Peter Schiff Shared: Bitcoin is just a digital pyramid scheme. A blockchain letter that will soon run out of the chain, leaving millions of delusional speculators HODLing the bag. It can only go on until the supply of greater fools runs out, or the fools that already own it run out of money to buy more!
Community Response:
It’s a fancy Ponzi scheme. It’s dressed up in techno-jargon. We know it is a Ponzi scheme for one simple reason: You can only make money by selling yours to someone else who is willing to pay with more money.
It’s a very innovative bubble. Driven by an additional feedback loop between holders and miners. And every 4 years, additional stress is exerted on the addicts with halvings. And it’s all transparent.
Peter, you could easily cement yourself in the history books as a pioneer by dropping this ego-motivated charade and supporting the emergence of digital age Gold. Otherwise, you’ll be a small footnote for a few decades, then forgotten.
17,000 different coins and counting. What more evidence does one need that crypto is a grift. It’s not investing, it’s gambling.
50,000 online sellers & counting. What more evidence does one need that Amazon is no more valuable than the others? Sure, it has thousands of X more users, more support, better known, time-tested stability. But it’s just another online platform that sellers can use right?
And your point is? That you can copy Amazon’s business model 10000 times or Bitcoin’s blockchain 10000 times but we know that doesn’t copy their value right?
The value of #Bitcoin is comprised of far more than just its blockchain. 1 by 1 over the past years, the critics have been figuring this out.
Hello Peter, seriously you want to continue the next 100 years with these posts? Already 12 years passed and you still posting.
He is in it for engagement! How else he can be related? For someone that tweets about BTC so much you’d think you’d learn about it at some point. The last block won’t be mined till 2140.
Well over 90% of all bitcoin has already been mined. The hype over going after the remaining 8% spread out over the next 120 years is an orchestrated joke.
Most of the coins that have been mined are still liquid as more and more adoption happen, supply runs out, the price will go up accordingly. Low supply, high demand, you know the rest.
What happens when demand for Bitcoin dries up?? If the demand were strong, why has the price dropped 50% again? Same reason every asset is crashing. Why do you think bitcoin is different, and why do you think the demand will dry up.
Bitcoin is the greatest innovation in monetary history and arguably the history of mankind. Have you heard of the Byzantine Generals’ Problem? This problem first published in 1982 was not solved until 2008. The solution made by Satoshi Nakamoto is now called Bitcoin.
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