> 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.
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.
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.
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
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.
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.
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.
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.
>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.
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?
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.
> 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.
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.
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.
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
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.
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/
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?
Unfortunately very often they are for people with not enough money and even less sense. People invest a lot of money they don’t have for all kinds of get rich quick schemes. Bored apes offer a cult like community and a promise of wealth. A bit like a MLM system.
Would you buy cryptocurrencies if they were guaranteed not to increase or decrease in value? Personally I have never bought any crypto currencies because every time they were pitched to me, they gave me a bad vibe. Either it was libertarian dogma or it was MLM marketing.
I am simply unsure any of these "projects" will amount to anything. They solve problems we do not have in ways that are dependent on the very systems they plan to undermine. I think this is the new age MLM get rich quick scheme in all honesty. I don't regret joining the market but I sold, I won't be reinvesting. There's too many legal gray areas and way too much speculation for this to be see as a good investment for anyone who isn't sn absolute whale that has the power to manipulate the markets. It was a good run guys.
Bitcoin is a classic MLM scheme. It only enriches the ones who got in early, that’s why people say well I got in during the last crash and now I’m up, it’s because the network grew. This is evidenced by the amount of wallets holding BTC today. Eventually this won’t work, it might seem unbelievable but BTC network today has a $0.5T market cap. $250K BTC would be $5T, $1MM BTC is $20T. There wouldn’t even be enough wealth in the entire world to ensure this would even be a remote possibility.
It's felt like that the entire time. Less so back in 2011-2013 because more people were using it to buy and sell drugs than holding, but it's just gotten worse and worse over its entire history. It's like an MLM scheme and no one thinks critically about how a super inefficient database probably isn't the end-all-be-all of technology lmao.
I agree a lot of people in here use DCA incorrectly and could benefit from looking up the term first. I’m also not happy with some of the word creations, like HODL (which I’m not sure whether it originated here or on WSB), which has a different meaning from hold but is nevertheless used synonymously to hold by many here. Also, lots of people confuse staking and lending here, which is not the same thing and has different risk profiles. That’s a very poor record, communication-wise. Of course there are users who use the terms correctly, but many get them wrong. I also agree that some in here use the term Ponzi scheme incorrectly, too. However, what you describe in your last two paragraphs - which are intended to serve as counterexamples - does qualify as a Ponzi scheme, although the way they are advertised differs. If you look at the classic Ponzi scheme, you sell more and more of an investment out of thin air. That’s an emission, you increase the supply. The liquidity pool thing doesn’t completely fit, but you’re using it wrong for the crypto side anyway. Emissions don’t increase the liquidity pool, people providing out of the money sell or buy orders (market makers) do. A larger supply of a token does not increase the liquidity pool, it just gives the potential for a larger liquidity pool. Your last paragraph features the core property of a Ponzi scheme: not being sustainable, and it will eventually fail. Plus those who are in early can cash out while those who are late can’t. That’s textbook Ponzi scheme. You’re possibly arguing that it’s not precisely the same as Ponzi schemes traditionally work… Charles Ponzi lived in the 1920s, that’s a little older than crypto, and even the MLM schemes you always find are not exactly the same as Ponzi did. But the characteristics are the same for what you are describing and Ponzi schemes. In my opinion, buying into tokens that are not sustainable should be avoided entirely. Trying to get some incremental profits out of them is terrible advice.
weirdly i find more people hyping things which they don't understand but also aren't trying to unload in my day to day travels. the afk crypto investors i run into seem less like MLM and more like sports team fans if that makes sense
I have immediate family who are deep into MLM and cult mentality. Unfortunately the only options were to A) stage an intervention and not be angry at all or B) wait it out and *unfortunately* hope they learn a lesson. I've found cult mentality strong as fuck to the point where factual evidence doesn't faze them. Only time will. it sucks.
Next time you're feeling bad because you missed the boat on an investment that x15,000% because you're heavy in "unsexy" things, just remember this guy's whiny post and the countless others holding Megabags™️ from playing the shitcoin game at all time highs. Go tell all the real estate and finance dignitaries that are clamoring over the future potential of REAL smart contracts that "crypto" is over because you shilled yourself into buying Cardano at ATHs based on some cheerleader-esque, MLM energy type hype comments.
People who unironically read /r/superstonk are on the same brainwave as the qanon folk. There’s some kind of thread of insanity in the human mind that latches onto conspiracy theories and outside moonshots and insists they will happen - when the future is rarely so simple. Sadly, in this case people have their financial livelihood on the line too so they are quadrupole motivated to keep believing the theories. It’s also a lot like the MLM sickness, tho the moonbois would never admit that.
Crypto will not make it through this recession, guaranteed. Lots of salty boys will be created from the fools who tried to hodl. That's what happens when a totally unregulated market experiences a downturn. Every rich fuck is going to bleed you bag holders dry. They'll end up doing just fine, and you'll end up more broke than before. Crypto is an MLM for men.
