Essentially, people spend lots of money, energy, and computing power to potentially get a macguffin Archived Message
Posted by VIV on February 27, 2024, 8:22:57, in reply to "i still have no idea how any of this works*"
And then speculators buy these macguffins hoping they’ll appreciate in value due to scarcity and FOMO before unloading them to a someone else for a profit. They were initially intended to be currency, but almost all legitimate places don’t accept them as money. Whether you call it a Ponzi scheme, a pyramid scheme- it’s some form of the “bigger fool” scheme. You buy this thing with real money that has no intrinsic value and hold it long enough so you can sell it back for real money at a profit. There will be people at the end who spent hundreds of thousands or millions on that will be left holding the bag. You just hope it isn’t you. Previous Message Previous Message
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Message Thread:
- Bitcoin 57k time to sell the ponzi scheme?* - gullit February 27, 2024, 7:47:13
- My wife’s Amazon device promotes a Daily Crypto Update… - SurfTheBoneyard March 11, 2024, 10:19:05
- Line still go up. I'm told that is good. - Warrin'_Illini February 28, 2024, 10:57:05
- The fact that Scaramucci is viewed as a Bitcoin expert should tell you something.* - Stu February 27, 2024, 9:54:04
- My crypto went from down 75% a year ago to only down 12.5% now - snipes824 February 27, 2024, 8:37:23
- Fools and their money 3.0* - timmer February 27, 2024, 8:29:55
- Hold that shit (Jo) until it hits $1 million.* - Warrin'_Illini February 27, 2024, 8:16:03
- i still have no idea how any of this works* - lcubed February 27, 2024, 8:13:23
- Are they any legitimate uses for bitcoin yet? Or is it still just money laundering and speculation?* - doubledown February 27, 2024, 8:08:09
- Prediction is that it will break $100,000. * - harb February 27, 2024, 8:06:09
- I think it will keep going up now that there are ETFs for it. * - illiniranger February 27, 2024, 8:02:59
- Related: I'm going to hammer this Reddit IPO* - longsnapper February 27, 2024, 7:52:10
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