Billionaire Investor Warns Bitcoin is Pyramid Scheme
Marks said:
"In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it."
Marks is famous for his investor memos, ones that have seen him predict the recent financial crisis and the dotcom bubble implosion.
Cryptocurrencies have drawn in some big names recently, including Rothschild Investment Corp. and other bug hedge and investment funds. The growth of Ethereum is up more than 2,300 percent year to date, while Bitcoin is up nearly 160 percent this year; the sort of numbers that are hard to ignore for investors.
Source cointelegraph
Nice post bro keep it up
The glaring misuse of the term pyramid scheme.
If bitcoin is a pyramid, so is the stock market, commodities market, real estate and every other market.
Oh really, I don't think
Great
"In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it." ....
Just like the dollar, except the big difference is Open Source Blockchain cannot be counterfeited, inflated, or issued with debt attached. Cryptos are most certainly not a pyramid scheme, but fiat is.
Exactly... everything is relative. Fiat is the all time biggest over-inflated corrupted bubble in all of history!
https://steemit.com/cryptocurrency/@cryptosphere/cryptos-the-most-undervalued-asset-class-usd87billion-vs-usd477billion-for-facebook-usd803billion-for-apple-o
Yup ... and it got there because there has never been a currency in world history that could not be corrupted. It's centuries of consolidation of wealth for a few while saddling governments with the debt to operate, who in turn take it out of the masses by either taxation, inflation, or both. I'm fine with people making money on cryptos, but really wish some of the big proponents would drive home the real miracle of cryptos in that they offer the first honest, non-usury money system in world history.
Amen. Just today I was thinking about how cryptocurrency could be used for micro-finance in countries like India... It's time to give opportunities to those who have had none.
I'm for all countries abandoning fractional reserve monetary systems and converting to their own open source blockchain currencies. The cabal will of course howl like a chorus of scorched cats, but this crap has damn near destroyed the planet, and private banks running the world has to stop.
Excellent post.
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STOPNice work
Nice team work
Nice post
True words