Bitcoin Is a Pyramid Scheme. Prominent Economist Explains Why

Myths & Facts On Bitcoin

Myths & Facts On Bitcoin
Bitcoin is attracting the attention of an increasing number of both investors and ordinary people. Many years have passed since the birth of the first cryptocurrency but there are still a lot of rumors surrounding it.
by StealthEX
In this article, we will try to dispel the most popular myths about Bitcoin and shed light on reality. So let’s roll!

Everyone can “print” Bitcoins, so they are useless

Nowadays the complexity of Bitcoin mining is too high and moreover it is constantly increasing.
As known, Bitcoins are mined in blocks and the reward for each block is halved after every 210 thousand blocks produced. And if in 2009 the reward for the block was 50 BTC, now it is only 6, 25 BTC, and this reward will continue to decrease.
Due to the innovation in mining equipment, the total network performance has increased many times along with the complexity. At the moment, a standard PC is not able to provide the necessary computing power for mining digital gold. For profitable mining, huge investments required which measured in hundreds of thousands and millions of USD.
The value of Bitcoin is determined not by the fact that it can be minted by everyone, but by whether this currency will be used by people in everyday life.

BTC is used to buy drugs and money laundering

Illegal activities exist much longer than Bitcoin. Yes, it is possible to buy drugs for BTC as it is also possible to do so using the American dollar, Nigerian naira, or Thai baht. Bitcoin is just a means of payment. So blaming the tool for how it is being used is not right.
It is also worth mentioning that in the blockchain each transaction is public, which is not very convenient for illegal activities. It is believed that only 1-5% of all BTC transactions are used for money laundering. Of course, there is no consensus on this issue.

Using Bitcoin is not safe, exchanges are constantly being hacked

Headlines announcing that another major cryptocurrency exchange was hacked could scare away anyone from the crypto industry. However, Bitcoin network has never been hacked.
The technology that was created by Satoshi Nakamoto is safer than any bank in the world. So rogues are unlikely could withdraw coins from hardware wallet even with physical access to it. Bitcoin cannot be falsified: the issue of new coins occurs according to a strictly predefined schedule, which cannot be violated.
But the situation with storing currency on exchanges is a real problem. Unfortunately, hackers remain the key enemy for the crypto community. So please be extremely careful when considering options where to store your savings.

Bitcoin is a pyramid scheme

Bitcoin value has risen 15 times in 2017 so no wonder that many people think that BTC is just another soap-bubble or Ponzi scheme.
But how does Ponzi scheme work? Existing investors profit from new entrants. However, there is no objective increase in the value of investments. In addition, a creator of the pyramid ultimately derives maximum benefit for itself.
All this has nothing to do with Bitcoin technology. Because there is no regulatory center interested in income generation and all the users are equal. And each transaction, each wallet is part of one huge system. The other important Bitcoin difference from the classical pyramid is that as the number of BTC holders increase the value of currency grows. But the profit of users doesn’t rise exponentially.
You should remember that Ponzi’s schemes exist in any currency. The Bitcoin technology should not be confused with various scam projects on the Internet that can accept this digital currency as deposits. And very often people who are being scammed in such suspicious projects blame the technology itself and not those who had deceived them.

Bitcoin has no value

In comparison with traditional assets like Dollars or Euros, Bitcoin is just a piece of program code. Cryptocurrency owners can only see some numbers in their digital wallets. But how real is their savings? Bitcoin is not backed with gold or government obligations. That’s why Bitcoin critics dismiss its value.
Saying that BTC is not backed with anything is not entirely true. But first let’s figure out how traditional currencies are backed.
After the suspension of the gold standard, most of the currency in the global economy is not backed by either precious metals or foreign exchange reserves. Moreover, many national currencies don’t have commodity collateral: currency issued doesn’t cover the value of goods produced in the country.
But then what is the source of currency credence? The answer is simple – government. As long as the nation-state supports the currency – people trust in it. But if the government can’t or doesn’t want to maintain this trust any longer – the currency fall.
So currency has value as long as people believe in it.
The source of confidence in BTC is in its own intrinsic value that brings this digital currency truly golden. Because the real value of Bitcoin is financial freedom.
Like and share this article if you find it useful 😉
Original article was posted on https://stealthex.io/blog/2020/06/02/myths-facts-on-bitcoin/
submitted by Stealthex_io to u/Stealthex_io [link] [comments]

