MLM

mitragy_king

Not related to binance, but Indeed also if littered with fake employers and job postings posing as other team companies, but end up being one of the three: equipment purchase scams, MLM scams, or 1099 jobs. Many employer services are taken over with fake postings.

d1abo

More than all you shilled a strange MLM product on your first post on Reddit.

Sorry_Attitude_

LoL they just tryna cope, its kinda like a MLM trap, buys once, losses money then tries to recover by buying more in hopes Not saying it won't work, but theres a big risk they won't ever be alive again since the meme hype died I will stick to my BTC ETC KDA ALGO dca and chill while they seethe

nato2271

This has some major MLM conference vibes…almost cultish…

MaximumStudent1839

>People are saying they quadrupled their money since last bear..but here I am, only losing, never winning. It is a Greater Fools game. These people can't quadruple their money if they don't create a gazillion losers. Money never gets lost, only swaps hands. Your loss is how these "winners" make money. >Now ..Acala. Depeg after a hack due to the poor security in one of the pools. It is a dog-eat-dog world. Crypto traders are always wanting to front-run and screw others to make a buck. The depeg is definitely exacerbated by **ape** short-sellers on KuCoin wanting to make a buck out of others' misery. Why? 1. Shorting stables has now become a thing as soon as you get some sort of depeg. A more recent example is USDD, when the shorts got royally fucked in the end. 2. Acala exploiter still has the aUSD on chain. So where are most of the selling pressure coming from? 3. Hours after Acala froze, somehow people are still selling on KuCoin. If these aren't short positions opening, where are these short-sellers getting aUSD to dump on KuCoin? >Next one JUNO. Awesome usecase, crazy fast, top tier Cosmos coin…boom down like a stone after whale fiasco. Be wary of new Cosmos chains with high APR. It always set up a position for OG Cosmos whales with huge airdrop allocation to dump on newcomers. JUNO is not alone. STARS is another example. And EVMOS is another case waiting to happen in the future. >LUNA came swiftly as a lightning and burned most of my saving in crypto over night. That shit was leveraged to the tits and had too many degens playing the Ponzi game. I am sorry for your loss but you need to learn to protect yourself. You need to understand the game is very adversarial and plenty of "crypto bros" are just here to take your money. Here are some lessons you should learn. 1. Learn to take profits to hedge your positions. Those who call you "paper hands" are probably trolls who want to dump on you. 2. Always ask: "How am I making money? Who is paying for my profits?" If you don't ask those questions, someone will and you will be their source of profit. 3. Be patient, never FOMO! That is never start your new position during a pump. Understand the more it pumps, the more people will be in green. You CAN'T TRUST "CRYPTO BROS" when they are in GREEN! They aren't stock investors with a long-term horizon outlook. They are pure short-horizon profit seekers. The best time to buy is when most folks are deep in red after a month or so. This is a fucking GREATER FOOL game - NEVER FORGET! You can only make money when people, before you, have no energy to sell anymore. 4. Most importantly: DYOR! STAY AWAY from crypto being actively shilled on social media. It is a sign many have brought into the positions and are luring suckers in for a short-term dump. If they are in for the long run, they don't need to shill so excessively in the short run. Shilling is a sign of seeking exit liquidity. 5. The crypto industry acts like MLM in many ways. People do shit for a reason. Always question their motives, they aren't your financial advisors who are legally obliged to look after your best interest. Always be skeptical and know every one of us are eager to take your money as profit.

notyourbroguy

Users of blockchain have done a poor job of expressing the real world value of these systems and have focused more on the “community” aspects which truly make it sound like an MLM or pyramid scheme. It takes a bit of digging to understand how any of this is practical beyond speculation.

99Beers

That's because all the women are shilling MLM products.

TNJCrypto

So it's a crypto MLM?

Significant-Ocelot21

Buttcoin is good for bitcoin. To much hopium, suckers and MLM bullshit.

FoulmouthedGiftHorse

“Each community member is an immediate brand ambassador.” This is the exact same language that is used for MLM’s.

AStarIsBorn00

I was not interested at all. tbh I had just been scammed by MLM people.

zirkus_affe

woah, woah, woah... Amway? damn this is MLM? I thought I was at a casino with bros? you guys/bots lied to me /s.

