chrisski
Solar Boondocker
- Joined
- Aug 14, 2020
- Messages
- 5,179
I don’t get crypto currency mining. The more I look at it, the more it seems like a giant pyramid scheme.
I’ve fallen for a pyramid scheme before. This has all the signs of a pyramid scheme.
To me there’s all these people buying into different crypto’s by producing equipment, and they plug it into the wall and it gives them money. Doesn’t seem like many people are making a lot off this. There’s a few people that have a positive balance, but most do not spend it. Could be because they don’t want it taxed, maybe this is their nest egg, maybe its just too hard.
At some point I expect people to start cashing out, and when they do it will all fall down. Does anyone in the world buy groceries with this? Pay rent?
I don’t see what value these currencies add. I don’t see them being spent except in short term speculation. If I’m to believe news stories, the only ones spending this is to launder money. The one exception would be those dumping money into speculating that it will be worth much more hoping to cash out.
I’ve fallen for a pyramid scheme before. This has all the signs of a pyramid scheme.
To me there’s all these people buying into different crypto’s by producing equipment, and they plug it into the wall and it gives them money. Doesn’t seem like many people are making a lot off this. There’s a few people that have a positive balance, but most do not spend it. Could be because they don’t want it taxed, maybe this is their nest egg, maybe its just too hard.
At some point I expect people to start cashing out, and when they do it will all fall down. Does anyone in the world buy groceries with this? Pay rent?
I don’t see what value these currencies add. I don’t see them being spent except in short term speculation. If I’m to believe news stories, the only ones spending this is to launder money. The one exception would be those dumping money into speculating that it will be worth much more hoping to cash out.