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[–] Wellhungguy 3 points 46 points (+49|-3) ago 

I know reddit doesn't like bitcoin because lol pyramid scheme hur dur hur, but i've been using it quite happily for awhile. It had a bubble last year, but it's been steady for some time. Useful to have a stash..

Up to you guys though..

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[–] edgelord 1 points 41 points (+42|-1) ago 

Bitcoin a pyramid scheme? I don't see this as being plausible in the slightest.

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[–] LOOK_AT_MY_POT 0 points 11 points (+11|-0) ago  (edited ago)

The people calling bitcoin (BTC) a "pyramid scheme" don't really understand the words "pyramid scheme" or "bitcoin".

"Pump and dump" would be a much more accurate term.

Early adopters bought BTC cheap ($0.13 in my case) and then hyped the fuck out of BTC.

More people started buying BTC due to the hype (this is the "pump").

The price skyrocketed.

Then they (we) sold those BTC for >$1000 each (this is the "dump").

I made 769230.7% profit off each BTC.

Now BTC is stable, and can be used as currency, and I made (literally) a metric ton of money.

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[–] umilmi81 0 points 2 points (+2|-0) ago 

Pyramid scheme isn't really the right word for it, but bitcoin has the same problem as physical gold. The gold is more valuable as an investment than it is as a currency. When the value of a gold coin is going to be higher next year than it is this year there is incentive to hang on to it and not spend it.

As more people hold on to their gold coins instead of spending them the value of gold coins continues to rise creating a bubble.

Decoupling the US dollar from gold meant we could have inflation. Despite what you will hear from the Gold Bugs, inflation is good as long as the reason for the inflation is private borrowing rather than government borrowing.

When a private entity borrows money that money is "created out of thin air". Well in order to pay back that money created out of thin air the private entity needs to create goods and services "out of thin air". This means more goods and services for the world to consume.

Governments, on the other hand, don't create goods and services. Governments govern. Government is an overhead cost. When the government borrows money they can't pay it back. The only way to pay it back is to take it from someone else who can create goods and services.

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[–] wait 0 points 0 points (+0|-0) ago 

It's extremely deflationary, because production continually slows down. This greatly benefits early adopters. They become more and more rare over time, so they gain value over time.

Never trust anyone that says "hur dur hur."

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[–] Voat_Poaster 0 points 0 points (+0|-0) ago 

More like BUTTcoin! Ha ha! my wrangler wipes the drool from my lips

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[–] j_ 1 points 22 points (+23|-1) ago 

reddit doesn't like bitcoin

In what way? As far as the users go, Changetip is a popular bot/service. Reddit itself as a company accepts Bitcoin for gold.

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[–] Wellhungguy 0 points 0 points (+0|-0) ago 

I rarely post on reddit. But as i read/lurk, whenever bitcoin is mentioned, people jump in and start talkimg about what a scam it is... Just my experience...

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[–] Wellhungguy 0 points 0 points (+0|-0) ago 

I rarely post on reddit. But as i read/lurk, whenever bitcoin is mentioned, people jump in and start talkimg about what a scam it is... Just my experience...

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[–] uberdoober 1 points 9 points (+10|-1) ago 

Most reddit users understand that Bitcoin is not a pyramid scheme. What I routinely see on Reddit is sockpuppet or shill accounts that actively discourage any person from moving away from the established retail banks or paypal. Credit union and bitcoin is the best combination one could ever need right now.

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[–] 435947? 1 points -1 points (+0|-1) ago 

Not everyone who dislikes Bit Coin is a sock-puppet or shill. We Buttcoiners like to point out the ridiculousness of you guys accusing everyone of being a shill.

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[–] DoucheBagMcGee 0 points 3 points (+3|-0) ago  (edited ago)

Arguments about it being a ripoff aside, unless you are running a business and already received buttcoins as payment, It's a pain in the ass to get them, and a pain in the ass to spend and keep them, not to mention converting them to real money is pretty damn hard.

The last part is important, because for those guys that pump and dump to leave, they need new blood to cash out. Gotta leave somebody holding the bag. It's just a matter of time before another big pump and value loss, or until one group of people own enough miners so that they can start generating their own bogus transactions. Either way the currency is eventually screwed.

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[–] Wellhungguy 0 points 4 points (+4|-0) ago 

None of what you say is true in my experience. Also, the "buttcoin" thing makes me suspect you're twelve.