LoveDieRepeat

MLM participants = early adopters LMAO. It's been 13 years ffs

Ok-Entertainment7185

Less than jobs. More like pyramid schemes. Axie Infinity built their game around "Sponsors" aka a MLM scheme.

Dildo-Suicide

I dont get the Dutch Tulip argument used against crypto. It wasnt a scam, MLM or ponzi. A bubble yes for sure, but it was no different from any fad. Were fidget spinners a scam? Maybe crypto is a bubble, maybe not, but camparing it to a perfectly normal end product of capitalism isnt the burn they think it is.

TwoDimesMove

Um, no. If I buy a car from a manufacturer or home from a home builder no one loses. If I buy a used car from someone no one loses. Stocks are issues by businesses that actually produce value, when you buy a stock your buying a share of a company usually used to provide capital to the company. Crypto is an MLM plain and simple. It provides no value what so ever and in fact is a net negative value producer as the miners constantly need to spend electricity so you guys can gamble or worse convince others to buy the bags your holding for more than you did. But this is what the ruling class wants you all to do so, it will continue. Best of luck.

gonzo5622

Lol what they described is an MLM scheme not a social network. If anything it’s just another exchange. Nothing about actual social network features, just more stuff about how to monetize your overpriced NFTs.

robeewankenobee

>What's to prevent you from throwing it all into a real ponzi scheme, an MLM, or any other rug pulls? Info.

cryptoripto123

> Always diversify your portfolio unless you're bagging on Btc You should always diversify. I hope people are actually diversified to begin with BEFORE entering crypto meaning they have traditional fiat assets. Crypto should be something like 5-20% of your portfolio max and not something you decide to invest 100% into. If you haven't ever even invested, learn about 401ks, IRAs, long term savings, ETFs, etc before you even come into crypto to "get rich." I partially sympathize with OP but I also don't understand how someone can talk about life savings and then throwing it all into one thing. What's to prevent you from throwing it all into a real ponzi scheme, an MLM, or any other rug pulls?

Survivaleast

Supporting Bitcoin doesn’t mean they helped develop it. Vitalik himself wrote articles for Bitcoin Weekly to earn BTC. I too started as a ‘Bitcoiner’ all the way back in 2011. Mining BTC on a shitty laptop. I supported the idea of a transparent alternative to archaic financial systems. One of the most attractive things was you couldn’t cook the books. It seems people have forgotten, and turned BTC accumulation into a weird peer pressure MLM style scheme all over social media. As far as Ethereum developers selling their ETH for BTC, or using Bitcoin as a springboard to somehow ‘lure people in’ like it’s predatory? I’d be interested to see you back up both claims. I’m always willing to learn if you have some concrete facts to show me.

Ray192

MLM schemes are described as pyramid schemes, and are illegal once once proven to be one. More importantly, pyramid schemes are different because they tie rewards not to the investment itself, but with recruiting new victims. E.g. "you get X money for recruiting Y people." This is very different from ponzi schemes, which takes money up front as investments and those investments are repaid by other suckers who buy into it in hopes of the same returns; the victim is not required to recruit new suckers to get rewards. Axie is much closer to ponzi scheme, the only thing differentiating them is the extent of the lie/deception.

NoBodyCryptos

Like you say, there are similarities, but also you listed many differences. Yes it is perhaps a quibble, but these differences matter. By you standards an MLM scheme is also a Ponzi scheme. Yet one is illegal and one legal. So the nuances matter alot. These posts started because someone said that axie was "literally a Ponzi". When it isnt.

ifisch

It would be like if the federal government went after an MLM like Amway or Herbalife. I'm sure those pyramid schemes could get a bunch of their kool-aid drinkers to defend them, but so what? Also most of the people on John Deaton's list aren't even in America, so they're out of the SEC's purview to begin with.

