is Bitcoin a pyramid scheme? | Bitcointalksearch.org

Lintel

sr. member

Activity: 638

Merit: 300

Quote from: Hui8 on March 25, 2018, 02:45:18 PM

Quote from: zakalwe on March 25, 2018, 12:48:58 PM

Bitcoin is the opposite of a pyramid scheme from the point of view of Bitcoin miners. The Bitcoin protocol is designed like a cannibalistic arms race. Every additional miner prompts the protocol to increase the difficulty of mining. From a social point of view, Bitcoin is a pure market. The price of Bitcoins fluctuates based on market supply, demand, and perceived value.

I read the question again and again to understand and recall how bitcoin actually works and tried to relate with it but its not even close to being the pyramid scheme. The crypto currency or bitcoin for instance is just price tagged algorithm which can be sent over the protocol from peer to peer and transmit the values. Does that even seem to be related to it? May be that is just the operation of bitcoin. Okay let's talk about the bitcoin earning and spreading ways. Is there any offer that satoshi levied that those who will get most of the people on board will have X percentage from the bitcoin market cap. I don't think so and neither of them trying to do so.

In any sense this is not valid statement at all.

very well said. how can it be related to pyramid when no one is getting more shares for recruiting people to join bitcoin. I am also trying to get into that question but it is not even close to what is pyramiding. You can get bitcoin from bounties or if you invest fin bitcoin so how can it be pyramiding. No it is not.

Cimmy_revenger

sr. member

Activity: 1106

Merit: 252

Dextrust.org #Defi

Quote from: zakalwe on March 25, 2018, 12:48:58 PM

Bitcoin is the opposite of a pyramid scheme from the point of view of Bitcoin miners. The Bitcoin protocol is designed like a cannibalistic arms race. Every additional miner prompts the protocol to increase the difficulty of mining. From a social point of view, Bitcoin is a pure market. The price of Bitcoins fluctuates based on market supply, demand, and perceived value.

I agree with your statement , because Bitcoin is digital asset with Transparent transactions.
every transaction is valid and everyone can be find every block.
prices are created from supply and demand in the market.
the government can not commit fraud in this regard.

00DKM@

member

Activity: 378

Merit: 10

I like this interesting way of thinking. But I do not give it the right shape for dedication from the revolution that brings with it the trend of management reform, removing the barriers to an advanced and effective technology. We are in the heart of the pyramid. Whatever the reaction, it makes us fall.

ASHLIUSZ

hero member

Activity: 994

Merit: 502

Not really, bitcoin is a successful technology which has got innovated to make things better and functional in an efficient manner. In the name of bitcoin several pyramid schemes got promoted. And for the same at several instances bitcoin too has got affected with negative news by those scam schemes.

criptogenious

newbie

Activity: 350

Merit: 0

Bitcoin is your asset. You own all of what you have got. You don’t have to have your employee to earn or profit in Crypto. It’s you who invest, it’s you who work for yourself and it’s you who is earning. So, no it’s not Pyramid scheme.

riel123

newbie

Activity: 25

Merit: 0

Bitcoin is not a pyramid scheme, it is a currency like any other which also doubles as an asset which you can invest in and get a good percentage ROI from is you are patient.

fokinflor

jr. member

Activity: 116

Merit: 3

Quote from: zakalwe on March 25, 2018, 12:48:58 PM

Bitcoin is the opposite of a pyramid scheme from the point of view of Bitcoin miners. The Bitcoin protocol is designed like a cannibalistic arms race. Every additional miner prompts the protocol to increase the difficulty of mining. From a social point of view, Bitcoin is a pure market. The price of Bitcoins fluctuates based on market supply, demand, and perceived value.

No it is not a pyramid scheme or a ponzi scheme. If it was, it would not have survived for last 8 years. Also, in a ponzi scheme, you are paid to add investors below you, which is not there in case of bitcoins.

jpespa

member

Activity: 294

Merit: 17

Bitcoin is a digital money used by many people to pay for goods and services online or to invest for profit. Pyramid scheme is a business model that recruits member and promise them profit if they recruit more. You could say that "bitcoin is used as payment in pyramid scheme". We cannot say that bitcoin is a pyramid scheme because bitcoin is just a currency used for purpose. Even other countries' currency out there are being used to pyramid schemes.

nelsmining

full member

Activity: 196

Merit: 102

Bitcoin is in no way a pyramid scheme as it is decentralized. In all pyramid schemes you have a core group that started and control the company. No one even knows the real identity of bitcoins creator.

