Well again, as someone who advocates for Bitcoin, I just wanted to be able to hear people's thoughts on it. As I said, I want to gain some insight from people who have their own strong opinions about it, so it's great to hear yours and why you think so.
From what I remember, the biggest vulnerability point someone usually goes for in this argument is to say that because it involves a reliance/value factor as in for someone to pay a price higher in order for the price to rise.
Now usually I'd look at that and say that can be said about many other things which are not ponzi / pyramid schemes. The most I'd go as far to say anything about it is the only way it can be considered something malicious comes from when many people do pump/dumps to play with the prices. It was technically designed to sort of work that way so it sort of creates that perpetual circular scheme. The guys that were talking to me about it mentioned the history behind early adopters taking advantage as it may technically reward the earlier birds. But again, that's technically how the system was designed so it's EASY to maybe look at it that way simply from the kind of schemes we've faced in the past. But I also think that this concept can be applied to many things in life that are NOT schemes.
For many people who put money in to BTC 2 years ago for example, it isn't far fetched to say many lost it. So you're investing a lot in to a hold of value which can be seen as a way where it exists to make early adopters richer and later birds sort of the "suckers". And since it has no capital associated with it, there really wasn't any inherent risk for early adopters.
But I think pyramid scheme is probably a bad way to describe it as they did as there's no direct way to resell. I think the big thing is just looking at the early adopters vs "late suckers" and the way the system was designed around that. Aside from that ((again I fucking love BTC)) if you do have differing opinions, you're downvoted and people who are bullish are pretty gung ho about it to levels of cringe-mania. Which is why I was slightly nervous at all to hear people's thoughts about it on this forum.
In fact if anything, I'm quite surprised you haven't even had this idea cross in your mind at all or anybody who has seriously invested themselves in this space (I have and that's why I'm curious) as it is definitely something to explore especially if you're passionate and truly believe in it.
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So again, my opinion?
I don't think it will possibly replace current systems of transactions via FIAT / bank / etc as the way it's designed at least in the consumer sense and I think many other cryptos for example do a better job than BTC on that. But I do think BTC has been an iconic hallmark to transition society in to a world of crypto which we can see becoming a big source of value and currency in the future (as it's already making great strides to doing).
As for pyramid scheme? I think that's a bad way to describe it. Not really ponzi either. But I can see why some people MAY be skeptical about it. It's important to understand these people's perspectives in order to revolutionize the future.
And so I'll say it again - I made the thread to simply see people's opinion on the matter so that I can also be further educated in the matter or reinforce some rationale in people who actually are skeptical about this whole thing.