TwoDimesMove

This is an MLM speech almost verbatim. Blockchain does not equal the internet, if you think that your a complete idiot. It just a database, that is it, there is nothing great or special about this tech. In fact it fails in almost every way. Good luck selling your token.

rathernot42224

X confirms... Blabla MAY. Is this straight from a MLM news report?

kingmanic

>mass adoption I know it's the only way for "diamond hands" to stop holding bags by handing them to the lay folk. But the window was the high volume mark around 64k crypto. That was the bag holding hand off. Right now the mainstream is on guard with friends having been severely burned. Now the largest number of the mainstream thinks of crypto as a scam/MLM for guys. The well is very ppisoned and your rhetoric about what the end game looks like sounds extremely scammy. The things your guys are sticking to has no future. BTC has none of the properties needed to be end game. Eth might get there but the smart contracts is a malware vector on top of being nowhere close to an actual contract. The entire space is massively over promising and trying to resolve every problem with a inefficient and sub par solution. Like you all just discovered linked lists and think every problem can be solved with that data structure.

Vehement00

While I do feel bad for these ppl, its a huge mistake on their part to put their entire savings into a 18.9% return that should have been the red flag instead. That's exactly what Ponzi is. At least with MLM they have a product even if its shitty.

cheeruphumanity

People have to bring in new people. Here the MLM or Ponzi comparison is accurate.

whatever54267

But my crypto MLM says if I pay them $1,500 and $174 a month then I can learn to make millions in crypto as it's the wave of the future and the crypto coin that they have is the best./s Sorry been watching a lot of antimlm stuff. Did you know there's an Oyster shucking MLM? Anyways, I agree with what you said and people need to realize that you should only invest what you're willing to lose because you will lose money sometimes in any market. Investing in learning is more important than taking the risk of losing it all and putting yourself further in debt because once you're in debt it is nearly impossible to get out of it.

wjean

You are absolutely correct but most people you have described simply won't listen. These are the same folks who probably bought into all the EV companies/SPACs thinking they were the next Tesla. The people who are trying to use crypto to reach financial freedom are really just looking for lotto tickets with an MLM component. The more people that they can get to buy in on my their crypto dream, the closer their dream comes to a reality. Unfortunately, the vast majority will get burned.

nonula

It is not MLM. There are no “downlines”, just your own circle of people you know who are also mining. You can increase earnings by adding more people to your earning team, but if they add more people to their own earning teams, that only affects their earnings, not yours.

whyyoumadbro69

This is bette advice then most people realize. I just read a post by a manager of some software company who was going through the interview process with a potential employee. He was going to advise the owner to hire the guy, but at the end of the interview he mentioned blockchain and crypto. The manager immediately placed his resume in the do not hire pile. People are starting to associate Bitcoin with MLM Huns and boss babes.

intromatt

I love it. It's all just an MLM for low IQ men. As long as everyone realizes it's just a transfer of real money from the dumb to the smart, it's really that simple. If you actually made some money and cashed out, please remember, you just took this money from another moron who gambled real money just after you......it's a beautiful cycle of dumb.

fusionash

Metamask is a wallet, not a centralized caretaker of your funds. They have no input on your actions as a user. You wouldn't blame your own physical wallet if you buy into an MLM or some other scam in real life would you? If you aren't capable of securing your own funds then there's exchanges like coinbase or binance for you to use.

CaptainLibertarian

Oh I don't know about that ... This con-man loves and has supported duping people with MLM his whole fraudulent career, so he's probably a hero to many of the scammy ponzinomic token projects duping people here all the time.

xm-arrr

… Bro. There no blockchain, you’re just in a MLM trading numbers in a centralized server. You can also trade WoW gold p2p, is it a cryptocurrency?

TwoDimesMove

Sad that some people cannot see the truth. If it was a year old and you still got rugged, its your fault. The guy seems to have been on point with almost everything he said. But if your deep in the MLM you won't be able to see it.

TwoDimesMove

Most certainly, I don't like his tone either. But his research is on point. Most of the people stuck in this MLM like state can't bare to hear anything that would make them question their dogma. Man, I really wanted crypto to be some sort of savior. After doing a few months research I quickly realized Bitcoin has no long term use, it cannot actually function as claimed and the lightning network will never be used due to the technology risks involved. Literally everything that was orginally claimed by this field has proven to be false. Then you look at ETH and who funded Vitalik, it was Peter Theil. I don't know if you know about Peter but he is like the modern day Darth Vader. The dude does not have the peoples best interests in mind. Used to be the head of google and now I believe he works for some alphabet agency. But besides that proof of stake is worse than proof of work and likely will never be implemented. Like the entire industry is just bad. The only thing that could work is a private centralized blockchain with permissioned nodes. You know like a CBDC or something similar. They could then merge all your data into your wallet as suggested in this video, it would be the thing of nightmares and society should reject this at all costs.

