personally.. I just see that it's an alternative currency that has the potential till envelop the human from time to time in terms of finance which's indeed able to last a long time about its role, with all its technology and its advantages. And well... that's just a myth

You're right here. There's no convincing of either side in Bitcoin. No turning over people, no bringing them the truth, no matter how hard you try, people's minds were already made up a long time ago. And don't believe it when you see people like Jamie Dimon or Warren Buffet change their minds.

They have been misleading people from the very beginning with their words, getting the desired effect so they can move the money in and out of Bitcoin whenever the price fits their mood. If it doesn't fit, they say something to make it fit.

financial pyramid is a financial scheme that has no utility value
for me bitcoin is very useful to save budget when we want to transfer some value of money abroad without a third party
so, for me bitcoin is not a financial pyramid
and the answer to your question is: Myth.

Your statement is never a reality when it comes to bitcoin. How bitcoin becomes a pyramid system ? I don't think decentralized system never can become a pyramid system. So lets say your statement is a myth . 

Unfortunately, the time to start convincing people as to whether its a pyramid or not is over. No matter his much some people have been preached to about religion or God, they still hold the view strongly that its a myth and exist in the figment of those believers imagination. Whether that is true or not does not matter to them. The point of this is that, whatever you believe to be true remains true and whatever you chose to believe as myth would remain so, for every argument to prove otherwise, you come with a counter argument to maintain your position. Its that simple.

Let's stop trying to convince frantically and start moving towards adoption to the vast majority of people who have not heard about it as they are easily convinced than those who have taken a stand already. In a matter of years, the "unbelievers" of would be so small that their opinion won't matter any longer.

I really agree that crypto is not a financial pyramid even though there are several ICO projects that have this kind of scheme but in general crypto is not that. crypto grows based on the market mechanism and the community, if the community is very active and continues to grow, the crypto value will be better and vice versa

Cryptocurrencies are important and valuable. Distributed blockchain technology, as pioneered by bitcoin, is important. The future of money really is cryptocurrencies, possibly Bitcoin is taking the lead.

I’ve been getting into a lot of discussions with supporters and promoters of bitcoin, who tell me that the price of bitcoin is going up so fast because there is a limited supply and an increasing demand. Their argument is that only a small percentage of the world currently has bitcoin, and that everyone will eventually need to use bitcoin.

It’s true that prices reflect the difference between supply and demand. There is a limited number of bitcoins, and there is a great demand for them, so the price is shooting up. However, what these proponents of bitcoin seem to be missing is the reason for the demand.

It’s clear that the most significant reason, by far, for the massively increasing demand for bitcoin is that people want to own it because they think that it will go up in price. They think it will go up in price because increasing numbers of people are going to want to buy it. The reason that they think that more people will want to buy it is that those people are going to believe that it will go up in price.

I believe that bitcoin will be around in the future, and that it will not go to a zero price. I believe that other cryptocurrencies will come to the fore which are more able to handle the transactional needs of a larger number of people than bitcoin can.

My advice is to pay as much attention to your internal state as possible. Notice the fear of missing out. Notice the panic, the excitement, and the drive promote bitcoin. This is a great opportunity for self awareness. You might want to convert some of your dollars into this currency for fun, but make sure you only convert as much as you would be happy to lose, which for most people is nothing.

I had equally same thought as it will become valueless when it eventually has no demand, Bitcoin is solely community based and it's price and huge value is dependent on the increases demand attached to it,  this is unlike the fiat currency that it's value is dependent on demand and supply of commodities

Bitcoins are mysterious codes, many cryptographers are like the mystery of the pyramid and nobody decodes. Solidarity is also a decisive factor in the existence of electronic money.

We can call Bitcoin a pyramid because of its sustainability and never collapse, which can be influenced by many effects that can not be erased. Over many years, Bitcoin has been known for its existence.

Bitcoin is a pyramid of all coins, without it there would be nothing. And it will always develop. So bitcoin is the head of the pyramid!

Bitcoin itself is not a pyramid. There is no debate about this issue, and the biggest controversy is the bubble effect of Bitcoin and other cryptocurrencies!