Bitcoin is not merely a store of value. It is also a means of exchange. Otherwise Bitcoin becomes the pyramid scheme its detractors claimed it to be.

Bitcoin is not merely a store of value. It is also a means of exchange. Otherwise Bitcoin becomes the pyramid scheme its detractors claimed it to be. submitted by RecalescenceCoins to btc [link] [comments]

04-05 19:13 - '**Is bitcoin a decentralized pyramid/ponzi scheme?** / This is *not* FUD. I am genuinely interested. From what I can see, some people got rich, but not because goods and services of value were being created somewhere (as wou...' by /u/MrManHimself removed from /r/Bitcoin within 0-8min

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Is bitcoin a decentralized pyramid/ponzi scheme?
This is not FUD. I am genuinely interested. From what I can see, some people got rich, but not because goods and services of value were being created somewhere (as would be the case with stocks in a real company). People got rich because others hoping to get rich rushed in and pushed up the price. So it has basically been money flowing from the many to the few. And now there is little new money coming in, whence the daily panics here over prices.
What do people think of the situation?
'''
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Author: MrManHimself
submitted by removalbot to removalbot [link] [comments]

Bitcoin is not merely a store of value. It is also a means of exchange. Otherwise Bitcoin becomes the pyramid scheme its detractors claimed it to be.

Bitcoin is not merely a store of value. It is also a means of exchange. Otherwise Bitcoin becomes the pyramid scheme its detractors claimed it to be. submitted by BitcoinAllBot to BitcoinAll [link] [comments]

If something only has value if new people keep buying it in the hope it will keep going up in value, isn't that by definition a pyramid/ponzi scheme? /r/Bitcoin

If something only has value if new people keep buying it in the hope it will keep going up in value, isn't that by definition a pyramid/ponzi scheme? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

11-24 05:32 - 'If something only has value if new people keep buying it in the hope it will keep going up in value, isn't that by definition a pyramid/ponzi scheme?' (self.Bitcoin) by /u/sgasgdsgbdsg removed from /r/Bitcoin within 42-52min

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why people keep buying BCash I have no idea
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If something only has value if new people keep buying it in the hope it will keep going up in value, isn't that by definition a pyramid/ponzi scheme?
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Author: sgasgdsgbdsg
submitted by removalbot to removalbot [link] [comments]

