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The bitcoin pyramid scheme How is that working out, where are the Lambos?

Hugo Drax

Hugo Drax

Diamond Member
Looks like Pyramid is collapsing and all the whales cashing out as quick as they can. I would not be surprised when bitcoin finally reaches zero and all the dust settles that the whole scheme was some elaborate ponzi concocted by a few Russians and europeans.

So anyone here cashing out before the music stops?
 
Hugo Drax said:
Looks like Pyramid is collapsing and all the whales cashing out as quick as they can. I would not be surprised when bitcoin finally reaches zero and all the dust settles that the whole scheme was some elaborate ponzi concocted by a few Russians and europeans.

So anyone here cashing out before the music stops?
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Personally I think that Cryptocurrency is about the stupidest Pozi Scheme a person can fall for. It does nothing remotely useful at all. I really hope that governments around the World put a brake on it before this consumes most of the World's power.
 
VirtualLarry said:
It lets you transfer "value", securely, pseudo-anonymously, WITHOUT requiring "banks". Some people find that capability useful. Not everyone is a pump-n-dump CC speculator.
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Many areas in the World are having brownouts and power outrages due to coin mining.
 
I got invited to some Bitcoin mining investment group. During the presentation, the guy (who kinda dressed like a bum) kept talking about how the current economic system was impending collapse, that Bitcoin's value was rising steadily, and sooner or later it was going to take over. He then made mention about how the system worked, about how you buy into the system and buy your equipment that mines and makes you Bitcoin (which you earn money from), but if you recruit others you get a small percentage. Once he stated that some of its members were making $60,000 per month, I was like, sunnuvab*tch, the pyramid schemers got into Bitcoin and turned it into a pyramid scheme.
 
Seems like Bitcoin tracks the stock market downward but not upward right now.

All crypto is tanking, and it'll probably continue for awhile before someone manipulates the market back upwards.
 
whm1974 said:
Personally I think that Cryptocurrency is about the stupidest Pozi Scheme a person can fall for. It does nothing remotely useful at all. I really hope that governments around the World put a brake on it before this consumes most of the World's power.
Click to expand...
I've never purchased, generated, or used any kind of cryptocurrency because I'm still trying to wrap my head around it. Still, I can't help but smirk and laugh to myself when I hear criticisms of cryptocurrency that also apply to the traditional currency we all use.
 
Ichinisan said:
I've never purchased, generated, or used any kind of cryptocurrency because I'm still trying to wrap my head around it. Still, I can't help but smirk and laugh to myself when I hear criticisms of cryptocurrency that also apply to the traditional currency we all use.
Click to expand...

Traditional currency does nothing useful? OK
 
Ichinisan said:
I've never purchased, generated, or used any kind of cryptocurrency because I'm still trying to wrap my head around it. Still, I can't help but smirk and laugh to myself when I hear criticisms of cryptocurrency that also apply to the traditional currency we all use.
Click to expand...

Yeah its truly amazing how some people cant see this.
 
Ichinisan said:
What does it do that cryptocurrency does not? Think carefully.
Click to expand...

It doesn't wildly fluctuate in value and isn't deflationary, for one (thread is about bitcoin). It's backed by the US government so is as stable as the country, which is about the best you can do.

Obviously a government could circulate a version of a cryptocurrency that allows new tokens to be created on demand (inflationary) and it would be fully capable of doing anything a traditional currency can do. Since that's not the case, it's garbage.

You can get paid in non-government backed CrypT0k3ns if you want but I'll stick with USD.
 
There is also the fact that I can take US Currency to just about anywhere in the World and be able to buy goods and services with it.
 
repoman0 said:
It doesn't wildly fluctuate in value and isn't deflationary, for one (thread is about bitcoin). It's backed by the US government so is as stable as the country, which is about the best you can do.

Obviously a government could circulate a version of a cryptocurrency that allows new tokens to be created on demand (inflationary) and it would be fully capable of doing anything a traditional currency can do. Since that's not the case, it's garbage.

You can get paid in non-government backed CrypT0k3ns if you want but I'll stick with USD.
Click to expand...
"It's backed by the [whatever government]" actually means it's manipulated by [whatever government]. Yay!

Anyway, I wouldn't expect something relatively new like this to be stable yet.

Traditional currencies can destabilize pretty quickly too -- on the whims of government officials.
 
Ichinisan said:
"It's backed by the [whatever government]" actually means it's manipulated by [whatever government]. Yay!
Click to expand...

So what? Ability to manipulate monetary policy can save an economy. Yay indeed! Thanks US government and federal reserve for printing money in 2008/2009 and bringing rates to 0, could have been a whole lot worse without that ability.

Traditional currencies can destabilize pretty quickly too -- on the whims of government officials.
Click to expand...

And despite the current idiot admin's best efforts, USD is still as stable as it was in 2015.
 
