Howard Marks Calls Bitcoin "A Pyramid Scheme"

[jubalix]

even if it was (and its not) its >>> than the pyramid scheme than FIAT, as you can just keep printing FIAT.

  It hurts me to say it but fiat has a value. If you don't get hold of some to at least pay your taxes you'll end up in court :/

I agree FIAT has value as it can bring capital and labour together to produce.

However that value has become delinked to face value, as the banksters have a monopoly, and perhaps a natural monopoly due to the need for regulation is system so open to abuse.

This has however lead to the situation where the money printing has happened without bound, thus evaporate you buying power, and increasing their share.

BTC now offers a massive alternative.

[flipper55]

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

'Pyramid scheme' here is a figure of speech. And he does have a valid point.

Until bitcoin becomes a currency used for transactions (for all intents and purposes it is not yet one) its value depends on the influx of new speculative money. Hence the reference to a pyramid scheme.

No to be taken literally.

     

Capitalism in general depends on new money, wether by expanding markets, or opening new markets. Industries that don't get new money, die.

True but here I'm talking about speculative money. Money that looks for speculative capital gains, not returns from productive activities.

If you read the threads in this forum nearly everyone is focused on the PRICE of bitcoin, past current and future, not it's actual value proposition. The speculative mindset is near 100% predominant with bitcoin.

Valid point, and the article makes valid points as well... hell the most valid point, would you rather own Every single bitcoin right now, own 100% stake in Goldman-Sachs, or own 100% stake in PayPal... seriously, every owner of a crypto should ask themselves that question.

If people say Bitcoin, they are definitely a true believer.... I am not... I'm a believer, but the f**k if I'm going to drink the Kool-Aide. 😋

[moviebuff777]

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

I think people have trouble seeing the value of bitcoin because it isn't tangible and isn't backed by a government or gold. What they fail to see is that it has value in other ways. Is is a conduit for transferring money via the internet. It is a way to hold funds with just a alphanumeric key. It is also a way to control your money rather than having a bank or government control it.

[HughCaires]

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

It does not directly benefit you to recruit people to buy  BTC so no its not a pyramid scheme. This guy just seems to a have a misunderstanding of what a pyramid scheme is and much less of an understanding what BTC is.

[Russlenat]

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

It does not directly benefit you to recruit people to buy  BTC so no its not a pyramid scheme. This guy just seems to a have a misunderstanding of what a pyramid scheme is and much less of an understanding what BTC is.

Yes, maybe he just not open minded on bitcoin! whatever they call and think about bitcoin if just fine and is not matter at all, as long as I have bitcoin earning is fine for me.

[williamuk]

even if it was (and its not) its >>> than the pyramid scheme than FIAT, as you can just keep printing FIAT.

  It hurts me to say it but fiat has a value. If you don't get hold of some to at least pay your taxes you'll end up in court :/

I agree FIAT has value as it can bring capital and labour together to produce.

However that value has become delinked to face value, as the banksters have a monopoly, and perhaps a natural monopoly due to the need for regulation is system so open to abuse.

This has however lead to the situation where the money printing has happened without bound, thus evaporate you buying power, and increasing their share.

BTC now offers a massive alternative.

I agree. So much promise 

[williamuk]

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

'Pyramid scheme' here is a figure of speech. And he does have a valid point.

Until bitcoin becomes a currency used for transactions (for all intents and purposes it is not yet one) its value depends on the influx of new speculative money. Hence the reference to a pyramid scheme.

No to be taken literally.

     

Capitalism in general depends on new money, wether by expanding markets, or opening new markets. Industries that don't get new money, die.

True but here I'm talking about speculative money. Money that looks for speculative capital gains, not returns from productive activities.

If you read the threads in this forum nearly everyone is focused on the PRICE of bitcoin, past current and future, not it's actual value proposition. The speculative mindset is near 100% predominant with bitcoin.

Valid point, and the article makes valid points as well... hell the most valid point, would you rather own Every single bitcoin right now, own 100% stake in Goldman-Sachs, or own 100% stake in PayPal... seriously, every owner of a crypto should ask themselves that question.

If people say Bitcoin, they are definitely a true believer.... I am not... I'm a believer, but the f**k if I'm going to drink the Kool-Aide. 😋

Hahaha erm... I'll wait to see what happens with bitcoin's governance before I answer that question