OutrageousPlankton7

That’s just not true. I believe it was the endless stories of “crypto millionaires” during the bull run that convinced people it’s the best way to get rich quick. It was the endless hype to the financially uneducated and the constant memes “hodl”, “diamond hands”, “to the moon”, etc that has unfortunately contributed to all these people ending up holding “hodling” the bag. It’s sad. And yes, it’s these early investors that sold this crypto idea to others to help raise prices as well….just like a MLM. Obviously this is an oversimplification but the reality is people were flush with cash during the pandemic and crypto was the get rich scheme for them.

Archtects

What a Wanker. MLM scheme let him down?

mrdeezy

It is a cult with some coins like hex ada . They want you trapped in coins or telling your friends and family like an MLM team. That’s the worst part of it. I would tell people to be cynical, use stop losses, and be in it for the money. It can be fun when it goes your way, and in a bull market it will.

scheistermeister

As sorry as I am to hear about tragedies like this, people are going to keep on doing stupid stuff, making dumb decisions. Even when warned (there were many warnings against Luna and other dangerous and/or scammy coins). Even when regulated, people will find something else to loose their money on. MLM, pyramid and ponzis, fake real estate funds, you name it. The best thing to do is start early with educating kids about finance. About risk. About not putting all your eggs in one basket. About ‘if something seems too good to be true, it usually is’. But then again, some people are always gonna get hurt. Always. That’s a painful truth, but it’s the truth. Some people are just gonna take stupid risks. Not just financial, but also in ‘sports’, hanging off of high buildings, playing with guns, driving too fast… you name it. If we believe in freedom of choice, even with warnings and protection in place, people are still going to get hurt. It’s noble to care, but also a waste of energy. That’s a dark perspective you might say, but it’s better to let go of caring too much about it, because that’s just bad for your health.

Odysseus_Lannister

Do you believe in MLM schemes? With a little bit of hard work and elbow grease, you can be your own boss bitch. That’s basically how much you can trust safemoon’s claims.

ElderberryOne541

If something sounds like a ponzi scheme it usually is in my experience, if not by technical definition than by functional practice. Your explanation here sounds like an MLM salesperson trying to explain why their business isn’t technically a ponzi scheme

SouthernYam26

I love how craptohodlers can have these brief moments of clarity, when they see that it’s just gambling, not investing, before they regress to their regularly-scheduled delusion of MLM/pyramid scheme cult rhetoric

Human38562

Lol yet another mental gymnastic exercise that tries to make BTC look like a fraud. I hope you are in bad faith because I can't imagine someone beeing stupid enough to actually beleive this. An MLM is a pyramid scheme, where people on top get a cut from people below. There is central entity that is taking a cut when someone sells BTC to another person. The transaction fee goes to miners, which, in your analgy, would be the workforce at the bottom of the pyramid. There is no pyramid scheme with BTC. Everyone is on equal footing. In an MLM, the work the workforce is required to do for the scheme to function is selling the product. Miners arent required to sell for for BTC to function.

H__Dresden

It is more of a MLM.

Limp-Crab8542

Your comparison is really really fucking stupid my man. Besides a house being a physical asset that gives you a place to live, you can also rent out your house. You don’t need someone else for your house to generate value - it is a physical thing on its own that provides shelter and people are willing to pay for that regardless. Put it another way: if houses cost $0 forever people would still be getting them. If btc went to $0 forever nobody would touch it. A MLM scheme is one that relies on taking money from new adopters to pay previous adopters to generate profits from work done on an underlying asset. A ponzi is an MLM scheme where there is no underlying asset, and the profit comes exclusively from fleecing new adopters. At the very least BTC is an MLM scheme. If you don’t believe that mining is real work (that is, if btc went to $0 would people still mine?) then it’s a ponzi.

koelebobes

The Discord groups are a hell of a mess, lots of gossip and fake news. I also find the information in project groups to feel like a MLM they can only talk and defend that one project and they can do nothing wrong or when they DO something wrong that wrong doing is made bigger like its tanking the project or its done for. Its just not for me!

cuposun

Literally agree with all 4 of your points and I am not anti-crypto. Even though I think the final point is probably true, I’m still holding. If there’s anything I would put my money on as a gambling man, it’s that people’s greed will (over and over) overcome their intellect and allow them to buy into pyramid schemes, MLM stuff, and crypto (again) the moment it begins to rise.