High risk takers will get more rewards,but investing on crypto currencies are always risky and if we can hold longer we can get more profits but it is different from stocks where the prices can be predictable but here,nothing for sure even the prices bumped when the stocks fell,so crypto currencies doesn't depends like stocks but in future all the things will affect the bitcoin prices when it adopted by more people.

I think it is this kind of opinions that create bad publicity for Bitcoin. It is just not justifiable. How can cryptocurrencies be referred to as a financial pyramid? It just doesn't make sense. The basic principle behind pyramids is the introduction of new investors. And this is not so with cryptocurrency. Once you know what you are doing, one wouldn't make such remarks. If it were a financial pyramid, it won't have lasted this long.

If bitcoin was ponzi scheme as it has been accused of being many times in the past then it should have already collapse since it is very difficult to keep up the charade for so long, bitcoin is a legitimate investment but like in any investment there are no guarantees that you are going to make any money and those that lose begin to make all kind of claims without any evidence to support them.

It could be argued that a lot of financial investments do act like a pyramid of sorts. Often the first one in is the one who gets the most benefit. The demand after the first person to buy then drives up the demand for the other people.
Often the pyramid schemes require new people to come into the scheme to provide more cash for the people on the top etc. Often until the whole thing comes toppling down.
Ultimately I hope that Bitcoin maintains its value long into the future and does not collapse.

Successful project is mostly brings with the great launch and the marketplace value of tokens also go bigger in the market. I see your view about the ICO projects is not correct then financial pyramid at all. Here finance is the matter for every investment.
Then most of the altcoins in the market also not settled in the market so we have to wait for some months to understand which coin is the financial pyramid at all.

You picked an unfortunate example  

Of course the real estate market is comparable to a pyramid scheme in most countries in the world.
Interest rates are low and therefore the amount of activity on the market goes through the
roof (new buildings, people buy homes that they can´t really afford, banks give credit
to non-solvent buyers).

In order to prevent a collapse of the real estate market a continuous influx
of new buyers is needed. If the amount of new participants in the
real estate scam market is insufficient, the whole system collapses
and people lose a fortune (their own home or own flat is often
a very big part of their net worth).

I´d even argue that the real estate market needs new participants even more
than Bitcoin.

Well, considering the fact that you only make profit when others are investing and make loss when people starts to withdraw, maybe you can call it a pyramid, but I wouldn’t call it that. No matter what you call it, the only thing that matters here is whether there is something that you’re earning. Unlike other systems or whatever they are, Bitcoin is very transparent and there is nothing hidden. You can make profit, same as there can also be some losses if your not lucky.

Lets consider the level-100th buyer of bitcoins like pyramid system. He will buy bitcoins for some $100 and then he may use it for some online shopping or maybe spending in physical shop also for same $100 (considering when 100th level buyer must be living by the year 2050 and bitcoin is considered to have less volatile similar to gold now). What is the losses to him or how we call bitcoin as a ponzi or pyramid system ?

If you observe, real-estate properties also gaining its value in the way how bitcoin is gaining now. A real-estate business is a  pyramid system ?

In several cases bitcoin is related with pyramid schemes that were successful as well has got scammed in majority of the cases. With bitcoin it is not the truth, how we make use of it will define its growth. Nowadays it has got turned to be similar to the physical currency that we use, as usage keeps increasing the circulation will be massive and the same will cause the price pumping which at times gets affected by negative effects due to regulations and unexpected technical errors and hacks.

I believe Bitcoin in the future can change the way people use the money to pay and it will be the common currency of the world. With great advantages over traditional currencies, I fully trust Bitcoin's bright future and cryptocurrency. Determine long-term investment if you want to go along with this market.

Please do not look around the bitcoin in the short money making scheme because non of the investment will give a return in double the fund in some months or weeks. So I believe bitcoin will be work more than finance pyramid.
Hence the marketplace growth of the bitcoin will increase the value and demand with in some months and already today bitcoin seems growing in the marketplace last 24 hours.

A financial pyramid is a raised funds, and the payment of income is due to early cash investments. Crypto currency does not have a guaranteed income, since it does not consist of the funds that investors invested in it at an earlier stage.

bitcoin is not a pyramid scheme:
1. No guaranteed income.
2. The absence of a single center that produces this cryptocurrency.