Buttcoin is an incredible scam

Buttcoin is an incredible scam
Honestly, the more I read into buttcoin the more sketchy and brilliant it comes across. The points have already been stated here (wanna buy some 1s and 0s with no intrinsic value, not protected by any financial institution, not backed by any government?) so I won't dwell on that. What I wanted to post about was how it's such an ingenious scam: a perpetual, decentralized, headless, slow-boil pyramid scheme.
A few frenzied libertarians and nerds sniffing their own farts put money into a genuine (if unscalable and inefficient) technology. This makes news, which attracts some speculators. Amount of money going in generates hype, more news, and brings in normies and more speculators. Value begins to go up, larger entities (companies/wealthy entrepreneurs) invest. Value goes up further. Pyramid reaches final stage as last wave of suckers buy bitcoin at ridiculous prices, convinced this slow, insecure, power-hungry, uninsured, volatile, awkward, unregulated digibuck is gonna replace existing financial systems that answer all bitcoin's shortcomings. The faster and savvy companies and entrepreneurs pull the rug out from the rest of the userbase and the pyramid collapses. Digibuck loses nearly all its value.
But, a few frenzied libertarians and nerds sniffing their own farts put money into...
Aaaaand on and on.
If you look back at the first time the pyramid collapsed, there was a decent progression until around September 2017 when things went fucking crazy leading to the massive price in December 2017, at which point the pyramid scheme winners took their cash and run. So, around three months.
People bought into the pyramid scheme again around March 2019, but were a bit more conservative - the price didn't shoot up nearly as high or as fast. Three months later, the pyramid started to topple again, but more slowly and not as devastatingly. It fluctuated after that until a low in March this year.
Since then people have been pumping money into the scheme. People are anticipating a big spike, I guess soon we will start to see a big influx of people because it's been "relatively stable" lately, with the pyramid people patiently waiting for a payoff rather than chipping away at the foundation. Of course, as soon as the spike happens it will be a massive plunge down as the pyramid collapses, similar to what we saw in Dec 2017.
But, it seems to be an unkillable scam. Even though there's nothing of actual value behind this con, it seems to have really good staying power because it is really hitting some powerful buttons in people's brains:
  • Get Rich Quick: Yes, even though it is a scam, there are going to be those successful few who walk away with other people's money. If people want to literally gamble by playing chicken with "currency" exchanges, then that's fine (maybe they'll even get luck and win big), but these people need to admit to themselves that bitcoin is only that - gambling. Not an asset, not a currency.
  • Ideology: It's not just your standard con, it's also bundled itself up with ideals and religiosity. It's an idea! The Internet of money! Libertarianism, utopia, revolution!
  • Technology: It comes with a veneer of authenticity because it has some real technology supporting it (even if the technology is just...not that great). People are really blown away when they hear vague descriptions of blockchain, words like "node" and "mining" and "private keys".
  • Hatred: Buttcoiners can be really motivated by hate and bitterness. Their hatred of "greedy banks" and "thieving governments" (legitimate or otherwise, your mileage may vary) seems to really move money.
  • Fear: If you don't invest in buttcoin, all the money in your bank account with inflate and wither away to nothing! Because inflation is real and not a fabricated boogeyman makes the scam seem more appealing.
In looking over those points, I'm not sure whether it's the technology or ideology that's what's really keeping people from seeing through this con.
I mean, anyone could start their own super-duper-coupon company that will only ever produce 21 million coupons. Ok, so the coupons are actually worthless, but if I tell people that one day everyone will use the coupons then suddenly they must have value right? Sounds ridiculous, but if I then say that the super-duper-coupon will be using revolutionary new digital protection, and be supported by a distributed database all over the world, and no government can forge or steal your coupons because of this new zipity-zoop-21 protocol I just developed, suddenly it sounds slightly more appealing.
Could just as easily be the ideology though that keeps this con running even after each blow. The amount of purple prose bullshit about freedom and brave new worlds and unlimited prosperity is just crazy.
Anyway, I've rambled enough, but wanted to get some thoughts out there after bitcoin enthusiast friends were encouraging me to invest and I did the research.
https://preview.redd.it/ucvix7hwwju51.jpg?width=500&format=pjpg&auto=webp&s=220789d26b6f564783dbaef8044e88ca238f0f76
submitted by robanglican to Buttcoin [link] [comments]

