[product50]

Do you have any idea what is going on here or are you ignoring away in bliss? This is as much a pyramid scheme as VC industry is in that early investors make disproportionate gains (and losses). Finding the right tokens to invest in is the challenge.

[Twisell]

Well I will gladly change my mind anytime someone can provide a convincing argument against the "bitcoin pyramid scheme" that is nor an ad-hominem attack, neither a cryptic response like "value come from scarcity induced by the growing complexity of the arbitrary mathematical problem solving that require big amount of current tech silicium mostly running in a non-democratic country who don't care about power efficiency...(goes on with technical gibberish)"

My theory is that if MasterCard roll-out a "masterbyte" crypto-currency that can automagically convert to real cash usable in all MasterCard enabled retails, bitcoin will loose all value almost overnight. Prove me wrong using strong arguments and I'll change my mind.

PS: needless to say, downvoting me don't count as an argument. It just keep me thinking that you are in lack of a better one.

[RandomInteger4]

Your statement indicates that you don't know what a pyramid scheme is, or that you do and you're expanding its definition to generalize its negative connotation to something else that doesn't fall under the proper definition of a pyramid scheme.

A company using credit card technology in combination with bitcoin and other cryptocurrencies is simply leveraging existing technology interfaces for companies that want to accept cryptocurrency without said companies having to deal with alternative payment systems. The payment system handles everything related to the cryptocurrency and the payee simply sees the USD (or other fiat currency) value in their accounts.

[Twisell]

I will stick to the pretty basic definition that a pyramid scheme cannot sustain itself when less foreign currency enter the system. That is because the system is blatantly unable to produce value and only produce virtual currency from foreign currency.

I stil don't see any argument, just as-hominem as usual when defending bitcoin: "Pheeww you know nothing...".

[product50]

No one needs to prove you anything. You are free to believe what you want. The world doesn't have the responsibility to convince a stranger of a concept s/he hasn't taken time to read or finds too difficult to understand.

I would encourage you to read more about cryptocurrencies and how it has massive disruptive potential. Here are a good set of articles to get you started: https://thecontrol.co/some-blockchain-reading-1d98ec6b2f39

[Twisell]

Still, but nicer, ad-hominem "you don't deserve explanation, because you don't know enough" followed by a link of endless references.

I don't deny that cryptocurrencies might play a huge role in the future. And algorithms are indeed pretty clever. But I don't see why that prevent current bitcoin implementation to be a pyramid scheme and thus I ask. And haven't been answered so far.

It's like arguing that tulips madness wasn't a buble because tulip are beautifull and still sells today. Evrything can be used by speculators to build a buble, even rice or corn (and that's even worse than bitcoin because lots of people don't eat as much as needed as of today).

[product50]

Sorry man - I tried to help.

Feel free to believe what you want. Good luck!

[Twisell]

Luck has nothing to do with that. Thanks for trying. Still hope someone can come with a better argument. But I follow bitcoin new since a few year and still nothing tangible in sight.

Some like you find my lack of faith disturbing, but I don't "believe" anything. I prefer scientifical skeptiscism.

PS: And because I am ready to change my mind, I've dug : https://www.reddit.com/r/Bitcoin/comments/5lsu8p/hot_news_fi...

Still no arguments, only bitcoin supporters performing ad-hominem attack against the analyst...

[hl5]

Where are the victims?

[khazhoux]

Only disproportionate gains, not losses. When a startup goes bust, every investor can only lose what they put in. No one loses multiples on their investment.

[jcranmer]

> No one loses multiples on their investment.

Leverage is a multiplier in both directions. People do borrow money to invest in bubbles which is what can make the eventual pop so economically devastating.

[product50]

It is generally a portfolio investment approach in which you would invest in multiple coins in the hopes one of them gains 100x and you lose your money in the rest. If you think it is so easy and there are only gains to be had, why don't you go ahead and make a few investments and come back with results?