Bitcoin is not a pyramid scheme because nobody controls bitcoin.
FIAT is closer to a pyramid scheme than bitcoin. Do I like bitcoin? No, I prefer monero when it comes to crypto transactions because it actually serves a purpose, but it is the truth.
It basically is. Crypto itself has no inherit worth. You don’t actually own anything. It is purely speculative. If the value of crypto collapses today, there is nobody who will ever recoup any value.
Let’s contrast that with the stock market. Are a lot of people screwed as well? Yes. But the business has physical assets that can be sold or auctioned off to recoup something
Actually, yes, you DO own crypto. If you hold the private keys to your crypto, you OWN that crypto.
To own is to have something that you control. If you have the private keys and nobody has the seed phrase or the spend address to your wallet, literally no one can take it from you.
Everything you just said applies to any form of currency. Don’t tell me you actually believe FIAT is backed by anything.
stock market
Stop. You’re already fucking up there. Cryptocurrency as a concept is not meant to be a stock. Yes there are people who treat bitcoin and shitcoins as such, that doesn’t make it a stock. That is the mistake that many people and so many others make on a daily basis. This is why I don’t support shitcoins, the only currency you should support is one with a purpose, such as the many time aforementioned monero.
If the Japanese yen had the volatility that it could go from now to worthless to 3x it’s current value in a week, would you not put money into it at the dip and cash out at the peak? Yet yen is not a stock, it is a currency. Currency is something you exchange for goods.
The word pyramid scheme does not apply to bitcoin, it applies to RUGPULLS, but nobody controls bitcoin.
That is literally nothing. It’s worth what they say it is worth.
Bitcoin and monero is worth the efforts of the community to support it. Pretty much nothing backs FIAT, that is LITERALLY what fiat is, fiat is Latin for “let it be done”.
You can argue that without FIAT currency, crypto has no value, but in reality that is not the case because they have their own value. That value is determined by the community as well as the difficulty and abundance of coins. It is literally more stable than real world cash, you just have to USE it as such. ACTUAL COINS, not shitcoins.
The US government has an entire country it could liquidate if it really had to. It just is not linked to gold. There is nothing to liquidate for bitcoin. It is pure speculation. It is simply not backed by any physical value - and never will be.
I simply cannot wrap my head around how you are still not understanding this.
What exactly do you think would happen if the government liquidated all of its assets? Police, military, tax offices, literally everything that it does to be able to extract money from the public?
The US dollar is not backed by anything. It only has value because a large body says it does. They mint more money when they want to, which means that they can always just pull more money out of their ass when they want to.
Bitcoin and other actual coins require you to actually put in work to acquire them. They are agnostic of any body, person or government. They are still assets at the end of the day, they are just not backed by a governing body, they are instead backed by a community.
It sure ain’t looking good for fiat, almost seems like fiat is a tool for the government to conduct a pyramid scheme while actual coins have no one pulling the strings.
Police, military, tax offices are NOT assets that can be liquidated.
The US can cede high-value land, lease ports, etc. to back the US dollar with something physical. The US dollar is not backed by a metal, that much is true. However, it is backed by the entire US now.
Blockchain is essentially a huge, decentralized database (or ledger) that says who owns what. The big issue with crypto is you can manipulate who owns what if you own a majority of the coin available. The other big issue is that nobody accepts bitcoin. Therefore, people are using exchanges and getting absolutely fucked by malicious smart contracts.
You keep talking about the fall of fiat, but you fail to prove that crypto is a valid replacement
Capitalism. Socialism would allocate energy and eliminate BTC mining. Social Democrats would give people energy allowance for home use and increase the price by taking it. Pure capitalists say it’s good.
There is absolutely no reason why anyone should be allowed to waste energy on that pyramid scheme shit in the first place.
Bitcoin is not a pyramid scheme because nobody controls bitcoin.
FIAT is closer to a pyramid scheme than bitcoin. Do I like bitcoin? No, I prefer monero when it comes to crypto transactions because it actually serves a purpose, but it is the truth.
It basically is. Crypto itself has no inherit worth. You don’t actually own anything. It is purely speculative. If the value of crypto collapses today, there is nobody who will ever recoup any value.
Let’s contrast that with the stock market. Are a lot of people screwed as well? Yes. But the business has physical assets that can be sold or auctioned off to recoup something
Actually, yes, you DO own crypto. If you hold the private keys to your crypto, you OWN that crypto.
To own is to have something that you control. If you have the private keys and nobody has the seed phrase or the spend address to your wallet, literally no one can take it from you.
Everything you just said applies to any form of currency. Don’t tell me you actually believe FIAT is backed by anything.
Stop. You’re already fucking up there. Cryptocurrency as a concept is not meant to be a stock. Yes there are people who treat bitcoin and shitcoins as such, that doesn’t make it a stock. That is the mistake that many people and so many others make on a daily basis. This is why I don’t support shitcoins, the only currency you should support is one with a purpose, such as the many time aforementioned monero.
If the Japanese yen had the volatility that it could go from now to worthless to 3x it’s current value in a week, would you not put money into it at the dip and cash out at the peak? Yet yen is not a stock, it is a currency. Currency is something you exchange for goods.
The word pyramid scheme does not apply to bitcoin, it applies to RUGPULLS, but nobody controls bitcoin.
Crypto is not backed by anything. The US dollar is backed by the credit of the US government. Crypto is not backed by anything.
That is literally nothing. It’s worth what they say it is worth.
Bitcoin and monero is worth the efforts of the community to support it. Pretty much nothing backs FIAT, that is LITERALLY what fiat is, fiat is Latin for “let it be done”.
You can argue that without FIAT currency, crypto has no value, but in reality that is not the case because they have their own value. That value is determined by the community as well as the difficulty and abundance of coins. It is literally more stable than real world cash, you just have to USE it as such. ACTUAL COINS, not shitcoins.
The US government has an entire country it could liquidate if it really had to. It just is not linked to gold. There is nothing to liquidate for bitcoin. It is pure speculation. It is simply not backed by any physical value - and never will be.
I simply cannot wrap my head around how you are still not understanding this.
What exactly do you think would happen if the government liquidated all of its assets? Police, military, tax offices, literally everything that it does to be able to extract money from the public?
The US dollar is not backed by anything. It only has value because a large body says it does. They mint more money when they want to, which means that they can always just pull more money out of their ass when they want to.
Bitcoin and other actual coins require you to actually put in work to acquire them. They are agnostic of any body, person or government. They are still assets at the end of the day, they are just not backed by a governing body, they are instead backed by a community.
It sure ain’t looking good for fiat, almost seems like fiat is a tool for the government to conduct a pyramid scheme while actual coins have no one pulling the strings.
Police, military, tax offices are NOT assets that can be liquidated.
The US can cede high-value land, lease ports, etc. to back the US dollar with something physical. The US dollar is not backed by a metal, that much is true. However, it is backed by the entire US now.
Blockchain is essentially a huge, decentralized database (or ledger) that says who owns what. The big issue with crypto is you can manipulate who owns what if you own a majority of the coin available. The other big issue is that nobody accepts bitcoin. Therefore, people are using exchanges and getting absolutely fucked by malicious smart contracts.
You keep talking about the fall of fiat, but you fail to prove that crypto is a valid replacement
Capitalism. Socialism would allocate energy and eliminate BTC mining. Social Democrats would give people energy allowance for home use and increase the price by taking it. Pure capitalists say it’s good.
All your downvotes are for using the words pyramid scheme. It’s a lot of not great things, for sure, but it’s not a pyramid scheme.