Topic: Howard Marks Calls Bitcoin "A Pyramid Scheme" - page 2. (Read 1054 times)
i think one of the reason that they say it is a pyramiding scheme, is that they don't actually understand how bitcoin is being produces and is being valued, some sites are also using bitcoin as payment for their pyramiding and they are the ones giving bitcoin and othersna bad name, but as far as bitcoin itslef goes, it is far from a pyramiding scheme.
pyramid scheme
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)
That was a company which set a share price. Bitcoin is an open source project which uses a consensus model and the price is set by a collection of different exchanges which are in no way tied to the project itself.
If you consider it to be a pyramid scheme, then gold is a far bigger pyramid scheme. The only difference is that Bitcoin is far easier to send, far easier to move in small amounts and has a much better system of scarcity.
+1 the early bitcoin, never been as an IPO and nobody promised the coins are with actual value backed. bitcoin is mainly for better freedom movement of secure transaction. bitcoin is not a ponzi at all, else bitcoin wouldn't be completely open source.
pyramid scheme
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)
That was a company which set a share price. Bitcoin is an open source project which uses a consensus model and the price is set by a collection of different exchanges which are in no way tied to the project itself.
If you consider it to be a pyramid scheme, then gold is a far bigger pyramid scheme. The only difference is that Bitcoin is far easier to send, far easier to move in small amounts and has a much better system of scarcity.
pyramid scheme
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)
pyramid scheme
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
noun
a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.
Therefore, by the literal definition, cryptocurrencies are not a pyramid scheme and anyone who claims that they are is either a liar or influenced by extremely strong biases.
As for it not being "real" - their scarcity system is better than gold. When people say "an infinite number of cryptocurrencies can be created", it's true, but it's not like there are no other precious metals and resources that people could be speculating about other than gold.
He just read this: https://pastebin.com/ZUxTmR99
A dinosaur with too technologically backward thinking or does he have a point?
http://www.zerohedge.com/news/2017-07-27/digital-currencies-are-nothing-unfounded-fad-howard-marks-calls-bitcoin-pyramid-sche
http://www.zerohedge.com/news/2017-07-27/digital-currencies-are-nothing-unfounded-fad-howard-marks-calls-bitcoin-pyramid-sche
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