Topic: How do I convince people that Bitcoin isn't a financial pyramid? - page 5. (Read 926 times)

3. This forum is full of promises. 90+ % of posts are made of promises. HODL, and you´ll do fine. LN will solve the problems. These are ALL PROMISES. Hell, BTC´s "deflatory" design is a promise, nothing else. That is very closely linked with a rightful expectation for profit in the future.

BTC is not a pure pyramid, it´s a more complicated fraudulent scheme.

Yeah, I was indeed one of the early ones who understood how BTC really works. And yes, I won´t "succeed" as if you all somehow converted into skeptics As a critical thinker, I try to write more relevant things and leave out the less relevant.

If someone thinks that Bitcoin is a financial pyramid, then there is a chance that person doesn't know Bitcoin very well. So it is our job who
already understands about Bitcoin to educate these people so they can find out the positive side of Bitcoin. It is not easy to educate people
who think negatively about Bitcoin from the start, we just do it according to our ability to educate others. But if in the end we can't convince
others that Bitcon isn't a financial pyramid, then leave them with their own opinion. Because we shouldn't force other people to have the same
thoughts as us. Sometimes everyone has a different perspective.

In all honesty I don’t care about convincing anybody else. I’ve recommended bitcoin to loads of people over the years. If people can’t think for themselves & see how good an investment bitcoin is then we can’t help them.

With more and more influential people and companies getting involved with Bitcoin there's been a lot of talks about the crypto world among regular people, to whom Bitcoin is still something new and unknown.

As you might expect, many of these people believe that Bitcoin and all other cryptocurrencies will not benefit the economy, but rather only make it worse, and many are convinced that Bitcoin is yet another pyramid. And what upsets me the most is that among these people are economists, financial advisors, they should know better, than that...

So how do I prove them wrong?

Though I'm not a professional economist, still I've come up with some arguments as to why Bitcoin ISN'T a financial pyramid:

1. There's no single beneficiary
In financial pyramids, there's always someone, an organization, or a group of people who benefit from peoples' investments. Who benefits from Bitcoin? Anyone can become that person if he/she invests enough money, there's no one, who controls it.

However, a friend of mine argued that there are people, who benefit: electric companies from large energy consumption due to mining and the companies that develop and sell the miners.

But that's just crazy, to believe in that we'd have to assume that they're all in collusion.

2. There's no need for new recruitment
That's probably my favorite. The main reason why financial pyramids survive is that they constantly recruit new customers. Without that - the pyramid falls.
But there's absolutely no need to recruit new people for Bitcoin to function, am I right? Without new users, there'll be just redistribution of what there is among the current users, txns will still be going and the miners will have work to do. So there's no required amount of users for Bitcoin to function like there is in the pyramid. I see no potential flaws here.

3. There are no promises
In financial pyramids, it is common that an organization lures people in by promising that they can easily "turn $100 into $1000", for instance. There's no such thing with Bitcoin. Yes, there's a potential for it to grow, you can make money out of it, but there's also a potential for it to drop, everyone invests knowing this can happen and sometimes it does happen, we go in here being aware of the risks.

That's about it.

Also, one thing that people keep telling me and get me cornered with is that there's no actual value behind Bitcoin. And that the economy can't function like that. Making Bitcoin only requires resources (e.g. energy, machines), but Bitcoin doesn't give anything in return. They say that behind the fiat there's an actual value, which is why we can avoid inflation: precious metals, country resources, plus it is fixed to the GDP, which is why the economy can be stabilized.
Without that - fiat is just paper. And while Bitcoin has nothing like that fixed to its price - it is also nothing.
They say you can't just "create" money out of nowhere. The only way Bitcoin can function as a part of the economical system - is if we replace the fiat with it. What can you say about that? Sounds reasonable, but I'm not a specialist. Is that really true?

Don't hesitate to point out if I'm wrong somewhere, it'll help a lot. Also, it would be very helpful if some of you could come up with more arguments, proving that Bitcoin isn't a financial pyramid.

I know it isn't and I also want other people to know that it isn't, and for that, I need as many arguments as possible.

People living in some fairy tales that are just fairy tales and nothing more, don’t look at the bigger picture at all - the world is actually one huge conflict of interest, and Bitcoin is currently just one small variable that is in the process of being evaluated between all those interests.

That's right, Satoshi knew how to value his time, and so should each of us - because when you think about how much time you spent explaining to someone what Bitcoin is - and instead of thanking, you turn out to be a weirdo and a criminal who wants to overthrow the government and monetary system.

Exactly this is the the main problem I noticed when talking about bitcoin with people that are in the "contra" group. They see situation white and black, and they consider bitcoin completely useless if it doesn't overtake fiat. Which is honestly not realistic anyway, at least not any time soon, as much as we would like it.

As Satoshi Nakamoto famously said , "If you don't believe me or don't get it, I don't have time to try to convince you, sorry".

Firstly, please fix your quotations. You're doing your best to make your posts look smart and can't even place proper code tags.

You have some good points over there. But you missed one thing. Tell them to read news or articles form reliable and authentic sources. Most of those people that think bitcoin is a "financial pyramid" or scam are the ones that read news or articles from some random clickbait sites or from social media. Articles they read are mainly FUDs. Mainstream media mainly broadcasts/publishes news that has somewhat a "negative" tone towards crypto currencies.
Provide them with links and sources where they will be able to enlighten themselves properly.

Me personally... I have not bought a single coin, neither I am not sorry for anything. Just the part of my braid that does the math, works and cries out loud. Not because some of you scam a lot of money out of simpleminded, but because of these BS of arguments, that so many people buy. World is really a stupid place as an average.