MonsieurReynard

You haven't heard the joke -- all over Reddit -- that crypto is "MLM for boys?"

XnoonefromnowhereX

What’s the venn diagram of people who won’t shut up about crypto being a pyramid scheme and people who were once roped into primerica or herbalife or some other MLM shit? Nearly a perfect circle right?

mn1nm

The two are a bit different, though. Do Kwo's project failed because its tech was not thought-through. Under the right circumstances, LUNA might never have failed. It was a bad crypto project but it was a crpyotcurrency. Onecoin was a scam from the very beginning. They didn't even have a blockchain. The crypto aspect was just marketing. They didn't sell coins but education packages which also had the right to turn them into coins somewhen in the future. It was a fraud distributed by a massive MLM scheme.

billbixbyakahulk

You're describing a MLM, which requires building a downline. A ponzi pays prior investments with new investors money, instead of paying ALL investors from legitimate business activities. Regardless of the details, they're all scams. You can split hairs all day, they're still scams.

crimeo

You have to buy expensive shoes that on average add up to more for them than they pay out. It's just an MLM scheme.

RattyCowzer

An NFT project that's basically a MLM scam? What a shocker

awesnapple

Crypto is a MLM for bros

Slayerrrrrrrr

Does my head in that people act like he's Buffet or someone of note. He's just another MLM snake oil salesman.

user260421

Sounds similar to MLM

MaximumSandwich5

This is one of your posts on r/buttcoin >Heading: Bitcoin is not a Ponzi!!! It’s the most genius pump and dump scam ever >Their creator(s) disappeared so people can say it’s not a ponzi because no ones at the top. It technically isn’t a ponzi even though it operates like one, it’s more of a pump and dump scam. They created a cult that banks and fiat are Horrible so all you have to do is hodl because BTC will be world currency. This is a common penny stock promotion tactic. Wait for 3 dollars don’t selll, amazon partnership coming soon!!! They have a halving every 4 years which serves as their catalyst since there’s no use for BTC, dividends or profit. Exchanges operate as a MLM scheme. You get 30 dollars for free if you deposit 100 dollars and refer a friend that does the same. Then eventually they go insolvent and take all your funds. >You couldn’t make this up, this is very elaborate and in my opinion a genius concept. I think the exchanges and the creator(s) are geniuses. The people who are buying it certainly aren’t. It’s the definition of the greater fool theory and imo I think it would be absolutely poetic if it topped out at 69,000 lmao. I don't understand why you're even here

Iksf

It's an advert MLM

beklog

it's a MLM and phone/data mining proj

Ace-of-Spades88

It's an MLM scheme, but for crypto.

fedaykin909

If you invest in bitcoin and then sell to get your fiat currency again, where did that profit come from? I think the "ponzi" argument would be that money comes almost entirely from other people buying. You can argue about whether this is technically a ponzi scam according to such and such definition, but if there is no external source for profits, only other investors buying, it seems very similar. It would result in a zero-sum redistribution of wealth with early investors getting money from those who tried to come in later, not from any externally generated wealth, just as in a ponzi/pyramid/MLM structure.

jallallabad

I had a friend who got sucked into an MLM scheme. I kept on telling him to get out. His replies were the exact same as yours. Thank you for proving my point

xenartro

I don't know what's the surprise, if the crypto space has mainly became about gambling, scams, pump and dump schemes, and MLM projects. It's no longer about an alternative payment method or whatever. Even these subs. Now it's all about "holding until lambo", which 100% makes no sense and will not happen.

Significant-Ocelot21

This. Crypto is still not fit for purpose. NFT's are the closest thing to an actual use case and it's dicey bro. Without further standards they do not work as advertised. They CAN be modified after mint, hence they do not serve as a permenant archive of anything. I've had NFTs change months after purchase. I own several NFTs which have had cloud links removed so the content is not accessible anymore. Not to mention the GAS and network outages. The NFT space is full of Celebrity and MLM marketing tactics that are putrid.

