Bitcoin is a pyramid scheme because it only keeps its value as long as people are constantly buying it. If no one wants to buy it, the value of any amount of bitcoin is zero. This is why people who have bitcoin are trying to convince anyone else to keep buying.
Your local government-backed currency does not have this problem, because you get paid with it, you pay taxes with it and vendors in your country have to accept it.
Bitcoin is a pyramid scheme because it only keeps its value as long as people are constantly buying it. If no one wants to buy it, the value of any amount of bitcoin is zero. This is why people who have bitcoin are trying to convince anyone else to keep buying.
any currency is initially a bank’s promissory notes, and then a promise to exchange the paper for some kind of labor. As a person who has experienced at least one default in his life and whose entire toilet is covered with USSR money, I can say that in this regard, no currency is different from bitcoin.
The value of gold, silver and platinum is determined by two factors: there is little of it in nature and you cannot take more at will and it does not oxidize, which ensures good storage.
I really don’t know about you, but in my country you can’t take gold out of the bank. You buy gold from a bank and it stays in the bank longer without the possibility of taking it out. What a joke. Guess what happens to the bank and the gold in it when the economy collapses.
And now look at Bitcoin. there is a little of it, you can’t increase it at will, and it’s convenient to store. Does it remind you of anything? And it’s always with you.
Bitcoin is a pyramid scheme because it only keeps its value as long as people are constantly buying it. If no one wants to buy it, the value of any amount of bitcoin is zero. This is why people who have bitcoin are trying to convince anyone else to keep buying.
Your local government-backed currency does not have this problem, because you get paid with it, you pay taxes with it and vendors in your country have to accept it.
any currency is initially a bank’s promissory notes, and then a promise to exchange the paper for some kind of labor. As a person who has experienced at least one default in his life and whose entire toilet is covered with USSR money, I can say that in this regard, no currency is different from bitcoin.
Well, gold might be a little bit different. It derives its value not because of a government mandate but because monkey brain like shiny
The value of gold, silver and platinum is determined by two factors: there is little of it in nature and you cannot take more at will and it does not oxidize, which ensures good storage.
I really don’t know about you, but in my country you can’t take gold out of the bank. You buy gold from a bank and it stays in the bank longer without the possibility of taking it out. What a joke. Guess what happens to the bank and the gold in it when the economy collapses.
And now look at Bitcoin. there is a little of it, you can’t increase it at will, and it’s convenient to store. Does it remind you of anything? And it’s always with you.