[olalonde]

> In a pyramid scheme [Bitcoin], an organization compels individuals who wish to join to make a payment [purchase Bitcoin]. In exchange, the organization promises its new members a share of the money taken from every additional member that they recruit [to the moon].

There is no such thing. In that respect, Bitcoin is no different from real estate, stock or gold investors which do tend to sometimes promote their investment of choice. Pyramid scheme has a precise definition which does not fit Bitcoin at all and using it to describe Bitcoin is just misleading and intellectually dishonest. If it was a pyramid scheme, it would be deemed illegal in many, many countries. I agree with one thing however: as with every single investment ever, early adopters, which take on more risk, stand to profit more than late adopters.

[LV-426]

> early adopters, which take on more risk

I don't want to get into the debate on the definition of a pyramid scheme, but what was anyone risking by mining bitcoins for essentially nothing in 2009-2010?

[olalonde]

Of course, many of the early adopters got very lucky while taking almost no risk. This happens with gold and oil too. However, those that chose to hodl started taking real risks as soon as Bitcoin hit 1$. Bitcoin hodlers today are obviously taking substantial risk as the price could drop massively at any moment.

[watwut]

Because pretty much everything must be framed as risk taking these days.