Bitcoin is an Open Pyramid Scheme

[Yarco]

To someone who is anti-Bitcoin this is just going to sound like cope, but here it goes...

Until I sell, I haven't lost anything. Even if I sold, I'd still have capital losses to carry forward indefinitely and offset future gains. Obviously I don't own any Luna. Although I'm overinvested in some other alts and should probably become more of a Bitcoin maxi, but I don't want to do that as a loss so I'll wait.

I already made nearly as much from crypto as my business income in both 2020 + 2021 so I don't care if it's temporarily down. I withdrew all my profits, bought $10k of worthless NFTs, and I'm still breaking even. It's just fun play money for me now really.

When Bitcoin drops to closer to $20k I will probably buy more.

IMO the current dip is market manipulation and it's market-wide. The NASDAQ is also down from $16k to $11k in the past 6 months. Even if you have a reasonable risk profile but bought in at the top, you're still getting shafted and experiencing 30% losses right now.

Manipulation was an inevitability from as soon as they chose to issue a futures-based Bitcoin ETF instead of a spot one. I see this as billionaires who were late to the party intentionally crashing Bitcoin price so they and all their friends can load off before it finally takes off.

The manipulation is everywhere. To me it seems like the elites want to squeeze as many people as possible out of owning homes, or even having a business or a job. Make you entirely dependent on the state and willing to settle for less.

I want the wealth of the Boomer generation, but I also have the Millennial entitlement of only wanting to work 0 - 20 hours a week for it. So crypto is the only viable option for me.

If Bitcoin goes to $0 I lose 5-figures but my life isn't really any worse off. If I'm right about Bitcoin then I can pay off my mortgage and probably upgrade to my "forever home" in the next 5 years and then I'm done with crypto. That's a gamble I'm still willing to take.

Bitcoin is a pyramid scheme, gold is a pyramid scheme, gasoline is a pyramid scheme. Even the food you buy at the grocery store is a pyramid scheme. The store buys it from a wholesaler hoping they can sell enough of it to turn a profit before it goes bad and becomes worthless. Manipulation is a part of every human system and it's only getting worse, but these are the parameters of the game that we were plopped into and need to play within. If you recognize the patterns of the elite, then at least you can play along with your own peanuts instead of just having them extract all your wealth from you. 

[ZzzleepingBear]

57 minutes ago, Yarco said:

Bitcoin is a pyramid scheme, gold is a pyramid scheme, gasoline is a pyramid scheme. Even the food you buy at the grocery store is a pyramid scheme. The store buys it from a wholesaler hoping they can sell enough of it to turn a profit before it goes bad and becomes worthless. Manipulation is a part of every human system and it's only getting worse, but these are the parameters of the game that we were plopped into and need to play within. If you recognize the patterns of the elite, then at least you can play along with your own peanuts instead of just having them extract all your wealth from you. 

The thing is that bitcoin is not grounded in any essential value, other than the energy that has already been used to create the coin itself.  The fiat currency that is used to buy things such as gasoline and groceries are simply a better transaction tool because it's traceable and require less computing power/energy, to move around in the digital transaction space. 

The whole reason why bitcoins became a thing at all, has probably to do with that it's a source for anonymous exchanges to take place, and thereby allow it's users invest in all kind of shady things that wouldn't be as easy with regular currency. And then later whitewash those bitcoins into fiat currency where the most essential values are tied into.

So if everyone said, hey we don't care about the fiat currency anymore it's value are dead to all of us because this pyramid scheme. Do you think something like bitcoins would provide a more honest system with less corupt value exchanges or not?

If you want to fill your car with some gas or buy some food. Then the easiest way to trade your energy imput is through a value system of some sort, and some sort of reliable government system have be created around that value in terms of money as a placeholder for any service or goods. Otherwise, established laws would be on very shaky grounds.

These crypto currency real value comes in terms of anonymity as mentioned. And with anonymity tied to a working currency comes the exceeding growth potential for various crime related business to blossom out of that. So it's either up to a established government to maintain some sort of control, or people has to try to live alongside local gangs in relation to their business. And that are often the end result from a total corrupt government.

I'm not suggesting that all governments are perfect in any way, they always need to be self regulated and questioned trough democracy. My main point in this rambling, is to not to conflate all value systems, with pyramid schemes. I used to do the same thing tbh.

 

[Consept]

2 hours ago, Knowledge Hoarder said:

I've whidrawn all my money from Bitcoin wallet back into my bank account, like a week or two before the drop? But nah, it's just not worth it wasting time and energy on cryptocurrencies, and on investing in general.

Dodging bullets like Neo! Glad you got out unscathed, I would say in general investing doesnt have to be a waste of time and energy, for me personally i just have highly diversified funds and put money in every month on auto pilot, I am down a like 8% but not really putting much attention to it 

2 hours ago, Yarco said:

To someone who is anti-Bitcoin this is just going to sound like cope, but here it goes...

I get where youre coming from with some of your points, ultimately youre choosing to make this gamble and youre aware of the downside so that is up to you. Part of the reason I never really liked crypto is the volatility, I dont think i could sit comfortably knowing that at any moment half my investment could be wiped out and thats really enough to put me off. 