Survivaleast

Crypto advertising has become as prolific as MLM scams when it comes to social media. To be fair to the average person, the vast majority of this social media advertising gets done for projects that are completely WORTHLESS. Not only that, but they’re the most annoying things out there. Always trying to take advantage of FOMO or people going through rough times in their life. In the peak part of Doge popularity, I had about a dozen calls from friends over a the span of a month. All of them asking if they should buy Doge or some risky flavor of the month project. I was able to save most of them from wasting their money, and they are grateful. There is no regulation in this market, and there never really will be any meaningful form of it. Because of that, the onus is on the crypto community to help educate newcomers - not lead them off a cliff.

002timmy

When I looked at Midas, it looked way too good to be true. In fact, pretty much any centralized lending service seems too good to be true. They offer rates well above a decentralized lending service. I can’t figure out who would borrow at a higher rate, which to me, shows it’s set up like a MLM/ponzi.

lexiw

> I mean come to think of it, nobody hates on something that has no value We hate it because it has no value, yet it’s destroying the planet and the decentralised cult behind it is destroying lives preying on vulnerable people. We hate it the same way we hate MLM, megachurches, loan sharks. You are the QAnon of the financial world, and too far deep in it to actually see it.

i_sawyer_n00dz

If not some rehashed NFT derivative, than it’s a rudimentary financial ‘protocol’ set up like a Ponzi/MLM & then touted as some ‘aLpHa DeFi pRoToCoL’ because hurrr centralization

youknow0987

That’s really it. Universities are businesses. They’re responding to market trends, because it makes sense to do so. I’d rephrase this whole argument away from “use” to “need”—in respect to the cryptocurrency question. As a contrast, a bunch of real countries decided they didn’t need their own currencies and adopted the Euro, because it would work better than what they had—in their minds. These were entire sovereign nation states with thousands of years of history making a fiscal choice out of perceived need. Why does anyone need dogecoin or Bitcoin? Produce a need, and that becomes the use. As long as there’s no need, then the coin values are just an MLM game of hot potato. Like when I bought District Ox on the day before the Chinese NY switched to the Ox and the shit went up 100%. I sold. That was a “use” case alright.

amulie

Bro this dude just takes the biggest bags thrown at him. Everyone here remember that Ronaldo is the face of HERBALIFE, a fucking scammy MLM company.

MrRGnome

MLM scammy companies aren't likely to disappear either, it's still grossly unethical to lie about the properties or prospective of using one in an effort to enrich yourself. His intentions don't matter, he's promoting a scam. He's part of the misinformation surrounding that scam calling it decentralized when he knows full well it isn't. It's an illegal security doing absolutely nothing of note or importance. if you were so confused as to believe there was some merit in the EVM you could equally use it on Bitcoin 1:1 via layers like RSK. There is no defending Andreas' actions in regards to his shitcoin promotion.

TwoDimesMove

I think you guys need to learn what an MLM is and the signs of the brainwashing. You literally just defined this to a T. Hope this helps. Good luck. If you "made money" you took it from other people who are holding bags worth less. This is literally what you did or others did, because what your trading is nothing, it isn't a stock that produces value, it is a token that costs money to use. https://www.youtube.com/watch?v=X-p0G4FEMMg

TheAnalogKoala

None of the things you mention are negative sum neo-pyramid schemes that use similar amounts of power as Argentina. Crypto is fascinating. A solution in search of a problem. A speedrun of 500 years of financial history. MLM for dudes. A gambit for a dystopian future. It’s fantastically interesting. Post modern. I love it.

stars_at_night_

I heard crypto is like what a MLM is for women.

gotapeduck

Please control your urges to upsell your MLM scheme.

External-Outcome7579

Because crypto is an MLM scheme for men. The women have beach body and Herbalife except their delusion is toned down a bit as they don’t claim it’s going to lead to salvation of the world.

InsignificantOcelot

I think traditional and weird novel forms of leverage have been used aggressively to sustain the uponly, which has made it behave in many ways like a ponzi. The social marketing is very similar to an MLM. I do think there’s utility there, but a lot of the critics have some valid points.

TwoDimesMove

Hahah. Yea truly its just not the way you think it is. All these talking points are nothing more than what happens when you get involved in an MLM. Nothing you say is based in reality. I choose to put my wealth into things that actually produce value, land, labor, capital. You guys think your going to retire or get rich on buying a possible money of the future. It is quite short sighted in deed.

