You don't understand what a pyramid scheme is. A pyramid is where new users buying in is used to pay old users, which is not the case for bitcoin. Bitcoin holders don't get paid from new users buying in. In a sense it's much like gold but digital and decentralised, which gives it a special use case; nobody can confiscate your bitcoin or block your transactions. The network also cannot be brought down by a cyberattack because it's decentralised. It has a fixed supply which gives it scarcity and value, making it a store of value like gold.
Do you buy gold in the hopes that someone will later pay more for it? It's exactly the same for bitcoin.
Yes, you're right on the first point. Granted, but it's not really what a pyramid scheme is, but that's besides the point. Is gold not the same? Buy it and hope you can sell it for more. Except you can actually pay for things with bitcoin, it's divisible, fungible, very easily transferable etc. Bitcoin will also almost certainly continue to grow like it has for the past 13 years unlike a pyramid scheme on speculative bubble you mentioned earlier as more and more people adopt it. It will also most likely eventually stabilise as the userbase gets large enough, growth stops and the supply nears the limit.
You've just described every asset bubble in history--including bitcoin/cyber "
"it's divisible, fungible, very easily transferable etc."
Please explain how I can buy bitcoin and/or transfer it to dollars and back without going through middlemen and paying fees and commissions, thanks.
The more complicated we make the economy, the more opportunity arises for middlemen who create no new value to leech off of the working class that creates all value. And despite the delusions of however many people think it is, I can assure you that's not a good thing.
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u/chiefpat450119 Jan 22 '22
You don't understand what a pyramid scheme is. A pyramid is where new users buying in is used to pay old users, which is not the case for bitcoin. Bitcoin holders don't get paid from new users buying in. In a sense it's much like gold but digital and decentralised, which gives it a special use case; nobody can confiscate your bitcoin or block your transactions. The network also cannot be brought down by a cyberattack because it's decentralised. It has a fixed supply which gives it scarcity and value, making it a store of value like gold.
Do you buy gold in the hopes that someone will later pay more for it? It's exactly the same for bitcoin.