this post was submitted on 25 Nov 2025
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Bitcoin is a pyramid scheme. I mined bitcoin in the early days when you could literally make 1 whole bitcoin in two weeks. The next two weeks I mined 0.3 bitcoins. That's when I realized that it was a scam.
It's not about facilitating peer-to-peer transactions like its proponents claimed. It's about creating a huge money store. The more we use it the more inefficient it gets.
Bitcoin particularly is a pyramid scheme, but peer-to-peer payments via block chains are useful anyway.
I got theories on what would make a better token than BTC, but key to any utility would be little or no deflationary pressure.