You can call every investment a financial pyramid.  Is Amazon a pyramid? Is Apple a pyramid? You could of bought the stock at the very beginning and 100x your investment.  Any good investment goes up overtime, it doesn't mean your stupid for investing at a higher price if it has a proven record.  The first investors take the highest risk so the should be rewarded the most.

We have a negative thoughts about bitcoin, let’s admit it but when bitcoin hits almost every market the interest with this technology has increased and that is the start people believing on bitcoin. So many FUDS until now but I know people are more educated nowadays. This is not a financial pyramid, look at its true usage and its technology and for sure you will learn a lot.

Yes that is right, most of the people in my area were also thinking so, but now I can see that most of the people have started taking interest in bitcoin. I think that interest of the people in bitcoin will continue to increase, in modern countries people have already started using bitcoin for so may purposes.

At present, this is a very esoteric question. No one can know. I think that whether Bitcoin can become a myth needs to see its consensus. If the consensus becomes stronger, Bitcoin will become very powerful.

Bitcoin and banks wont really collaborate even if we do go into the future when bitcoin adoption is already high but it wont really still come to a point that they would merge up due to nature of crypto and the policies on most banks. Its fully contrary to each other but when we do talk about Bitcoin potential then theres no doubt that it can sustain for longer years as long the strong support of people or community would be there.
We have known already its capability of its tech inspite on having lots of option or coins in the market and still nothing can beat this one.

Cryptocurrencies are important and valuable. Distributed blockchain technology, as pioneered by bitcoin, is important. The future of money really is cryptocurrencies, possibly led by bitcoin.

It’s clear that the most significant reason, by far, for the massively increasing demand for bitcoin is that people want to own it because they think that it will go up in price. They think it will go up in price because increasing numbers of people are going to want to buy it. The reason that they think that more people will want to buy it is that those people are going to believe that it will go up in price. This is a self-fulfilling prophesy.

This is also a demonstration of the standard operation of a bubble. It looks like a Ponzi scheme or a pyramid scheme. If I buy bitcoin today, it will be more valuable tomorrow because others have bought it at a higher price. As an existing “investor,” I am benefitting from others getting in. Meanwhile, what I’m actually owning is a bitcoin. Don’t get me wrong, bitcoin is valuable, but it’s not worth $10,000 per coin, or even $1,000 per coin. It’s a currency. It’s not Amazon or Apple stock.

If you bought Apple or Amazon stock early on, then you bought something that had a massive hidden future value, and as that value was revealed, you benefitted by investing in it very early, before the value was apparent. Apple and Amazon are companies which generate revenue and profits, and a share in these companies represents ownership in something that is growing.

Those who said that before are now hitting their head to the table.
there were so many fuds years ago with bitcoin.
can you still remember the 10,000 BTC for 2 box of pizza?
if that guys hold his bitcoin, he is having a good life now.

Clearly Bitcoin not a financial pyramid in any way.
It was the first crypto and now it's cost so much because people believe in it and use it + capitalization of BTC is still bigger than any other crypto. Due to the limited quantity (21 million) price become higher every year.
When it became popular and widely accepted as a regular payment method, it will gain more people who will have an impact on the market price(as it was before the January).

Financial pyramids based on extra income/greed and manipulations with the help of new users and their donations.

Bitcoin market price is manipulated buy bears and bulls, which have nothing in common with financial pyramid.

Welcome to the forum first., I expect you guys should support the bitcoin and then only we could find the good bump in the price chart. Even volume and value also defnes in that criteria only dude. I see the people with altcoins most of the time. But any long term investor is there means they will go with bitcoin only.

As soon as possible we will find the bitcoin is being used on banks and elsewhere then non cryptos will also turn back to BTC.

Bitcoin is one of the most stronger crypto currency of the world and it has a very bright future, I do not think that anyone can affect the bitcoin future, bitcoin future will remain as bright and will see more success to bitcoin.

I think so. Bitcoin is becoming an alternate way of gold and another valuable asset. day by day Bitcoin and blockchain system is getting accepted among many people and they are collecting Bitcoin as a future reserve. Not only that but also Bitcoin has been considered as trading tools and investment. So it may be called a financial pyramid.