HEX is basically a scam, a pyramid scheme

HEX is a cryptocurrency token built on Ethereum that promises infinity rewards for staking. In the official website, it says:
HEX IS NOT A PONZI.
Yes, I agree. It's not a Ponzi scam. It's a Pyramid scam.
In HEX, no one owes you anything. You mint your own HEX rewards yourself when you end your stake. Like how Bitcoin miners mint their own Bitcoin rewards. You are the network.
That's basically minting value out of thin air. Wow, maybe HEX has an angel backing it that loves to give away free money.
There are no middlemen or managers in HEX. HEX rewards are dynamic like Bitcoin mining rewards. No one in the world can promise you how much you might make running HEX, because no one knows how valuable HEX will become. HEX puts you in charge!
The funds in traditional banks can give interest because they use it to provide loans for businesses. Without anything of that sort, how the hell can HEX continue to provide "high interests"?
It's totally a Pyramid Scheme. It works by giving people a false hope that their money is going up in value. But they can't withdraw it as it is locked up.
It can go up and up by making stupid people believe the balance sheet they see in their portfolio is what they will get. It's basically utilizing the greed of people with the lure of more money without actually giving more money.
All the new money or interest is generated from inflation. It works by getting more people to buy it with referral programs. But when enough idiots of brought it, there won't be any more losers to refer to.
Hence, the pyramid will collapse.
submitted by littleboy0k to CryptoCurrency [link] [comments]

Here’s Why Bitcoin is Not a Pyramid Scheme

Here’s Why Bitcoin is Not a Pyramid Scheme submitted by Cresource_ to Bitcoin [link] [comments]

Is Pi at its simplest an advanced pyramid scheme/scam?

I’ll no doubt be banned and/or downvoted to oblivion for this post but please take a reasoned, considered and objective view to this thread:
  1. Pi IS NOT a Cryptocurrency. It is not on a blockchain and therefore is not currently based on cryptography and is therefore not presently a cryptocurrency. It is merely an app with a formula that goes up day on day.
  2. The Pi company’s sole purpose appears to be making money from ads, that is how they make revenue, them growing the project leads to more ad revenue. There is therefore a pyramid scheme type referral system whereby you benefit from inviting more people (which in turn generates more ad revenue for the so called developers)
  3. There is no firm indication that Pi will ever be tradable and if it is not tradable it can never have a value.
  4. No obvious market cap data or limits save for some vague halving suggestion quote clearly cribbed from Bitcoin based on wholly unrealistic user numbers.
  5. There is no measurable roadmap, no timescales, merely “we want to do x and y” which doesn’t really cut the mustard.
  6. Nothing is open source (as of yet) merely more empty promises that “one day it will be open source” I.e. how long can we keep claiming ad revenue before people twig on to the fact that this isn’t a real or viable cryptocurrency
I regularly hear “but it’s 5 seconds a day so worth a try”. If someone told me doing a shot of mustard a day would stop you getting cancer I wouldn’t blindly accept that and do it daily for an undefined period of time, it simply makes no sense.
You may call it fud, I call it facts but please, I’m open to sensible discussion and would love to persuaded that I’m wrong but I simply don’t get the hype.
submitted by N0365417 to PiNetwork [link] [comments]

How sustainable is this Defi and Ethereum rally?

As I understand, these yield farming tokens are hyper inflationary by design, and I'm generally curious on how price performs when selling starts. My assessment is that many of these tokens can lose 90 percent of their value in seconds if just a few people sold.
And Ethereum itself has benefited greatly from this yield farming frenzy. Most of us believe bitcoin will eventually see much higher prices of the coming years. Most people advocate Ethereum is a great long term investment in line with bitcoin, but I see the opposite. Ethereum is just the platform for pump and dumps, and therefore Ethereum is just a higher cap pump and dump coin. Ethereum is the admission ticket needed to get into pump and dumps, and when that pump and dump energy is gone, so is the demand for Ethereum.
Everyone is going into alt coins with dreams of becoming overnight millionaires, but I yet have seen an altcoin that doesnt just act like a pump and dump. Bitcoin had had a 60% correction from 19k to 3.1k, but most of these alts had 99% correction. In general I think the idea that altcoins must outperform bitcoin is a myth. Institutions are interested in bitcoin because of the disinflationary nature and the large following. Institutions are not interested in Sushi or Chainlink. Shitcoins are just pyramid schemes and traps set by whales to fuck over retail investors.
submitted by ShotBot to CryptoCurrency [link] [comments]

