| >Cryptocurrencies are not MLMs, you would do yourself a huge favour by learning what they are. I did and it changed absolutely nothing. It's literally just the dot com bubble all over again but it keeps coming back every 3 years. Here, I'll explain the core problem of the dot com bubble. People started internet companies with basically close to zero revenue. To convince investors to buy in they used weird non standard metrics that indicate popularity and growth potential like page views. The fact that these businesses were not earning money let the imagination of investors run wild. Companies that were actually earning money had much lower valuations back then, because people immediately understood the value proposition and that growth isn't endless. It's the same with Bitcoin. There is no reason why it should have such a high market cap. It's only riding network effects but those are all there is to it, MLMs are exactly the same, they endlessly recruit members and that is how they make money. Because there are no other reasons, the imaginations of speculators run wild. They will come up with an endless number of bullshit reasons that you have to cross check. When the initial pitch turns out to be wrong, they just shift goalposts and come up with another reason. Remember, Bitcoin started out as a currency, then became a store of value and now it is becoming a settlement layer. Really, if you want to gamble your money in Bitcoin, do it with the realization that it's just that, a gamble with better odds than a conventional casino. The vast majority of people don't buy Bitcoin because they want a deflationary currency that goes up slightly faster than inflation, they buy into it because of its volatility and ability to generate otherwise impossibly large returns fueled by future investors. |
To me, bitcoin is first and foremost a brand.