 

2 hours ago, Yarco said:

Bitcoin is a pyramid scheme, gold is a pyramid scheme, gasoline is a pyramid scheme. Even the food you buy at the grocery store is a pyramid scheme. The store buys it from a wholesaler hoping they can sell enough of it to turn a profit before it goes bad and becomes worthless. Manipulation is a part of every human system and it's only getting worse, but these are the parameters of the game that we were plopped into and need to play within. If you recognize the patterns of the elite, then at least you can play along with your own peanuts instead of just having them extract all your wealth from you. 

As @ZzzleepingBear said I think you are mis-defining what a pyramid scheme is, as humans we need trade so if I want petrol (as we say in the UK) in my car or food in my stomach, I have to do a deal with someone and what im paying for is not only the food but everything in that supply chain, so thats included in the price but then also, the market depends on what people are willing to pay for it. Either way they are getting something that they consider valuable and worth using what they worked for to pay for that. 

In a pyramid scheme the value is mainly based on speculation and the idea that you can sell whatever it is to someone else for a higher price. So in the example of bitcoin, it has no inherent value as in theres no use for it, everyone literally only wants it because they think they can sell it to someone else for more. What you described with the other commodities is just how markets work, yes theyre not perfect and companies will try and maximise their returns and there are many entities on the supply chain, but ultimately they are providing something use to people who need/want it. 

You could argue Gold functions similar to bitcoin which wouldnt be completely wrong, but the key difference is that gold is used in the world, in jewellery, wires etc. Also there is a history with gold that spans centuries, that doesnt necessarily mean it will always be worth something but the foundation it has would give me at least more confidence that its not just going to go to zero. 

So I would maintain that crypto is mostly a pyramid scheme in a way thats very different to other commodities. 

[Arcangelo]

@Yarco  I am on your team

[hoodrow trillson]

On 5/13/2022 at 8:57 AM, Yarco said:

To someone who is anti-Bitcoin this is just going to sound like cope, but here it goes...

Until I sell, I haven't lost anything. Even if I sold, I'd still have capital losses to carry forward indefinitely and offset future gains. Obviously I don't own any Luna. Although I'm overinvested in some other alts and should probably become more of a Bitcoin maxi, but I don't want to do that as a loss so I'll wait.

I already made nearly as much from crypto as my business income in both 2020 + 2021 so I don't care if it's temporarily down. I withdrew all my profits, bought $10k of worthless NFTs, and I'm still breaking even. It's just fun play money for me now really.

When Bitcoin drops to closer to $20k I will probably buy more.

IMO the current dip is market manipulation and it's market-wide. The NASDAQ is also down from $16k to $11k in the past 6 months. Even if you have a reasonable risk profile but bought in at the top, you're still getting shafted and experiencing 30% losses right now.

Manipulation was an inevitability from as soon as they chose to issue a futures-based Bitcoin ETF instead of a spot one. I see this as billionaires who were late to the party intentionally crashing Bitcoin price so they and all their friends can load off before it finally takes off.

The manipulation is everywhere. To me it seems like the elites want to squeeze as many people as possible out of owning homes, or even having a business or a job. Make you entirely dependent on the state and willing to settle for less.

I want the wealth of the Boomer generation, but I also have the Millennial entitlement of only wanting to work 0 - 20 hours a week for it. So crypto is the only viable option for me.

If Bitcoin goes to $0 I lose 5-figures but my life isn't really any worse off. If I'm right about Bitcoin then I can pay off my mortgage and probably upgrade to my "forever home" in the next 5 years and then I'm done with crypto. That's a gamble I'm still willing to take.

Bitcoin is a pyramid scheme, gold is a pyramid scheme, gasoline is a pyramid scheme. Even the food you buy at the grocery store is a pyramid scheme. The store buys it from a wholesaler hoping they can sell enough of it to turn a profit before it goes bad and becomes worthless. Manipulation is a part of every human system and it's only getting worse, but these are the parameters of the game that we were plopped into and need to play within. If you recognize the patterns of the elite, then at least you can play along with your own peanuts instead of just having them extract all your wealth from you. 

I’ve seen some copes typed up online before but good God man you really went all out!  This is one the most ridiculous things I’ve read specifically on this forum, no offense.
 

 

Edited May 14, 2022 by hoodrow trillson

[JarretFold]

In general, bitcoin is actually a good currency for trading, I think you should pay attention to it. But you can also read some SingularityDAO medium articles because I recently discovered them. I went to their site and read how tokens work in general and why it's worth choosing them. In addition, they have an advantage and this is automatic trading, which cannot but please if you start your activity in the crypto market.

[Consept]

2 hours ago, JarretFold said:

In general, bitcoin is actually a good currency for trading, I think you should pay attention to it. But you can also read some SingularityDAO medium articles because I recently discovered them. I went to their site and read how tokens work in general and why it's worth choosing them. In addition, they have an advantage and this is automatic trading, which cannot but please if you start your activity in the crypto market.

When the bots come out to defend it, you know things are bad 

[Roy]

Crypto is just a meme and a fad driven by the social hysteria of our stupid materialistic culture. After 5 years I have yet to see an actual explanation of it's real world utility without people jerking off over some convoluted circular reasoning.

I'm not pro or anti crypto btw, people can do whatever they want with it. I'm just enjoying laughing at the whole thing. Humans are hilarious.