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Title: To those that say bitcoin is a pyramid scheme Post by: MrPickles on April 07, 2013, 10:38:39 PM If it is, it is one that will go on for 100 years. 1/4 of the planet doesnt even have internet access. The day you die you could buy bitcoins and still be an "early adopter". When we reach "all the people who will ever use bitcoins" all that happens is inflation which you are already used to in "regular money"! Finally, do you think a new kind of money could start any other way? Would you have signed up for this message board and spent time on a "e-money" that LOST value over time? No, the "hook" to get people to read about bitcoin was that it was deflationary and it goes up! Just think of it as money with a built-in-savings account. (Because if you think about it a savings account is just as much a pyramid scheme) 8) Title: Re: To those that say bitcoin is a pyramid scheme Post by: Mike Christ on April 07, 2013, 10:47:23 PM Gold is a pyramid scheme. Those guys who pretended that the orangey-yellow metal was worth anything are now rich. I want my money back.
Also, money is a pyramid scheme; the banksters all make the most profits on it, even though it's just worthless paper. I want my gold back. Title: Re: To those that say bitcoin is a pyramid scheme Post by: smahopwi on April 07, 2013, 10:51:29 PM The number of wildly loose definitions of "pyramid scheme" make practically everything one.
Bitcoin may be a "bubble" but it lacks several defining features of a "pyramid scheme" such as: - No centralized party - No guarantees offered whatsoever - There is a definitive maximum number of available "coins". Title: Re: To those that say bitcoin is a pyramid scheme Post by: Gator-hex on April 07, 2013, 10:52:12 PM All bitcoins will be found by 2033 I believe and if there isn't enough transaction fees by then to pay the electicity people will just switch off their computers.
It is a pyramid scheme in the sense that the supply of coins is being limited and so they become rarer over time. This doesn't enable stable prices and will hinder shop take-up of bitcoins because anyone holding stock is losing value on it all the time bitcoin is gaining value. Title: Re: To those that say bitcoin is a pyramid scheme Post by: Mike Christ on April 07, 2013, 10:53:46 PM All bitcoins will be found by 2033 I believe and if there isn't enough transaction fees by then to pay the electicity people will just switch off their computers. It is a pyramid scheme in the sense that the supply of coins is being limited and so they become rarer over time. This doesn't enable stable prices and will hinder shop take-up of bitcoins because anyone holding stock is losing value on it all the time bitcoin is gaining value. Quick note; all BTC will be found sometime in 21xx; you forgot, the reward gets cut in half every so often :P Title: Re: To those that say bitcoin is a pyramid scheme Post by: MrPickles on April 07, 2013, 11:14:20 PM All bitcoins will be found by 2033 I believe and if there isn't enough transaction fees by then to pay the electicity people will just switch off their computers. Then the difficulty goes lower and the people who keep mining get the fees. Quote It is a pyramid scheme in the sense that the supply of coins is being limited and so they become rarer over time. Like I said if they were unlimited, people would never have cared about bitcoin. There would be 0 incentive to use it. Title: Re: To those that say bitcoin is a pyramid scheme Post by: btcminer021 on April 07, 2013, 11:36:55 PM Gold is a pyramid scheme. Those guys who pretended that the orangey-yellow metal was worth anything are now rich. I want my money back. Also, money is a pyramid scheme; the banksters all make the most profits on it, even though it's just worthless paper. I want my gold back. You're completely ignorant and talking out of your ass. Don't get me started... Gold is not the same as money. Title: Re: To those that say bitcoin is a pyramid scheme Post by: Anillos on April 08, 2013, 12:07:19 AM Pyramid? Not, Bitcoin is a bubble: http://www.listentobitcoin.com/ :D
Title: Re: To those that say bitcoin is a pyramid scheme Post by: MrPickles on April 08, 2013, 12:13:44 AM Pyramid? Not, Bitcoin is a bubble: http://www.listentobitcoin.com/ :D ha ha very cool! |