That is correct mate no matter what altcoin would creates the important is we earn good amount of income every day or weekly even monthlt that gives us better life than before. I always be thankful to bitcoin and whole cryptocurrency which gives me extra income that can i provide all the need and some wants of my family, me also i am wishing that bitcoin will last forever.

   No bitcoin is not a financial pyramid because you don't need to rely into others to have a pay out. In bitcoin you need to invest at your own risk anytime and any amount you want. You don't need to recruit to have a down line just to earn. Bitcoin is a digital currency that you need to invest to earn profit by your own.

Exactly, there's always a way out. And it won't collapse under your feet when you're least expecting it. Maybe some Altcoins could be considered as ponzi/pyramid schemes because the owners just pull out their investment when the little people like you and I are least expecting it. Telegram groups close, exchanges reject the coin, people just disappear into thin air. That, by definition is a pyramid scheme. Bitcoin is just an investment opportunity for your portfolio, and a good one at that.

But definitely, can't be considered as a financial pyramid by definition. You can invest anytime you what, and you don't need to market it by any sense. And its up to you how much money you going to put up. And no single person is benefiting if you are going to trade (buy/sell). The appropriate term should be "investment portfolio", in my opinion. Because the moment you buy, you hold that assets, which in this case bitcoin. And you have total control of it + privatekey in your wallet.

Having a product or something like that is a significant difference. Speaking of bitcoin, it is difficult to draw any conclusions. Not so simple.

This is hardly a pyramid, because when bitcoin has reached a high point the market has not collapsed and is still holding, although not already in such positions as before.

Let's define what a Pyramid Scheme is:


https://www.investopedia.com/articles/04/042104.asp

So basically there's someone always on top of you ,at the apex and your down line is the one working for you to make money by recruiting others to join the scheme. So with that basic definition, we can't call bitcoin a financial pyramid because we don't need to such things (recruiting more people in order for you to get financial gains). The "Bitcoin is Pyramid" steam from the media who portrays crypto in general as a big Pyramiding Scheme but at a closer inspection, its not. So its stuck with us up to this day and even how hard we try to explain to others they are already blind because others really believed what they hear or read.

Well, most things in this world are kind of pyramid, when person is gaining from this particular thing, there is a different person that is losing. Unless we are talking anything that has to do with selling a product for money, in this situation both parties will be very much satisfied. But as for things like this, the money is kind of rotating and old guys are ripping off the new guys.

That’s how it is, even forex trading is in the same way. When you’re trading there are also other people that are trading and if you lose and they win, then part of yore money goes to them and the other remaining goes to the platform.

Of course bitcoin is not a financial pyramid. He simply does not fall under the definition of such.
Around the financial pyramids is not built infrastructure. Blockchain and crypto currencies are already a serious financial area, so you can talk about them as a pyramid.

Bitcoin is not a pyramid.But nowadays,so many people do  scam things using bitcoin. Those are the killers of Bitcoin future 

You had a good view dude, not only I but everyone around me know BTC, but we don't care. May be hard real life made us enough for thinking of this kind of asset.

Ponzi scheme or pyramid - a form of investment fraud, which includes the payment of expected profits to existing investors from the funds collected from new investors. Organizers of the Ponzi scheme often attract new investors by promises to invest the collected funds in projects with a high return on investment and minimal risk. In many Ponzi schemes, instead of full-fledged investment, scammers are engaged in attracting new funds through which they will make promised payments to early investors and assign a portion of these funds for personal use.
The pyramid vanishs, because it becomes unprofitable to the beneficiary.
Bitcoin does not fall under the definition of the financial pyramid. This is, in fact, a form of digital currency that is used by network participants, and the number of virtual wallets for its storage today already exceeds 11 million worldwide. There are many factors that form the price of the currency, but one of the main is the volume of demand for the currency and the number of users it is of currency. Therefore, it is quite natural that with the expansion of the user network, the bitcoin price continues to grow. This is natural for any currency, and bitcoin should not be considered a particularly suspicious anomaly.