arcanayou

member

Activity: 150

Merit: 10

if you think that bitcoin is a pyramid scheme, then you definitely do not understand about bitcoin, or maybe the information you know is only partial, cut or maybe wrong. there is no pyramid scheme in the blockchain system, it is clear, the system is designed to speed up transactions and reduce transaction costs. it may be true there is either a coin or cryptocurency that uses a pyramid scheme to run its business, but bitcoin and blockchain systems do not, bitcoin mining also has nothing to do with pyramid schemes

shawn995

full member

Activity: 350

Merit: 100

Bitcoin isn't a fraudulent business model, Well a fraudulent business model is a plan of action that enlisted people individuals by means of a guarantee of installments or administrations for selecting others into the plan, instead of providing ventures or offer of items or administrations. As enrolling duplicates, selecting turns out to be rapidly inconceivable, while in bitcoin there is no compelling reason to enlist somebody with a specific end goal to benefit, If you put resources into bitcoin your cash will developed after some time when the esteem increments, But that is one section gaining in it, But bitcoin is truly not made that way since this is extremely a money that dependably changes, And the given administrations was a safe stockpiling and a quick exchange. try not to irregularity it in a pyramiding plan since you can win by contributing with it.

loraalbert

newbie

Activity: 184

Merit: 0

This is a rich imagination. but true to its meaning. Bitcoins are rotated from the top and bottom of the pyramid. in which the walls are investors and consumers. They will be the audience in this game if the bitcoin is adjusted in the other direction. It is a worshiped artifact and virtualization of technology.

jason.romano

newbie

Activity: 70

Merit: 0

No. bitcoin doesn't relate to pyramid scheme. The growth rate fluctuates in bitcoin. it doesn't have stability where a fixed point can be get to become a pyramid scheme.

passioncrypto

newbie

Activity: 336

Merit: 0

Bitcon is not a pyramid scheme. Bitcoin is a digital currency but users take it pyramid scheme as the price of bitcoin increases time to time. Truth is, it’s just like other currencies.

Washball

full member

Activity: 266

Merit: 151

First crypto index traded as a token!

Some people want to see bitcoin a pyramid scheme and there are others who want to scare mainstream investors off by calling it a pyramid scheme. But the price increase or decrease is a result from investors buying or selling bitcoin. It's just a matter of demand, like regular investment assets the price goes up or down due to the demand. Bitcoin has nothing to do with pyramid schemes.

aoluain

legendary

Activity: 2380

Merit: 1343

Quote from: zakalwe on March 25, 2018, 12:48:58 PM

Bitcoin is the opposite of a pyramid scheme from the point of view of Bitcoin miners. The Bitcoin protocol is designed like a cannibalistic arms race. Every additional miner prompts the protocol to increase the difficulty of mining. From a social point of view, Bitcoin is a pure market. The price of Bitcoins fluctuates based on market supply, demand, and perceived value.

yup thats pretty much a good explanation.

I have heard people tell me that BTC is a pyramid scheme and it might
look like that to those who dont fully understand. The ones at the top
of the pyramid may look like those who were the early adopters.

Because the market is unregulated it can be manipulated but I would
have thought with over 16,000,000 coins in circulation it would be
difficult to directly manipulate by one person.?

onnz423

hero member

Activity: 840

Merit: 508

Make winning bets on sports with Sportsbet.io!

Bitcoin cannot possibly be a pyramid scheme because old investors are not paid by new investors, there will never come a point when the growth rate cannot be sustained and the system collapses.

There is nothing remotely similar for the two systems.

FrueGreads

legendary

Activity: 1582

Merit: 1059

Quote from: markj113 on March 25, 2018, 02:31:42 PM

Quote from: zakalwe on March 25, 2018, 12:48:58 PM

Bitcoin is the opposite of a pyramid scheme from the point of view of Bitcoin miners. The Bitcoin protocol is designed like a cannibalistic arms race. Every additional miner prompts the protocol to increase the difficulty of mining. From a social point of view, Bitcoin is a pure market. The price of Bitcoins fluctuates based on market supply, demand, and perceived value.

I think the market is more manipulated than most people realise.

Exchange bots and a few large players dictate the price by creating fake supply/demand.

Well I can't really argue with that, and from what I've been watching lately I would say you are right. The thing is, bitcoin has real value, and price manipulation would become impossible to make if massive adoption takes place. Right now, bitcoin only has a use case for speculators since it's development is not finished, and can't be used for payments in a large scale. But that should change soon, with the deployment of the LN, that is already taking place. If merchants start adopting bitcoin, and people start using it, it's liquidity will increase and it's volatility will decrease because it will be much harder to make it's price move, since a lot of people would now own it, and hold it.

macartem

sr. member

Activity: 676

Merit: 319

Some people who have nothing to do with bitcoin think so, and everyone else knows that this is not true

HasHe

hero member

Activity: 952

Merit: 500

Quote from: zakalwe on March 25, 2018, 12:48:58 PM

Bitcoin is the opposite of a pyramid scheme from the point of view of Bitcoin miners. The Bitcoin protocol is designed like a cannibalistic arms race. Every additional miner prompts the protocol to increase the difficulty of mining. From a social point of view, Bitcoin is a pure market. The price of Bitcoins fluctuates based on market supply, demand, and perceived value.

Its the same term which was used by the Russian president putin to accuse bitcoin.But whoever term it,its completely wrong.Here there is no need for anyone who has bitcoins to promote others to buy bitcoins to increase his income.Rather he could just hold his bitcoins and enjoy the price rise.

Topic: is Bitcoin a pyramid scheme? (Read 200 times)