Does anyone else find it ironic that some people refer to a distributed transparent ledger as a pyramid scheme while making no mention at all of the current debt-based, fractional reserve lending system?
What makes the current system pyramid like?
When every dollar comes into existence with interest attached there will never be enough money to pay back the debt + interest. Thus necessitating the creation of more money and more debt to allow the system to continue.
They even put the symbol of the pyramid on the fucking bills it's so obvious.
You don't understand what a pyramid scheme is, there's your problem right there.
What do you imagine would happen if people stopped paying taxes en masse, or if a country could not find any buyers to buy up future bonds?
...and neither do you. What you're describing is a libertarian pipedream, but even if it had a snowball's chance in hell, it wouldn't make the fiat system a pyramid scheme. Learn the meaning of the words you use before using them, and folks might stop laughing at you.
Fractional reserve practices are a legalised form of a ponzi, bank runs make this obvious.
Also, I never said that people would stop paying taxes or buying bonds, I asked what would happen if they did? as there are
similarities to a pyramid/ponzi. Just like a pyramid, without fresh new players willing to invest, the system as we know it would fall apart, as it is necessary to always have a new wave of players (bond buyers, or tax payers) to maintain the system, so there is a similarity to a pyramid, the people buying bonds and paying taxes ARE making an investment upon which they expect a future return, if no new players come in to continue the system, it will fall apart, and the players would lose out, as the perpetuation of the system has been stopped, which is what happens in a pyramid scheme, it works for as long as new players are convinced that they should play along, and for as long
as they get their returns, take the returns away, and the flow of new money into the system will stop, just like a pyramid/ponzi.. and the players that have already paid, will not get their investments back.
Also I was replying to a comment which asked what made the current system
pyramid like I would not say that it is 100% pyramid, I would say there are similarities.... but then I would not say that Bitcoin is a pyramid either, although some would argue that it is 100%, again I would argue that there are merely some similarities.
Furthermore, I would argue that calling the current system a pyramid, and calling Bitcoin a pyramid, are essentially as useless as each other.
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