Let me tell you a story when I tried to explain to people that bitcoin is not a pyramid.
It was in 2013-2014, when I first got acquainted with bitcoin. All my friends said that bitcoin is an ordinary pyramid and it will soon burst. But as we can see, 10 years have passed since the creation of bitcoin. Those who are not afraid and they risked to invest their money in" this pyramid " and now feel very good.

myth 100% lol

By definition, pyramiding scheme means people who get in first would be paid by the money given by the latest joiners so if you think about it, bitcoin is not a pyramid because people are trading so that they can gain from it. Maybe those HYIP sites are pyramiding scheme but if you are talking about bitcoin in general and about how its price increase or decrease due to law of supply and demand then it is not a pyramid scheme so in short it is just a myth.

In my opinion, its not a financial pyramid. It is a financial asset an innovative kind of payment network form of electronic cash. It cannot be a pyramid because transactions is peer -to-peer.

I think that's a myth becouse , those people who study that topic can clearly say that whole cryptocurrency and also whole blockchain technology is very usefull for all humanity!

Bitcoin is no pyramid but a decentralized digital currency.
It has no relationship with pyramids/ponzi or whatever but it can be used as a tool just like our conventional fiat in duping people real big. 

The decentralized nature of bitcoin makes it impossible to by a pyramid scam. However, it could be one of the most well orchestrated guerrilla marketing stunts in history.

Guerrilla marketing is when the person trying to sell the product goes undercover as a user and then tells people that they should buy it. So in the case of bitcoin, maybe a bunch of people got together, created a concept, filled their wallets with the coins at a dollar a pop, and then set off to work. They spread the hype around the internet and after several months/years of hard work, boom! It took off. It's not hard to imagine, and it's not necessarily a scam, because they weren't deliberately taking money from anyone.

Bitcoin will not be a pryamid scam as it is being held by many people as opposed by one company or person which is why many users of it are in favor is decentralization at it provide power to the users and not in one institution the only disadvantage of it is that its prices cannot be controlled as it is dependent on the users unlike fiat where the government and its financial market are in control. And for the altcoin or ICO scams it can be debatable as there are many people who really want to scam investors using cryptocurrency much like in real world financial scammers.

A financial pyramid is a structure that pays dividends at the expense of newly arrived investors. In bitcoin, no dividends are paid. Due to the demand and the limited number of coins, its price can grow or fall very much.

It is obviously not a pyramid. Transactions are between the two parties and nobody else. Amway is a pyramid and when a sale is made many people get a cut. Anyone who thinks this applies to bitcoin does not understand what a pyramid scheme is. So here:

https://en.wikipedia.org/wiki/Pyramid_scheme

It is wrong to compare technologies with a financial scheme (a pyramid). Crypto is technologies(!!!) which let you and me make fast and secure transactions, build distributed systems, make new startups and projects and so on. You tell us about frauds which use possibilities of crypto technologies to scam people but it does not mean that the technologies are bad. There is dollar and there are a lot of frauds who scam people but it also does not mean that dollar is bad because using dollar, frauds scam people.

Bitcoin, even if it drops to $ 1, will not die! Although the growth of it for 50 000 and 100 000 $ - this is fantastic already. He fell below 10,000 and hit the outset, and what was expected is that no asset has ever been growing repeatedly without corrections and stops. However, even the cue jumps in the range of 7 000 - 10 000 - an excellent opportunity to earn

And this is why I love bitcoin no matter what negatives news about it because I know in myself that bitcoin changed my life and bitcoin will continue to blessed me more so I can achieve my goals in life. Bitcoin is really not a financialy pyramid that is just a myth, bitcoin is a good investment today and if you still doubt about it you might missed the train way up.

No, you are wrong. Crypto technologies are not a pyramid because it is just technologies like plastic cards. Let us have a look at a stock market there is also IPO on a stock market where investors can buy shares and some companies will be successful but some ones will not but it does not mean that it is scam. I means that investor was wrong when chosing a company for investment. There is similar on a crypto market.

In as far as you have alluded that people could see you as not seeing beyond your nose but what you have said about the financial profit or benefit of bitcoin is what is in public arena and no investor can deny that. The point and advise is that, we don't have to put our two hands in "hot" water. We need to be wise in investing so we need to buy some altcoins too.

