this post was submitted on 19 Jun 2024
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Was? I don't agree but I understand when people keep saying it's a pyramid scheme. I don't understand the past tense though.
I think a key difference is that it's maintained by an open network of computers rather than a state.
It's sold as a money making scheme not as an alternative form of currency. If you just use it as an alternative form of currency to get around some kind of restriction then it's fine but the crypto bros don't use it like that. They think it's going to manifest some kind of will for them. Of course they're being tricked by other people who've already invested. Who themselves were tricked by other people who already invested. It's literally a pyramid scheme. The only way anybody makes money is to get other saps involved.