/biz/ - Business & Finance

Here are some of my anxieties about cryptocurrency: Each coin is a form of digital pyramid scheme where the makers enlist waves of buyers to buy the coin at bigger and bigger prices. Each wave of buyer is encourages to enlist more buyers (suckers) that will buy the coin after it has risen in price. For the pyramid scheme to work, fresh suckers must be brought in to buy the coin, until eventually the bubble pops and prices fall back down to Earth. It seems whoever controls the largest amount of each coin controls the supply (top of pyramid scheme) and affects the market of that coin. It's like playing 'hot potato' but eventually someone is left holding the potato/bag; those people will lose their money and when the coin crashes, another altcoin has to be created for fresh blood and new suckers to grift because no one believes the old coin is valuable anymore. Each coin is only real if we collectively agree it's a real entity. Bitcoin is the most successful coin because it was the 1st coin, leading people to believe it is more legitimate. Hence, people are still buying it and propping up its price, despite that it's already been 'pumped and dumped' many times with fresh waves of suckers. In summary, Bitcoin only still has some value because people collectively believe it has value so they still buy it. It's like some mass delusion where we all agree the emperor has clothes when he's naked or that the world is on the back of a giant turtle when it's not.

This board is so surreal sometimes. It feels like dozens of e-grifters trying to get you to buy into their scam-coin of choice, carefully crafting their propaganda so that you'll take the plunge and become the next sucker in the pyramid scheme. Why is it that every queer that buys some some shitcoin starts shilling it and wanting others to buy it too? Self-interest.