OptimalT2T

I have strong feelings about MLM’s despite never investing in one. Because they are predatory scams.

xiofar

As long as gambling addicts and MLM exists, so will cryptocurrency.

vonseggernc

Yes, it's sort of like when you see someone running a MLM business and they talk about how hard they work to get where they're at, but you know that their "success" was built on a false promise that "anyone can achieve what they did". When in reality 1 out of every 10,000 people might achieve something similar while 95% will only lose money and a good portion of those who lose money will lose significant money. I'm not saying that Cryptocurrencies are as worthless as your MLM essential oils, as the real world use case has already been somewhat shown, but I think at this current state, too many people are just banking on becoming rich, and honestly have no further interest in it insofar as it can make them money. Most people invest in Amazon today because they believe that Amazon provides a valuable service and because of that value, it will continue to go up. Most people who invest in crypto because they think they become rich off it, but cannot name a single way that crypto brings value to their everyday life.

FlubberGhasted33

>Like a subreddit about MLMs would hate on the MLMs, not the people joining them But an MLM doesn't work without the people joining them. The people joining NFT discords and shilling shitcoins are just hoping to win a zero sum game. The entire scam can't exist without them.

softhackle

To be fair the people in MLMs are idiots trying to draw others into joining their MLM so they can profit. Make of that what you will.

jlcatch22

It’s a truly strange subreddit. If you think something is a scam, you hate the scam, not the scammed. Like a subreddit about MLMs would hate on the MLMs, not the people joining them. Just the opposite, you would hate the MLM for hurting those people, but they seem to very much hate both. Like who the fuck is reading that sub every single day. Cryptos a scam, got it, what else is there to say?

UniqueID89

Don’t try to be a crypto MLM guru and start a club. Asking for a lawsuit there. Avoid Solana, they’re going through some drama currently and it’s constantly “going down.” Projects I own and invest in for the long haul BTC, ETH, ADA. Do your own research and choose projects you like. Approach it like you’re researching stocks and don’t turn into an idiot who bets their future on crypto.

cuttino_mowgli

> I imagined anyone in the world being able to have a crypto bank account. No monthly fees, no depending on if the bank wants you or not, no paperwork requirements, no paying for bundle of services that you will never use, no predatory credit practices and so many other benefits. Yeah just like Celsius wanted and look where they are now. It's amazing how people like you doesn't know or have a clue how out financial system or monetary system works. I will not pretend that I know it too but I'll leave it to the experts. So what are the real life uses of crypto other than printing NFT scams and useless digital currency backed by farts? **Nothing!** There's a reason why I would not trust a software programmer about anything that's financial because they don't have a lick of knowledge of what our current financial and monetary system. Block chain and crypto currency are answers that solves one question. How can we become those people in Wall Street? The creators of NFTs and crypto are the ones in the balcony and you plebs are happy giving them money because they said they have your share granted you created a not so high balcony! Block chain and crypto are just an instrument of greed. I hope it disappears forever and I know that's just wishful thinking. If fucking Amway and other MLM company survive, I know some of those coins will.

FinalVillain

I don't touch crypto. I just watch from the side lines. It isn't an image problem, it's that it has absolutely no use to any normal person. The whole thing with bitcoin being a currency you can use has not materialised at all. The adoption rate for it is abysmal as a day to day currency and its been over a decade. It doesn't solve any problem. Also the community is **CULTISH AS FUCK**. It's like MAGA types but for nerds. Weird shitty cult videos on youtube. Crazy enthusiasm for it that is off the charts that sucks people in, but then it amounts to nothing tech wise. A coming financial revolution that never materialises. Weird types like that Craig Wright guy which absolutley hum of being a charlatan. People who talk about crypto to non tech types just come across as MLM huns. Stop doing it.

