Cryptocurrencies

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Ethiaa
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Re: Cryptocurrencies

Post by Ethiaa » Thu Jan 11, 2018 5:19 pm

That's what people who get involved in pyramid schemes always say oddly enough :D

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mrblackbat
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Re: Cryptocurrencies

Post by mrblackbat » Thu Jan 11, 2018 5:21 pm

Well as I said, if you're counting all wealth in the world as a pyramid scheme. And being British we got in well before most.

It's still a stretch to try and suggest that though.

As I said before: are you guys sure you know what a pyramid scheme is?

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Ethiaa
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Re: Cryptocurrencies

Post by Ethiaa » Thu Jan 11, 2018 5:28 pm

Ethiaa wrote:
Thu Jan 11, 2018 5:19 pm
That's what people who get involved in pyramid schemes always say oddly enough :D

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Re: Cryptocurrencies

Post by mcteeth » Thu Jan 11, 2018 5:35 pm

Ethiaa wrote:
Thu Jan 11, 2018 5:28 pm
Ethiaa wrote:
Thu Jan 11, 2018 5:19 pm
That's what people who get involved in pyramid schemes always say oddly enough :D

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mrblackbat
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Re: Cryptocurrencies

Post by mrblackbat » Thu Jan 11, 2018 6:04 pm

Ah, so definitely a no then.

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Ethiaa
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Re: Cryptocurrencies

Post by Ethiaa » Fri Jan 12, 2018 8:07 am

:lol:

You've got to be trying pretty hard to not see the commonalities. It doesn't surprise me that people who are involved don't want to see them though.

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mrblackbat
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Re: Cryptocurrencies

Post by mrblackbat » Fri Jan 12, 2018 12:40 pm

No, you have to have a severe misunderstanding of pyramid schemes to try and make a comparison.

1. Cryptocurrency allows trades; pyramid schemes do not.
2. You can exchange to a fiat currency at any time; no exchanges in pyramid schemes.
3. Cryptocurrencies don't require an infinite exponential growth to be sustainable, pyramid schemes do.
4. Cryptocurrency trading doesn't work on levels but simply price. Pyramid schemes require levels to be filled before you get any return.

Absolutely no similarities.

And I'm not involved; I hold no crypto coins.

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Gibbon
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Re: Cryptocurrencies

Post by Gibbon » Fri Jan 12, 2018 12:47 pm

Surely listing four dissimilarities doesn’t discount crypto currencies from being like pyramid schemes in other ways.

The key ones being that whoever’s in at the beginning has the best opportunity to make real profit, and to do so has to encourage more and more people to enter the market.

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Re: Cryptocurrencies

Post by mrblackbat » Fri Jan 12, 2018 1:09 pm

Gibbon wrote:
Fri Jan 12, 2018 12:47 pm
Surely listing four dissimilarities doesn’t discount crypto currencies from being like pyramid schemes in other ways.

The key ones being that whoever’s in at the beginning has the best opportunity to make real profit, and to do so has to encourage more and more people to enter the market.
A pyramid scheme has one very important attribute that makes it a pyramid scheme, the four attributes above demonstrate exactly how there is no similartity. Real profit can be made on any trading market every day, you don't need to be in first to do so. I imagine there are, in fact, very few people who were the first bitcoin miners and traders who were still in to take advantage of the 1700% increase over last year in bitcoins. Whereas, several currencies rose by 30-40% yesterday, and have since fallen by similar amounts. Being "in early" gives you no benefit over such volatility; being able to spot the trends and trade appropriately does. Yet another aspect that would demonstrate it's nothing like a pyramid scheme.

"Encouragement to enter the market" is an attribute of all commerce.

Remember that in a pyramid scheme, there is no investment, there is a joining fee. You only get anything back when you get other people to join the scheme.

All I can think is that you guys just don't really understand what a pyramid scheme is, nor why mathematically they're all guaranteed to be unsustainable. :shrug:

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Re: Cryptocurrencies

Post by Rover the Top » Fri Jan 12, 2018 1:27 pm

Plus Tutankhamun never had any.

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Ethiaa
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Re: Cryptocurrencies

Post by Ethiaa » Fri Jan 12, 2018 1:36 pm

See - trying pretty hard :D

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Re: Cryptocurrencies

Post by mrblackbat » Fri Jan 12, 2018 2:03 pm

Ethiaa wrote:
Fri Jan 12, 2018 1:36 pm
See - trying pretty hard :D
Just my normal response to bullshit, as you surely know. ;)

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Ethiaa
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Re: Cryptocurrencies

Post by Ethiaa » Fri Jan 12, 2018 2:13 pm

Yes, but bullshit is also your normal response to common sense. I just enjoy setting you off.

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Re: Cryptocurrencies

Post by mrblackbat » Fri Jan 12, 2018 2:31 pm

But there's no common sense in describing a tradeable commodity as a pyramid scheme, even if you feel the worth of that tradeable commodity is dubious. :shrug:

It's simply nothing like a pyramid scheme.

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Re: Cryptocurrencies

Post by Ethiaa » Fri Jan 12, 2018 2:48 pm

Yes, I know you don't agree. You keep saying so.

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