BTC Global – A Huge Ponzi Scheme

Oh No! Another Cryptocurrency Scam

Since Bitcoin was created back in 2008, there have been numerous shady individuals and companies for that matter that have used the hype to their advantage to facilitate cryptocurrency scams. These shrewd schemes conned thousands upon thousands of people who knew virtually nothing about cryptocurrency but wanted to invest in this alluring venture. 2018 is underway but here is this year’s top cryptocurrency scam thus far:

BTC Global

Just a little over two weeks ago BTC Global collapsed and Broker Complaint Registry has received numerous complaints pertaining to this fraudulent broker. The company claimed to be an exclusive platform providing unparalleled earnings through valid binary trading services, but that was unfortunately not the case. Here are excerpts from there website:
“We are backed by our founding trader at Steven Twain.”
This “Steven Twain” character is not a real individual.
“Steven has 6 years of experience trading binary options with consistent success, over the last 3 years he has started providing trading services for other large account holders ($10,000+ only).”
I have not come across any trading history pertaining to Steven Twain.
“Through our partnership with Steven, BTC Global have secured access to guaranteed 14% WEEKLY returns from as little as $1,000 in your account. We have also secured extra returns to pay out as referral commissions should you decide to share this opportunity with others! There are very few legitimate opportunities to get the kind of returns on investment BTC Global is offering so we encourage you to get involved as soon as possible to avoid disappointment.”
How can a legitimate company guarantee any sort of returns?
In BTC Global there were two ways one could earn:

  1. Return on investment, which was 14% of the dollar amount that was invested, paid weekly in BTC.
  2. Team shares or commissions on the people that the investor recruited or referred (think of a pyramid scheme).

BTC Global – a textbook Ponzi scheme.

The definition of a Ponzi scheme is as follows:
A deceitful investing scam guaranteeing high rates of return with little to no risk to investors. The Ponzi scheme produces returns for earlier investors by procuring new investors. BTC Global certainly fits the bill
Investment values generally go up and down over a duration of time, especially the ones that offer potentially high yields. If an investment consistently generates the same returns despite the market conditions or guarantees these high returns that is cause for pause.
Additionally, Ponzi schemes usually involve investments that have not been registered with the SEC, FSB or any other regulatory agency. Obviously, registration is pivotal as enables investors to access pivotal information pertaining to the firm’s management, services, products and most importantly finances.
Lastly and most importantly if you do not receive a “scheduled” payment or incur difficulty when trying to cash out your investment that is the biggest red flag. Those who promote Ponzi schemes regularly ask investors to “roll over” investments and often promise returns in excess of the amount that was rolled over.

How to protect yourself from a cryptocurrency scam

Although we have just talked about the BTC Global scam, this is not the only one. The very best way to ensure your funds are safe is to know how to identify and avoid ponzi schemes like BTC Global.
Stay far away from ICOs, unidentified companies and companies that do not provide suitable information. Be sure that creator’s names and all team members are publicly listed and verified and, if reviews give consistent negative feedback it best to avoid that cryptocurrency broker.
If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process. Visit www.fundsrecovery247.com for more information or Contact - [email protected] com.
submitted by dskhan34 to u/dskhan34 [link] [comments]

Weekly free crypto accumulation $150 this week - How to build your crypto portfolio for free

