Originally posted by systemnt
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Originally posted by Passafist View PostCan you say PYRAMID SCHEME!!!! The only way you get your money is if some one after you buys into the pyramid, when the price is so high people stop buying the crash occurs
Using that logic you could say that gold is a pyramid scheme. Only 20% of the world's gold mined each year is actually used in an industrial process (utility). So by your definition 80% of the value of gold is just a ponzi scheme driven by speculative investment.
"The bottom line here is that units of account express market value because a society that employs the use of complex markets for trade requires units of account to function. There's no great mystery to that, and seeing Bitcoin's meteoric rise with this mind, it starts to make sense that a free market form of money would adopt a market trajectory that challenges other units of account that we're used to. Even those units of account which have been around for millenia."
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