Bitcoin is a financial pyramid?

[Toshamedova]

Bitcoin is a financial pyramid? Will not the loss of wallets and the limited number of bitcoins to high deflation lead to the destruction of Bitcoin? How many bitcoins are there now? What generally supports this currency?it is very interesting to hear your opinion on this)

[londonglory]

Some people think btc is a financial pyramid however, there is no solid proof. It's kinda like a ponzi scheme but if you would call btc a ponzi scheme, assets would be too.

[The Sceptical Chymist]

Nah.  When I first heard about bitcoin back in 2012 or so, I assumed it was some sort of scam--or at best a fad or gimmick like Flooz was in 1999, some sort of internet currency that nobody wanted or needed and that would die out within months.  Turns out that I never changed my position on the latter (I think it's a solution in need of a real problem, at least for civilized countries), but I was dead wrong on the first part.  It's definitely not a scam, Ponzi, pyramid, or otherwise and it took off to a degree beyond anything I'd anticipated.

Right now I'd be careful investing in it, because it's near its all-time high, and that's exactly the point at which people start inflating the bubble and then it pops.  Can't say for sure if or when that's gonna happen, but I get the feeling that it will.  We'll see.  But it's not a scam.

[pawel7777]

Bitcoin is a financial pyramid? Will not the loss of wallets and the limited number of bitcoins to high deflation lead to the destruction of Bitcoin? How many bitcoins are there now? What generally supports this currency?it is very interesting to hear your opinion on this)

What does potential destruction of all bitcoins have to do with financial pyramid??

Also, no. Bitcoin can be divided infinitely, so there's no risk of complete destruction unless all the bitcoins are destroyed all at once.

[BETnaBET]

Bitcoin is a financial pyramid? Will not the loss of wallets and the limited number of bitcoins to high deflation lead to the destruction of Bitcoin? How many bitcoins are there now? What generally supports this currency?it is very interesting to hear your opinion on this)

Yes l think bitcoin is like a pyramid also, But even it is possible to experience scam here in bitcoin.But it's ok, as l monitor my auntie she said it is bigger she earn than she lost of no payment on her salary.

[Samsungnumbertwo09]

Bitcoin is a financial pyramid? Will not the loss of wallets and the limited number of bitcoins to high deflation lead to the destruction of Bitcoin? How many bitcoins are there now? What generally supports this currency?it is very interesting to hear your opinion on this)

Right now I'd be careful investing in it, because it's near its all-time high, and that's exactly the point at which people start inflating the bubble and then it pops.  Can't say for sure if or when that's gonna happen, but I get the feeling that it will.  We'll see.  But it's not a scam.
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[Chris!]

Bitcoin is a financial pyramid? Will not the loss of wallets and the limited number of bitcoins to high deflation lead to the destruction of Bitcoin? How many bitcoins are there now? What generally supports this currency?it is very interesting to hear your opinion on this)

Yes l think bitcoin is like a pyramid also, But even it is possible to experience scam here in bitcoin.But it's ok, as l monitor my auntie she said it is bigger she earn than she lost of no payment on her salary.

Huh? Read the OP. Then read your post. Then edit it accordingly. What does this have to do with you changing your aunt's bedpan?


How does a deflationary asset where no more will ever be created = pyramid? We need to see you're in depth analysis here.

[integrap]

I dont think that bitcoin is a financial pyramid system or something like that. It is a new technology of money. People who belive in blockchain technology they invest their money yes but I dont have alt-members or I dont earn money from them. It is like investing your money on a promising project or company.

[ZainSpider]

Bitcoin has nothing to do with financial pyramid nor a PONZI. Its the most beautiful way of earning money now.

[BtcBling]

I don't think that Bitcoin is a financial pyramid, Ponzi scheme or scam. What I see here is a revolutionized virtual currency technology and in the near future, everyone will know, use and access it as an alternate payment, investment, saving, and/or purchasing transactions in a form of virtual currency.

[boyjackyou]

There is no network of people whos behind BTC,its a decentralized digital currency.Maybe you it is Bitconnect you are saying i couldnt disagree its a total ponzi scheme but not the original Bitcoin.

[Dexion]

I don't think that Bitcoin is a financial pyramid, Ponzi scheme or scam. What I see here is a revolutionized virtual currency technology and in the near future, everyone will know, use and access it as an alternate payment, investment, saving, and/or purchasing transactions in a form of virtual currency.

yes, I agree with you, that bitcoin is not a pyramid system, but bitcoin is a digital currency that we can use as a transaction tool, making it easier for us to transact. there is no interest and purpose other than to improve the world economic system.

