BTC IS SCAM? VERY IMPORTANT NEWS 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
Said the billionaire who can't turn on the computer alone? Who is in the crypto world knows that this can be a bubble indeed, but noting like a pyramid game. There is real money behind the virtual coins, as there is real work behind the real money (what is just a piece of paper, like cryptocoins are just some bytes)
Erm. Forgive me if I'm wrong, but that sounds like a bubble, not a pyramid scheme.
Also, value IS just what people are willing to pay for a thing. So the same thing can be said of fiat money. It is only worth something because people believe.
With some exceptions, (water intrinsically has some value, because we die without it), most value comes directly from this made up willingness to pay for it.
@trevonjb did a video this morning on this article