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Is cryptocurrency a pyramid scheme? I've invested a healthy amount into cryptocurrency and had a decent return. There's just one thing that keeps me up at night.
How do we know that this isn't a pyramid scheme? Basically the whales who started much sooner before us could cash out at any moment. Would this cause the whole crypto world to come tumbling down?
I remember watching some ethereum conference of them talking how the market cap could reach 1 trillion dollars in the next four to five years. I can't see how that is humanly possible. It's not like every normal person will just start shoving all of their paychecks into this stuff.
People talk about once cryptocurrency becomes mass adopted everything will sky rocket. What exactly does "mass adoption" look like to you?
Besides the SEC reviewing the potential possibility of investing part of people's rrsps / 401k's into cryptocurrency I can not see this becoming mass adopted.
Does anyone else feel that we are being strung along? As I previously stated I have made some decent returns. But what is stopping this all from crashing one day and the whales cashing out.
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Ask yourself something. Are they more intelligent than Bill Gates?
https://www.youtube.com/watch?v=e6KRp91YAw8
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>>2072008
yes its a pyramid scheme like fiat
>Would this cause the whole crypto world to come tumbling down?
yes, it would go down and never ever go back up again.
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>>2072008
It's a pyramid in the sense that it always requires someone else to buy. Exactly like the stock market. There will always be money to be made in crypto, provided those people exist. And it looks like, for the forseeable future, they will exist.
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>>2072008
>How could the market cap reach 1 trillion dollars
Gee idk, it's internationally traded, and the us stock exchange has a 67 trillion dollar stock market cap
>How is going to be mass adopted
It's intention is to circumvent most of the existing centralized technology, which it might
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>>2072008
>Basically the whales who started much sooner before us could cash out at any moment.
How? Maybe they did already and that's when the price goes down (for them as well)
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>>2072008
Yes, there is nothing that backs crypto currencies.
They don't even give you a crypto domain name or an email address or cloud storage or something you can use that may be useful to you.
You're putting Fiat money into a digital currency that gives you noting in return except the possibility of making interest if a bunch of others put millions into the scheme which causes the price to rise.
You can't even pay for things with most crypto currencies unless you exchange them first for bitcoins/cash which is time consuming.
If crypto currencies gave you something in return they would be much better off in the long run.
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>>2072119
I'm trying to say when they all cash out at the same time it hurts them (downward pressure on their selling prices).
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>>2072128
>If crypto currencies gave you something in return they would be much better off in the long run
We are in the lunatic fringe era of crypto. Any investment in them is pure speculation that it will be useful one day based on what it is able to do, not based on what it can do already. The same holds true for many small-cap stocks.
Bitcoin is really the only one that can be used for anything right now, and more and more businesses are adopting it every day. Compared to its potential, bitcoin and its alts are dirt cheap.
You could call it a pyramid scheme, but that implies that there is nothing useful about it whatsoever. There is.
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>>2072008
>How do we know that this isn't a pyramid scheme? Basically the whales who started much sooner before us could cash out at any moment. Would this cause the whole crypto world to come tumbling down?
Just a guess but I'm thinking that the whales are responsible for possibly70-90% of the increase we saw in the last couple months. In order for them to recover that money, they have to wait for a lot more money to come in. That will take time. SO in the short term, I think it's a safe bet. But I can see them cashing out once smaller retail investors come in en masse, especially if the coin looks like it's not really gonna fly.
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Life is a pyramid scheme.
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I am close to the whales, sharks too. I can give you some vague hints as to the true nature of crypto.
It's very much a futurist concept, but right on the edge of becoming a real currency.
Everyone in this thread uses the term "pyramid scheme" which is funny.. you should look more at crypto as big flat triangle, like a geometric shape.
It's not a PONZI SCHEME (the word you are all looking for) but you should all read up on Charles Ponzi and why this was named after him.
Look at his life in parallel to our world today, imagine if he was alive to see bitcoin?.
https://en.wikipedia.org/wiki/Charles_Ponzi
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>>2072342
crypto is closer to a pyramid scheme than a ponzi, though it is neither.
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>>2072128
>digital currency that gives you noting in return except the possibility of making interest if a bunch of others put millions into the scheme which causes the price to rise.
So it's just like fiat minus the inflation. That's bad why exactly?
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