Every week I give advice on how you can earn free crypto then cash it out in bitcoin or money.
--
Dolla
Going strong, now up to 200k DLA. They just announced it is launching on the Stella platform rather then NEO or ethereum.
https://imgur.com/KOtF4S8
I think it will only be a few more months before it's being used as a rival to XRP (ripple)
Sign up and get it for free, you just have to join their social profiles like reddit, twitter, facebook, telegram etc.
--
Brave
Up to 0.01 bitcoin again, it has gone up a bit but not much..
https://imgur.com/RUWOOGP
I connected my youtube, twitter and github accounts so people can tip me when they use the brave browser it BAT.
I luckily have got about 100 + BAT in tips in the past few weeks.
I highly recommend you do the same if you have decent social accounts, it even connects to twitch!!
--
Free PI
To claim your Pi, follow this link https://minepi.com/patotterman and use my username (patotterman) as your invitation code.
My stash:
https://imgur.com/05vbFXf
This is not worth anything yet, but its free. They are getting into the stage where you can send Pi on the network for pi related aps, so they are building a marketplace.
It shouldnt be to much longer before you can withdraw it.
People hate this free crypto and refer to it as a pyramid scheme, but its free, costs nothing to mine it so its up to you.
--
Horizen - ZEN
Faucet is still open and you can get free ZEN by playing games and connecting your social accounts.
It has a good value and its free.

If you need a good wallet get the Ledger backup pack I would highly recommend it and would not use any free wallets out there.

So still growing, stacking it up. You should put a bit of your side hustle time into signup up gathering your own crypto.
submitted by travk534 to thesidehustle [link] [comments]

$5.7 billion worth cryptocurrency pyramid scheme PlusToken cracked down by PRC authority

$5.7 billion worth cryptocurrency pyramid scheme PlusToken cracked down by PRC authority

https://preview.redd.it/vbpz2f0edzd51.jpg?width=750&format=pjpg&auto=webp&s=0570fc13c9a6247687a74139255071c24b307e05
On 30th July, Ministry of Public Security of the PRC announced that the ‘Plus Token’ network marketing case has been cracked down, all 27 principle suspects and 82 core members have been arrested and the transnational network pyramid sales organization has been dismantled.
This case was the first network pyramid scheme involved with bitcoin and other cryptocurrencies to be cracked by Chinese public security authorities. It involved more than two million participants, as many as 3,000 layers of organizational structure, and the total value of the digital currency involved was approximately $5.7 billion.
submitted by CjOnChain to Bitcoin [link] [comments]

I’m a salesman’s ideal target. I need to learn how to say no firmly.

Sorry for the long post.
TLDR: my question is at the very end.
Im a massive pushover and just can’t say no when put on the spot. I have wasted so much time and money on listening to people trying to tell me what I need or what I should have. Here are just a few examples, (if you don’t want to read all, only the last point #6 is currently an issue.)
1) I have had really long discussions with JW and Mormons in random public places when I had no intention of joining them.
2) A friend tried to recruit me for this MLM. Luckily I didn’t sign up for the whole outreach thing (it was so obviously a pyramid scheme,) but I found myself investing with them and getting life insurance. I’m single and childless...I don’t even need life insurance. I’ve since cut ties with them and got the investment money back... but the life insurance was a lesson.
3) Another friend tried REALLY hard to try and get me to invest in Bitcoin (2017 when it was big.) I was like... “yeah, sounds interesting, I’ll read about it. I need to do my research.” Eventually he got pissed that he invested so much time in me, and I’m just stringing it along. Apparently it crashed in December that year and I was saved.
4) I sold my dead beater car to another friend. He fixed it up and got it running again but got like $1500 in credit card debt because of it. I felt bad , so I said, “if you have trouble selling it I’ll buy it back.” Needless to say... that was $1500 I lost. Don’t Worry I got rid of the car later.
5) I’ve signed up for many charities (from the street volunteers) only to unsubscribe later at home.
6) Coming to this week, the same bitcoin friend forced me to go check out his gym. Met the representative. I wasn’t going to sign up and had the “I’ll think about it and get back to you” line ready. However he had this promo that waived the $100 registration fee. So again I was put on the spot
In my head, friend’s never gonna let me hear the end of it. So might as well sign up... might be good for me...it’s a pretty fancy upscale gym.
I’ve signed up and realized .... “shit I’m gonna lose $60 a month for 2 years to this crap. Covids on so I’m not comfortable being with 60 people in there. And even without Covid there’s no way I’d get $60 worth of value in a gym...I know myself.”
Now my only option is to cancel within 10 days...or I’m subject to a $250 cancellation fee. This was such a major wake up call that I’m really ready for a change. I might even ditch my friend (honestly I’m not even sure why I’m friends with him.... but I really don’t want that conversation rn.)
TLDR: So if you skipped to the end my question is, how did you go from a yes man to someone who stands up for himself? How do you do this with the least amount of confrontation possible? (When someone just persists even after you’ve said no)
submitted by Retrolord008 to socialskills [link] [comments]

Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

https://preview.redd.it/8skuypxp9lj51.jpg?width=1023&format=pjpg&auto=webp&s=ba5a38ba592428f92dc7c1943a780ff127132875
Ethereum cryptocurrency that comes second in terms of capitalization on the crypto market is traditionally seen as fast and profitable. However, over the last few weeks it's had a rough patch. Since early August, the network has had huge queues of transactions pending processing while fees have skyrocketed and surpassed the historical high.
The main issue though is that even fees of a few dollars per transfer don't help get rid of the“traffic jams”. The cause of this is numerous DeFi projects and a huge number of financial pyramids based on the Ethereum platform. Both generate excessive load on the network.
The situation is downright unpleasant, and our users might question whether the UMI network could face a similar challenge? We'd like to assure you it could not. The UMI network is by default protected against these problems — it cannot have “traffic jams”, fees or financial pyramids. But first things first.
How has the Ethereum network ground to a halt?
In its report dated August 4, Arcane Research that provides analysis within the field of cryptocurrency stated that over the previous week the daily size of transaction fees in the Ethereum network has surged up to a record high for over two and a half years. On August 3, the median value #%D0%9F%D1%80%D0%B8%D0%BC%D0%B5%D1%80_%D0%B8%D1%81%D0%BF%D0%BE%D0%BB%D1%8C%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F)of the fee amounted to $0.82, with the overall amount of transaction fees totaling $2 mln. However, it only signaled the start of real problems.
Over the next week, fees continued to grow and by August 11 the median fee value almost doubled equaling $1.57. Larry Cermak, an expert at a big analytical and news-making crypto portal The Block, wrote in his August 15 tweet that over a week the total amount of transaction fees in the Ethereum network totaled $34.5 mln, having surpassed its historical high. Meanwhile, in the Bitcoin network that is seen as too expensive the fees were almost four times lower at $9 mln.
The total fee amount paid by cryptocurrency users over a week:
  • Ethereum — $34.5 mln;
  • Bitcoin — $9 mln;
  • Monero — $2,240;
  • Tezos — $1,876;
  • Cardano — $1,615;
  • XRP — $1,138;
  • BSV — $1,102;
  • Stellar — $1,059;
  • Bitcoin Cash — $1,027;
  • UMI — $0. Let's talk about it a little later.