My guess is that OP was using multiple accounts to astroturf or something. You see a lot of bad faith stuff like that when people are trying to promote a new currency (like NFT's for example). Because people can make so much money in a short time by generating hype. Similar to MLM scams.
So true, Imagine just interjecting in football conversations with this "Garbage" "Football's a scam!. People are getting phished out of BILLIONS betting on bullshit Fantasy Football leagues with their MLM style recruitment strategies. I mean look, the cost of having College Football leaves the college students holding the bags with crazy amounts of student loan debt. The Human, Environmental and Brain Damage is INSANE. Look at the environmental waste of keeping the lights on and massive water waste just for playing a game. "
A Ponzi scheme *can* have some purpose or utility. Just like MLM's still sell goods even though they are a scam. The whole point of Ponzi schemes is that they are unsustainable. Any kind of utility is beside the point, but possible. The biggest scam cryptos also usually have the coolest ideas about how to be useful. Terra-Luna was supposed to be the future as well.
Not true at all. I've looked into it quite a bit and found (as many other unbiased observers have a haven for money laundering, misinformatuon, and people being suckered by jargon and economic principles they only pretend to understand. Having also worked with MLM's extensively including helping to launch one many years back, the parallels in belief structure between NFT bros and network marketers is impossible to miss. If you HAD looked into Beanie Babies more closely along with the BS spin around early dotcom valuations, you might have a more nuanced understanding of what's happening now with NFT's.
Trust me, they do. However, the main problem is the way the police report was made. None of the content suggest a crime which can be covered under the Singapore's police jurisdiction. For example, the accuser reported that Singaporean bloggers are also culpable for recommending Luna as investment instruments. And that these bloggers are part of Do Kwon's network to help spread the lies to attract investors (???) Next, he called Luna an MLM scheme (in which, MLM is not illegal in Singapore). Next, he dragged Hodlnaut into this because they sold UST. Next, he accused Do Kwon of being a billionaire (in which itself is not a crime) His report said that he is lodging this report out of concern and should be discussed in the Singapore parliament. I honestly have no fucking clue what this report is trying to achieve
I’m asking what about GameStop launching on LRC will cause LRC to moon? If LRC the token plays no role in the actual usage of the market, where is the moon case? I don’t see it. As for why I hate GME? Personally I think it’s a garbage company that has delivered exactly nothing while the stock is up 20x from where I bought in ($5/share in early 2020). But it makes a good swing trade. The real reason GameStop rubs me the wrong way is because the cult that believes they’ll make $100m a share has obliterated any reasonable discussion on every investing subreddit. Bear case for gme? Instant downvotes. Any event happens anywhere? It’s shorts covering GME. Vote count will reveal all! And when it didn’t, it was blamed on another conspiracy. RC tweets anything? It’s a clue! Because he can’t say the truth so he can only leave clues! They never admit being wrong, and continue to spread their nonsense anywhere they can think of. Even the UST/Luna mess last week was blamed on Ken Griffin for Christ sake. It’s absolute cultish insanity that defies logic, while they make constant coordinated pumps on subs to loop in new, gullible investors. It’s basically the equivalent of an MLM at this point. That’s why.
Luna is worse. Because they gave an impression to almost everyone out there that their UST was safe, even provided 'insurance' for it. At least with bitconnect it was similar to a MLM scheme so a lot of people outside knew what it was.
Gamified day trading apps like Robinhood and crypto culture in general have Trojan horsed gambling into a lot of consumers that would consider themselves too sensible for casinos or sports betting. A lot of people don’t want to admit that they’re gambling - most of us are raised in cultures where gambling is a vice. But marketing this as investing is perfect because “investing” is smart, even virtuous. I’ve seen crypto called “Herbalife for tech bros” or “MLM for people who fancy themselves too smart for MLM”. But really I think this is is a general issue of gameified “investing” hooking a lot of unsuspecting people on gambling with marketing that makes it feel responsible.
People on Instagram flashing cash from crypto are rich like the huns shilling for MLM schemes are rich. (In other words they’re not, they depend on people believing the lie in order to hope for a positive exit, and the few who got even a little lucky are outnumbered 100:1 by the losers who never see a dime)
You know why they don't know those terms? Because they're wise enough to know that crypto is literally a legal pyramid scheme in most cases. Those who run large pools benefit from convincing others to start mining on it - rinse - repeat (or they dev miners with built-in profit sharing to the creator). No one is going to waste their time trying to learn the ins and outs of crypto when 99% of crypto's use-case is as a highly volatile investment platform. The only ones naive are those lying and convincing others to invest in a really shitty MLM that is hastily adding to the waste of energy and resources. I know how crypto works, I've mined in the past for about 2 years (earlier on), and now that I understand it and have seen what a shit show it is, I will never ever ever invest in it again. Fiat is superior in nearly every possible way. Crypto should have stuck to being a dark web/market tool for paying for illicit goods and services. The ONLY good I have seen it do so far is provide a hidden means of transferring/storing wealth, which is extremely useful in third world nations and during major conflicts where war has fucked with fiat's value (ukraine/russia). inb4 "you're just sour because you lost money" No. I have only profited from crypto.