poopsixty

The whole concept of "community" in crypto is just another crafty way to trick naive and lonely people into getting emotionally invested and to "hodl" (aka keep the price inflated) so the smart people can get in and out quick with their profit. Investing is not supposed to be emotional. Nobody is in this for anything except money. Anyone who says otherwise is kidding themselves. It's not about making friends. Just because you gambled on the same thing as someone else doesn't mean you have some special bond or connection. Do you see successful stock traders or gold/silver investors emotionally identifying with or crafting a personality around whatever company or asset they're trading? No. That'd be absurd. (Unless it's a stupid meme stock like Tesla, which attracts the exact same people who have this "crypto is my friend"/get-rich-quick mentality.) The "Dogecoin Mllionaire" never sold when his Doge was worth almost $3 million because he foolishly cared so much about "the Doge community" and now those same people are mercilessly mocking him 24/7 for never selling and now being in the negative. If you want a community, don't mix it with investing or you're getting into cult/MLM territory, and you're almost certainly going to get screwed over.

brichb

Because it’s inherently stupid, especially nfts and yes it’s the general sentiment outside of small bubbles. Almost everyone I know roots for crypto and similar scams like MLM to fail.

Stankoman

I literally didn't buy ONE because there was a huge scam in Europe called ONE Coin, from some chick in Romania. It was actually an MLM ponzie with no Blockchain behind it.

gwcurioustaw

It’s gonna be hilarious when 3AC gets liquidated and Celsius gets liquidated which will trigger Nexo and BlockFi and all the other scams to get liquidated. Then Microstrategy gets liquidated It’s all a big ponzi. Crypto is MLM pyramid scheme for dudes. Let it burn

Misfire2445

When was it ever safe? Safemoon was always a scam. People came to me explaining how it worked and I told them it was a Ponzi scheme mixed with an MLM and they didn’t believe me

SpandexPanFried

No Wow, amazing argument. So that's why everyone is looking at the price of bitcoin in goats, or grain, or cinema tickets, right? No shit you can trade anything for anything else, your wisdom is astonishing. Ultimately the only thing anyone cares about is the dollar price. My god, do you hear yourself. Inflation is normal to incentivise spending. Bitcoin may have a hard cap but ultimately if you need to use it as currency it will still need to be inflated so that people spend it, you know - to stimulate the economy. I find it hilarious that buttcoiners constantly talk shit about gold but then somehow bitcoin is in the same asset class, despite being literally useless and having no real world applications except redistributing wealth even further to the billionaires. Sure, of course, if the Internet is blocked people will send bitcoin by smoke signals and morse code 😂😂 you can say peer to peer as much as you want. China isn't failing to block it. They succeed and then when funds are low they turn a blind eye, so they can funnel some money out of the west. Hahaha, what an incredible quote, please illuminate us all how your MLM is different to all the rest. Bitcoin functionally is crypto, they're all blockchain bullshit and you're all in a cult. For example litecoin is a fork of bitcoin and yet litecoin is going nowhere. So they're technically identical and yet one is shit and one is this panacea. How can that be? In any case you're never going to give up on the cult and I'm never going to buy in to provide you with liquidity for your own exit so I guess let's just enjoy our lives, me with regular fiat money that I can spend and you watching a ticker go down and your life savings evaporating.

RocketMoonShot

The MLM economy. Where everyone is hocking someone else's shit.

Mons1914

This is a definition of a MLM.

Durpy15648

I drop in from time to time in the comments on their posts and then I am quickly identified as the enemy and its hilarious how they come at me. "Imagine being so down bad in the gutter on your "investment" that you take time out of your day to come ree at anyone who wasn't dumb enough to fall for digital MLM. Hodl deeez nutz" is a good one I got recently. Like I get it, you got burned or someone you know did or maybe you have never invested in crypto but it just bugs you and you dont like it BUT why in the world would you jizz yourself at the thought of crypto crashing and people losing their own investments. Its not your money, why do you care so much? Reference material: https://www.np.reddit.com/r/Buttcoin/comments/v6wuk1/salt\_mines/

Durpy15648

I drop in from time to time in the comments on their posts and then I am quickly identified as the enemy and its hilarious how they come at me. "Imagine being so down bad in the gutter on your "investment" that you take time out of your day to come ree at anyone who wasn't dumb enough to fall for digital MLM. Hodl deeez nutz" is a good one I got recently. Like I get it, you got burned or someone you know did or maybe you have never invested in crypto but it just bugs you and you dont like it BUT why in the world would you jizz yourself at the thought of crypto crashing and people losing their own investments. Its not your money, why do you care so much?