Are Cryptocurrencies A Pyramid Scheme at Breaking News

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Are Cryptocurrencies A Pyramid Scheme, Browser manufacturer vivaldi has published its clear stance on cryptocurrencies through a blog post written by its own ceo, jon von tetzchner. The reason so many people protect them is because they have invested in them and when others invest their value goes up. The only pyramid scheme of a cryptocurrency so far was bitconnect.

Ethereum A developer just created an unstoppable Pyramid
Ethereum A developer just created an unstoppable Pyramid from findcrypto.net

Cryptocurrency has, obviously, taken the world by storm in recent years. I touched on this one word last week in which i warned of snake oil salesmen. Pyramid schemes tend to be illegal.

Ethereum A developer just created an unstoppable Pyramid from Nice Breaking News

It’s not that that you can’t make money on them, but you’re gambling. The scheme involved over 60,000 victims and 100 million yuan. If the goal of any particular cryptocurrency is to serve purely as an investment vehicle without any actual productive use of the capital, then, yes, it meets the strict definition of a pyramid scheme. Chinese authorities have been increasing their oversight of the illegal industry. Steer clear of investment companies that compensate you based on bringing others into the company.