Bitcoin is a pyramid scheme. I'm here to find out why so many people buy into it.
Discussion
Troll or retard?
Genius, he knows how to get engagement
Tell me if you were the only one willing to pay US dollars for Bitcoin would you buy them?
Dumbest hypothetical question that has nothing to do with anything
Is that it? is that all you get? I'm here suspecting a lot of you have bought into a Ponzi scheme and you got zero articulated defense. Ok.
Have fun staying poor
Plenty of people can get rich in a Ponzi scheme. But that does not negate from the fact that the people on top get rich by getting other people involved lower down.
Mind you, the only people getting rich with Bitcoin are the ones who eventually cash out for US dollars, and the US Dollars make them rich.
The only reason Bitcoin is worth money is because there's always another sucker willing to pay cash for Bitcoin. Until there's not.
Bitcoin derives value from its ability to remove state control from the expansion of money supply and transaction censorship. Unfortunately, the failure of most users to use Bitcoin privately negates this value proposition.
Fiat goes down. Bitcoin goes up. It's as simple as 1+1=2 . What you fail to realize is Bitcoin is new money technology and fiat is bad. Bitcoin is the riches, fiat is the ponzi.
Bitcoin is extremely volatile and makes the dirty fiat currency look really stable.
From a morons point of view 😆 🤣
The stability of the fiat depends strongly(!) on the country/fiat.
FFS, Turkey has an inflation of 70%. Turks are traditional gold bugs (for a reason), even they see the value of Bitcoin (high adaption).
And I am not talking about countries like Argentina and so on.
And then: ever tried to send money international without owning a bank account? Like in 3rd world countries? Or even with a bank account? It's a mess, you pay high fees to Western Union or you have to find someone "eligible" enough to have an account in that country, plus state fucking you (taxes, observation and so on).
For these people Bitcoin has a real good usecase.
Yes I can definitely see the use in that
The point is to not cash out for fiat. Until you understand that part, you cannot understand the rest. Millions of people own btc, untold number of businesses accept btc. Dollars become more and more irrelevant as more and more individuals and businesses get onboarded.
Fiat is a dirty game. Bitcoin plays dirty to win.
How do you win at bitcoin? The only way to claim your prize is to cash out with US dollars right?
Winning means using Bitcoin privately as cash to pay for goods and services.
I agree that would be winning. I don't know how I could get any goods or services in my life with Bitcoin right now. almost no one I know uses it.
You do not have to know anyone who uses it. It is frictionless intrrnet-native money that can be permissionlessly exchanged peer-to-peer for goods and services. You can use it to pay anyone anywhere in the world with instant settlement. Check out btcmap.org for merchants that accept bitcoin. You can buy directly from ranchers all over the US too by looking them up on map.beefinitiative.com
If you want a great and easy read on the moral case for bitcoin, you should check out Thank God for Bitcoin by Jimmy Song (and a number of other authors).
Bitpay.com
Bitcoin is superior money. I use it as my savings technology, but I have also bought multiple different goods/services with it.
I bought something with Bitcoin today.
It's money. And it's 1000x better money than dirty fiat.
Bro do you even understand what money is?
That could be said about anything, including gold.
If your counterparty doesn't accept Bitcoin(or gold), you would have to change it into something other become going the trade.
How's that related to your 'pyramid sceme theory'?
My friend nostr:npub1s5wa8usq6kwqd86zah3scx475ga2fq2hzf56n3hqhrmqux2gd3qquyu44q is not retarded nor a troll, but he is finding the orange pill tough to swallow. How can we help the medicine go down?
#plebchain #grownostr
Zap back 8 bucks then you’re right.
Cuz we got here early?
If you're in the US or various other first world countries who's fiat is at the top of the fiat pyramid, and you have confidence it will remain that way, then the reasons for Bitcoin being useful will be harder to understand.
It's global. It's available to the unbanked. It's available to anyone. It's inflation resistant. It's essentially what everyone wanted banks to be, when they were backed by gold. Instead of gold, Bitcoin is backed by energy.
I see your point. it was well articulated. I'm glad to finally find somebody who can articulate their points.
However what do you think can be done about the extreme volatility of Bitcoin?
I'm pretty sure nobody wants to rely on a currency that can lose half its value overnight.
Two things:
Once you have used it in it's basic form as savings, for a certain amount of time (I'd venture to say, for one cycle or 4 years). Then it does not seem as volatile. It may go up and down, but it never goes down past where you bought it. So it starts to seem less volatile from a savings perspective. Since many first world countries operate purely on debt and have almost completely done away with fiat savings, preferring to hold property, bonds, treasuries or stocks, they have a hard time making it 4 years before thinking of selling. They will tend to sell far before it starts to make sense and then begin to hate that they did so too early.. This is how negative sentiment happens, they will be very loud about how it will fail, hoping that someday they will be right. Bitcoin has continued on despite this, as it's fundamentals do not stop working. A Finite amount is a Finite amount.
As the block reward decreases, and the uncertainty factors of government bans, laws and regulations decrease, there will be less and less short term volatility for using it to 'live paycheck to paycheck'. Those that wish to do this now, can still do it, but they must weigh the risk of holding their own fiat currency vs. Bitcoin for a short term. Their likelyhood to do so depends on how volatile their fiat is. For the US, being top dog in fiat valuation, while still not preferred to hold it for a long term timespan, it is easy to see why people prefer US fiat for short terms where their savings balance is often touching zero being spent as it is earned. However, in countries like Turkey, Egypt, Venezuela, Argentina etc, they seem to prefer the volatility and liquidity of Bitcoin and have educated themselves quicker on the adoption curve. All the while benefiting from it automatically is a savings vehicle, for what they do set aside..
That was rather long winded, but that's how I see it. Tldr is, the US population will be one of the last to understand why Bitcoin is useful. Being part of that population myself, I know it is usually futile to attempt to explain. Meanwhile though, the same fundamentals are still valuable here if you have the patience and can afford to hold an amount through a cycle while ignoring the price.