Bitcoin, a Pyramid Scheme? Pick Up Those Blocks and I’ll Tell You

When someone in the mainstream media berates Bitcoin, it often becomes an emotional alarm call for the cryptocurrency news squadron.

Suddenly, all the failed novelists who occupy cryptocurrency news desks spring into action, spewing forth endlessly optimistic and hopeful refutations. With all the sassy pride of Hillary Swank’s Freedom Writers, their optimism, while hollow, manages to reassure those on the inside.

But what if one of those outsider mainstream folk we love to demonize so much happened to be right? Recently in the pages of Yahoo Finance, Chief Economist for Lending Tree, Tendayi Kapfidze called Bitcoin a pyramid scheme. According to Kapfidze, Bitcoin is a solution in search of a problem, and the only way to get rich off it is to dupe others who come in after you.


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