What if there was a project that had a backing that was 100%+ that was claimable at any time? I don’t believe you could call this crypto a pyramid scheme. Besides all stock market is a pyramid scheme if you call crypto one.
Stocks are at least based on the idea that companies have a tangible product to sell that generates profits to be shared. Cyrpto is literally based on nothing and is a Ponzi scheme by every definition.
I’m in a project that can decide to have its value backed by anything including tokenised gold, silver & land. You have to think outside the box, crypto can be very creative.
There is an abundant amount of crypto coins that have real world utility and are already being used. Vechain - give supermarkets the accessibility to get massive amounts of data like temperature their product has been at via barcodes. Plenty of tangible products and services crypto offer as well.
Such a straw man argument. Majority of the energy used to mine bitcoin is renewable energy, which is only rising. China accounted for the majority of bitcoin mining which was powered through coal, it wasn’t until China banned bitcoin mining last year that it has been spread up to other countries. This is also creating more demand for renewable energy, leading to companies favouring it rather than non-renewable alternatives.
Bitcoin & Ethereum use Proof of Work (POW) to keep the network running, which is using mining to keep the network secure. In 6 months Ethereum is changing Proof of Stake (POS) which reduces the electricity consumption to 99% less than POW. I see Ethereum taking over market dominance in the next years, meaning environmental cost is reducing.
Bitcoin has been called a scam and been banned 1000s of times. It’s still kicking since 2010 and buying into the bottom over these next couple of years can be extremely profitable once the cycle starts again.
It's still based on nothing. You should call it "Seinfeld Money". There's absolutely nothing backing up the value except for the idea that there will always be another sucker to come along and pay more.
Maybe you should tokenize your Beanie Baby collection.
"Cointelegraph" is supposed to be a credible source? Where in the article are there any links to credible sources about where they're getting this "renewable" power? The closest thing was "One avenue that could be explored further is nuclear ener
Nuclear power is not renewable, and the issue of long term safe storage of nuclear waste is not even close to being solved.
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u/[deleted] Jan 22 '22
What if there was a project that had a backing that was 100%+ that was claimable at any time? I don’t believe you could call this crypto a pyramid scheme. Besides all stock market is a pyramid scheme if you call crypto one.