Ventanni said:
I got invited to some Bitcoin mining investment group. During the presentation, the guy (who kinda dressed like a bum) kept talking about how the current economic system was impending collapse, that Bitcoin's value was rising steadily, and sooner or later it was going to take over. He then made mention about how the system worked, about how you buy into the system and buy your equipment that mines and makes you Bitcoin (which you earn money from), but if you recruit others you get a small percentage. Once he stated that some of its members were making $60,000 per month, I was like, sunnuvab*tch, the pyramid schemers got into Bitcoin and turned it into a pyramid scheme.
Click to expand...

I believe they are now called Multi Level Marketers! 😀
 
Ichinisan said:
Yeah. It's just a matter of adoption. It performs the same function (a means of exchange)
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Except it sees massive inflation and deflation. Which makes it useless as a currency. Why buy a TV today when you can buy 4 tomorrow? So far it has served as a speculative investment. And I dont see that changing much in the future.
 
VirtualLarry said:
It lets you transfer "value", securely, pseudo-anonymously, WITHOUT requiring "banks". Some people find that capability useful. Not everyone is a pump-n-dump CC speculator.
Click to expand...

But how does that work. I sell you a car for bitcoin, i
Ichinisan said:
Yeah. It's just a matter of adoption. It performs the same function (a means of exchange)
Click to expand...

How would you feel If I bought a house in 2017 for 200k usd. I hand you 10 bitcoin and today you decide to house hunt but just discovered your bitcoin is worth only 33k. That would mean bitcoin is about as good as Venezuelan currency against the USD. The price swings makes it useless as a means of exchange.

I would rather buy gold and use that as a medium of exchange. At least I get to hold some pretty gold coins vs vapor.
 
Ichinisan said:
"It's backed by the [whatever government]" actually means it's manipulated by [whatever government]. Yay!

Anyway, I wouldn't expect something relatively new like this to be stable yet.

Traditional currencies can destabilize pretty quickly too -- on the whims of government officials.
Click to expand...

Lolol you mean bitcoin is not manipulated? So how did it run up to 20k and down to 3.3k? You dont see the dollar do that. Hey if you want an alternate store of value to hedge against currency risk go buy good old gold. Been tested for millenia and you get to hold it.

Remember anyone can create a new coin, bitcon is just one of many coins. Bitcoin is based on nothing.

Now if someone creates a cryptocurrency and its backed by an audited gold store in a insured vault and its backed by a legitimate entity then I can see that cryptocurrency working. But bitcoin is based on nothing, zero. Its worse than fiat because there are no regulations or entity to back it and provide an orderly market etc..
 
Hugo Drax said:
But how does that work. I sell you a car for bitcoin, i


How would you feel If I bought a house in 2017 for 200k usd. I hand you 10 bitcoin and today you decide to house hunt but just discovered your bitcoin is worth only 33k. That would mean bitcoin is about as good as Venezuelan currency against the USD. The price swings makes it useless as a means of exchange.

I would rather buy gold and use that as a medium of exchange. At least I get to hold some pretty gold coins vs vapor.
Click to expand...
Ha Ha I caught the Gold Bug back in the early 2000's, but couldn't afford gold coins so I brought silver rounds instead. Did you know that buying Gold with a CC isn't allowed by the Feds.

Did made about 50% profit when I sold them back in summer 2007.
 
Hugo Drax said:
But how does that work. I sell you a car for bitcoin, i


How would you feel If I bought a house in 2017 for 200k usd. I hand you 10 bitcoin and today you decide to house hunt but just discovered your bitcoin is worth only 33k. That would mean bitcoin is about as good as Venezuelan currency against the USD. The price swings makes it useless as a means of exchange.

I would rather buy gold and use that as a medium of exchange. At least I get to hold some pretty gold coins vs vapor.
Click to expand...
Silly to put a lot of money into crypto until it has had enough time to stabilize. (Decades?)

Using it for exchange doesn't mean your money has to stay in crypto form.
 
Hugo Drax said:
Lolol you mean bitcoin is not manipulated? So how did it run up to 20k and down to 3.3k? You dont see the dollar do that. Hey if you want an alternate store of value to hedge against currency risk go buy good old gold. Been tested for millenia and you get to hold it.
Click to expand...
"Volatility" and "manipulation" are different things. I would expect something this new to be volatile until the market figures out how to value it.

Hugo Drax said:
Remember anyone can create a new coin, bitcon is just one of many coins. Bitcoin is based on nothing.
Click to expand...
This, right here, is exactly what I was talking about. The US dollar and all the currencies based on the US dollar are based on ...

...

...

...

nothing.


Hugo Drax said:
Now if someone creates a cryptocurrency and its backed by an audited gold store in a insured vault and its backed by a legitimate entity then I can see that cryptocurrency working. But bitcoin is based on nothing, zero. Its worse than fiat because there are no regulations or entity to back it and provide an orderly market etc..
Click to expand...

US dollar is based on nothing. It only has value because we believe it does.
 
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