The most interesting thing here is the human behavior, almost the same for every such kind of fast-rising-price asset
If you compare with housing bubble, it did not have any single point of failure either, but it eventually busted because of added supply and shrinking demand due to higher debt
Topic: The MMM pyramid scheme movie (Read 2256 times)
The difference is that bitcoin do not promise any gains. If it goes flash-crash tomorrow, and you start biching & complaining, everyone will just laugh at you. Know the risks or die.
Of course there are differences, the MMM scheme had a single point of failure, but would bitcoin price rise forever just due to no single point of failure?
No. Mining puts a downward pressure on bitcoin price. Higher the price, higher the downward pressure.
https://bitcointalksearch.org/topic/m.1707405
They already scammed >1mln ppl and crashed. Relax.
http://www.imdb.com/video/withoutabox/vi3495927065?ref_=tt_pv_vi_1
The film is based on real events. Russia, the wild 90's. An unknown mathematician and a loner, having announced the establishment of the 'MMM' company, begins to print and sell its own shares. The value of the shares is determined by the principle - 'they are always more expensive today than they were yesterday.' There is unprecedented in scale advertising campaign, thousands of points of sale are being opened and millions of new investors are attracted every week. Amount of money received by the 'MMM' is filling up rooms and wagons ... Immediately after the arrest of the CEO of the 'MMM', 17 trucks with cash left the company's headquarters in an unknown direction. The shares of 'Gazprom' gas company, worth $12billion, owned by 'MMM', have also disappeared. Too many questions, too many secrets ...
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3 months ago I was on a plane for a business trip, I found this movie in the list, surprisingly many of the things in the movie are actually happening on bitcoin: Based on mathematics, continously rising value, advertising campaign, thousands of points of sale and millions of investrors... Is there someone from airline company intended to warn people about such kind of danger?
Of course there are differences, the MMM scheme had a single point of failure, but would bitcoin price rise forever just due to no single point of failure?
The film is based on real events. Russia, the wild 90's. An unknown mathematician and a loner, having announced the establishment of the 'MMM' company, begins to print and sell its own shares. The value of the shares is determined by the principle - 'they are always more expensive today than they were yesterday.' There is unprecedented in scale advertising campaign, thousands of points of sale are being opened and millions of new investors are attracted every week. Amount of money received by the 'MMM' is filling up rooms and wagons ... Immediately after the arrest of the CEO of the 'MMM', 17 trucks with cash left the company's headquarters in an unknown direction. The shares of 'Gazprom' gas company, worth $12billion, owned by 'MMM', have also disappeared. Too many questions, too many secrets ...
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3 months ago I was on a plane for a business trip, I found this movie in the list, surprisingly many of the things in the movie are actually happening on bitcoin: Based on mathematics, continously rising value, advertising campaign, thousands of points of sale and millions of investrors... Is there someone from airline company intended to warn people about such kind of danger?
Of course there are differences, the MMM scheme had a single point of failure, but would bitcoin price rise forever just due to no single point of failure?
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