It’s only a day into 2020 and an economist has labelled bitcoin a ‘pyramid scheme’.
Chief Economist for Lending Tree labels Bitcoin a ‘pyramid scheme’ – and he might just be right.
Look closely at cryptocurrency and realize it probably isn’t the savior it’s been erroneously sold as.
Cryptocurrency holders share much in common with money-lenders, land-owners and fractional reserve bankers – they just don’t know it.
When someone in the mainstream media berates Bitcoin, it often becomes an emotional alarm call for the cryptocurrency news squadron.
Suddenly, all the failed novelists who occupy cryptocurrency news desks spring into action, spewing forth endlessly optimistic and hopeful refutations. With all the sassy pride of Hillary Swank’s Freedom Writers, their optimism, while hollow, manages to reassure those on the inside.
But what if one of those outsider mainstream folk we love to demonize so much happened to be right?
Recently in the pages of Yahoo Finance, Chief Economist for Lending Tree, Tendayi Kapfidze called Bitcoin a pyramid scheme.
According to Kapfidze, Bitcoin is a solution in search of a problem, and the only way to get rich off it is to dupe others who come in after you. Kapfidze said:
It’s a pyramid scheme, you only make money based on people who enter after you. It has no real utility in the world. They’ve been trying to create a utility for it for ten years now. It’s a solution in search of a problem and it still hasn’t found a problem to solve.
Bitcoin Isn’t a Pyramid (said the slaves who built it)
How can Bitcoin be a pyramid? Didn’t you see how it pumped all the way through 2017? It achieved X,XXX% gains in one year! It obviously has utility, right?
Let’s be serious: everyone knows why the cryptocurrency market pumped in 2017, and it’s not because everyone started using Bitcoin. Nor is it because the mythical institutions rode in on horseback to save everyone with their fat fiat injections.