Bitcoin is not a pyramid. There is mining. The price will not fall below the cost of mining

Bitcoin does not fit the definition of a financial pyramid, though it could be used as a tool of exploitation by financial pyramids. but bitcoin itself is not. Like i tell the nay sayers around me.Its just a digital asset or currency.

bitcoin is like a pyramid scheme because when new people buy and invest on it , older people that invest on it can get more benefit because the value can possibly increase whenever someone bought bitcoin.

But unlike from other pyramid scheme business , bitcoin does not mainly work from refering users because bitcoins primary purpose is a currency that can be used for buying. It can also be used as an asset for investing or trading.

For a myth to qualify, it has to be believed by people... Don't think anyone actually believes it to be a pyramid, even if they might have used that description in the past. Bubble is more of a myth than pyramid will ever be.

Dimon said it was a fraud, he later regretted it (soap opera anyway). The last "reputable" guy (Kovacevich)to say Bitcoin pyramid didn't believe it was a fraud. He admitted not understanding fundamentals but didn't otherwise validate his pyramid claim.

Worth pointing out that the new Wall Street people who should have entered at the bottom are right on top now as the new wealthy while early adopters like Laszlo or even Antonopoulos have next to nothing. Doesn't sound very pyramid like to me.

Thanks for your opinion and for merit, ive merited you too

Whatever bitcoin is it makes my life better every day and I actually do not care how bitcoin will end, the main point to me is when. Till then I hope bitcoin  will continue to bring me extra profit. You may say that I do not look far from my nose, but I'm sure there are many people with the same opinion like mine.

Bitcoin has never been a pyramid, it's the people who don't know anything are jumping on the conclusions.

Bitcoin is a straightforward, peer to peer transactional vehicle. However, there has been frauds/scams using Bitcoin as a method of financial transactions. These companies/individuals make promises to people with high returns and investments are done by greedy. Later the company runs away with the money. It is because of these frauds, the name of Bitcoin is being tarnished to an extent. The intentions and greed play a very important role here.

Secondly, the banks and financial institutions are creating FUD in the market for people to lose confidence in Bitcoins. Banks/Governments have not done their job in understanding bitcoins properly still.

It is just a matter of time that Bitcoin will be one of the world's leading currency or investment vehicle by itself.



 

I dont know where to blog and i have no followers, so on the forum I can learn the opinions of the rest.
I dont need many views.
Thanks for your opinion!

If we talk about crypto-currencies in general, it will be more correct to immediately split bitcoin and all other crypto-currencies, the so-called altcoyins.

So, it can not be denied that many ICOs today are forms of financial pyramids.

However, this does not mean that absolutely all alternative crypto-currencies are a fraud. Some altcoyins have a very clear and transparent pricing model. And in fact today, in my opinion, such crypto-currencies as Ether, Dash, Ripple, Litecoin, NEM, Monero and others really create value, and their price is due not only to pure speculation.

As for bitcoin, the fantastic increase in its value in recent times, of course, does not cease to excite the minds of critics, but in reality it's quite simple with him.

The first and most obvious difference between bitcoin and the financial pyramid is that there is no central beneficiary. Theoretically, of course, there are very old wallets with a very large number of bitcoins, which in some sense can be considered such a beneficiary. However, there was no official central beneficiary, and without its presence the pyramid does not make sense.

The second important difference is in bitcoin with the growth of the user base and with the growth of downloaded money, the value grows, because in any economic system this value is directly related to the number of participants in this system. Moreover, given the fact that the volume of the economy is always proportional to the square of the number of participants, and not to the number itself, the value of bitcoin grows much faster than the user base grows, and it is not necessary to talk about inflating a bubble.

And, at last, one more factor is that at bitcoin there are no obligations to anyone. That is, bitcoin never promised anything to anyone, so bitcoin as a pyramid, in general, can not collapse. Bitcoin is only a financial protocol for making, validating and storing information about transactions among network members. The bitcoin code is publicly available, each participant can explore the logic of the entire network, and some participants can not just grab the bitcoins of other participants.

Given all of the above, I can conclude that bitcoin does not fall under the definition of the financial pyramid.

What do u think about what do you think about my thoughts? Do u agree that bitcoin is not a financial pyramid?