[Similificator]

Bitcoin is a financial pyramid? Will not the loss of wallets and the limited number of bitcoins to high deflation lead to the destruction of Bitcoin? How many bitcoins are there now? What generally supports this currency?it is very interesting to hear your opinion on this)

Well, at first sight, bitcoin really does look like a pyramiding scheme that has managed to be lucky all these years because it has survived this long. But, if you look deeper and try to study more about it and how it works, this might change your point of view and make you understand why a lot of people are going crazy about cryptos and do people continue to trust and have faith in bitcoin even when it has brought big loss to a lot of peopl die to its very unpredictable volatility.

[jseverson]

What do you even mean by financial pyramid? If you're comparing it to traditional pyramid schemes, no it isn't. Pyramid schemes are unsustainable because it always needs fresh recruits to sustain itself. Bitcoin has no such limitation, and everyone involved can do as they please. It's still a currency at the end of the day after all.

There are apparently around 16 million in circulation, but I don't know if that accounts for lost coins. It isn't backed by anything; it's speculative. Whether or not you want to dip your toes in the market is up to you.

[franky1]

its not a pyramid.
because a pyramid has many steps/levels where part of each trade gives funds to EVERYONE ABOVE the bottom trader.
however with bitcoin, its just a 1-on-1 trade, so once bitcoin is sold..its done..  no hierarchy, no syphoning off, no layers..

though bitcoin had purpose from 2010(bitcoin pizza) untill about 2014/2015 (merchant/retail spending) that has pretty much dried up now and not many really use it as a functional monetary currency anymore

now its just an asset currency, held purely for the hope of selling it for profit. many say its more like a ponzi, in which a ponzi is basically a asset with no function thats only purpose is to convince a new person to buy it from you for more then you did, knowing eventually that people will lose out when it crashes.

to me its more like a bubble.
houses are a bubble, do people buy them as a place to rest their own head at night or as pure investment such as buy to let/real estate
tulips are a bubble, do people buy them as a cool flower to garden, or as pure investment

when the function/utility desire decreases and the investment gamble/speculation desire increase, people start to notice the bubble
that said. even if the bubbles burst. it may not mean its dead..
flower companies and gardeners still buy tulips even today, and tulip suppliers still make profit even today centuries after the tulip bubble burst
houses still exist and bought today. even after the real state bubble burst
a bubble simply means the inflated air of speculation has popped and a new lower more realistic level of function/utility value comes out of it

with bitcoin the utility desire is nearly gone.. only investment desire is dominating. and at some point even that will wane.
so ill leave you to think about that

[linkHA]

Bitcoin is a financial pyramid? Will not the loss of wallets and the limited number of bitcoins to high deflation lead to the destruction of Bitcoin? How many bitcoins are there now? What generally supports this currency?it is very interesting to hear your opinion on this)

Indeed, many bitcoin has been lost, and many more have not yet been found, and it is normal that the price of bitcoin is rising.

[Renal]

In my opinion, the digital currency is nothing but an unfounded mode (or perhaps a pyramid scheme), based on a willingness to value something of little or no value beyond what one would pay for.

[Erichallig]

A pyramid scheme is an illegal investment scam based on a hierarchical setup. New recruits make up the base of the pyramid and provide the funding, or so-called returns, the earlier investors/recruits above them receive.

on the other hand, bitcoin value is driven by pure supply and demand. It is nothing like a pyramid scheme.  Bitcoin represents a completely level and fair playing field, because the economics of adoption and growth cannot be controlled by anyone.

[felipe04]

It can be like that and i know some of that pyramid like redex and some mining here you need to refer someone to earn but crypto are more good that you can't imagine and conveniece that can brings to any users of it like the transaction and to save our own money here another thing it's more profitable than anything negative about bitcoin because a lot of people earn here big from what they do like in faucets or promote some campaigns.If i count what can crypto or btc can brings this post will be so long than to think negative about it.

[traderethereum]

Some people think btc is a financial pyramid however, there is no solid proof. It's kinda like a ponzi scheme but if you would call btc a ponzi scheme, assets would be too.

for people which are not read about bitcoin, maybe they will think that bitcoin is a pyramid or ponzi or whatever its the name. but for me, I don't think that bitcoin is like that and I think bitcoin is just a new way that we could do to make money on the internet. although I still learn more about bitcoin, at least I know that bitcoin can help me to earn something for my life. I use bitcoin as my investment like other people and I use bitcoin to withdraw so I can have money to buy something.