https://preview.redd.it/z9azd9v6alj51.png?width=1600&format=png&auto=webp&s=25c365d6e14665ecda4a2b8d19b2fc57dd5cde1e
Historical Growth Chart for Ethereum Fees. Source
The existing situation shows that Ethereum is actually not as fast and profitable as commonly cited. Additionally, this could happen to almost any cryptocurrency except UMI that charges no fees whatsoever. We will tell you why.
Why have these problems emerged?
There is nothing unoriginal: the Ethereum network simply can't handle an increased load. Arcane Research analysts consider that a principal cause of this situation is the constantly increasing number of the DeFi ecosystem projects built on the Ethereum blockchain. Their number is growing all the time which causes the overload of the network. As of August 12, the total amount of funds in DeFi applications reached $4.3 billion which is 19.5% higher than that in the past week. At the time of writing this article, the amount surged to $6.21 billion. You can see the current data here. What is the most unpleasant about DeFi protocols is that a lot of them are scam projects.
Which is not the worst part though. There is also another factor that significantly slows down the Ethereum network. There are a lot of pyramid-like projects that are built on the EOS platform and use smart contracts. One of them is SmartWay Forsage, which regularly overloads the network with a large number of transactions, causes traffic jams, and, consequently, leads to increased fees (keep in mind that Ethereum miners choose transactions with a higher commission). Vitalik Buterin, the co-founder of Ethereum, revealed his disapproval of the SmartWay Forsage methodology and asked them to "leave and not pollute Ethereum ecology in the future". However, the project is slow to do this — it continues to deceive users.
This is only the tip of the iceberg of scam projects which abounds on the EOS network –– they continually emerge, work for a while, then go down as scams and are replaced with new ones. This never-ending stream of "investment projects" based on the Ponzi scheme overloads the system. This is the reason why Adam Back, a pioneer of the crypto industry and founder of the technology company Blockstream, equated Ethereum with such infamous projects as Onecoin and Bitconnect. Adam Back's solid dig at Ethereum became the subject of much debate among crypto enthusiasts.
Of course, it all doesn't mean that Ethereum is a bad cryptocurrency. On the contrary, it has a lot of advantages over other coins. But all that has happened exposes Ethereum's faults which must be eliminated. The problem is that they may not be fixable. It is far from certain that the developers will be able to get rid of all the defects as the system has huge scalability problems.
The crypto community has to admit that Ethereum, like other first-generation cryptocurrencies, has issues with capacity, fees, and scalability and is gradually becoming obsolete.
2020 is the time for young innovative cryptocurrencies such as UMI.
UMI is the flagship of new-generation cryptocurrencies.
In real fact, any cryptocurrency could face it. Each cryptocurrency charges fees which typically surge when the network is overloaded or the price is going up. Everyone will remember 2017 when in line with price growth and the network's overload Bitcoin transaction fee reached a high of around $40.
But when it comes to UMI, it works the other way round. The UMI network's advantages are high capacity, no fees, and scaling possibilities. It uses the best and fastest crypto industry solutions and excludes all inefficient methods by default. Smart optimization in combination with the Proof-of-Authority technology operating on the master node basis enables almost instant payments.
At the stage of network testing, an incredibly high capacity was achieved:
  • up to 4,369 transactions per second;
  • up to 262,140 transactions per minute;
  • up to 15,728,400 transactions per hour;
  • up to 377,481,600 transactions per day.
Ethereum processes about 20 transactions per second. It means that the UMI network can process transactions that Ethereum processes over a year in 1 to 5 days — and with no fees.
https://preview.redd.it/rwohnov3alj51.png?width=1125&format=png&auto=webp&s=4329b75c0bd8b7a22276b529f5ca433d17a0874f
The UMI network can process transactions that Ethereum processes over a year in a few days and with no fees. More details
What is more important is that less than 0.001% of the network's overall potential is used now. The UMI network has a lot of reserve capacity and can handle hundreds of thousands of times heavier load. Moreover, with scaling possibilities, UMI can keep up with the times. The UMI code ensures the safe introduction of any upgrades — the network can be easily modified and scaled with cutting edge technology solutions. In other words, traffic jams will never pose a problem for us. UMI will instantly process all transactions, with no fees. Always.
https://preview.redd.it/t0068th0alj51.png?width=544&format=png&auto=webp&s=019f46ec8c093480c4638cf098312a5a146134a8
A real-time speedometer displays the number of transactions processed by the UMI network per second. Link
Additionally, unlike Ethereum and other cryptocurrencies, the UMI's staking smart contract prevents possibilities of any pyramid schemes, meaning eliminates their negative influence. Our staking is completely safe and secured against scammers. Read more about this in our article. Any UMI staking structure could work forever. In other words, you can multiply your coins at a rate of up to 40% per month for an indefinitely long period of time.
UMI doesn't inherit the disadvantages of the first-generation cryptocurrencies. This is an innovative, carefully designed network based on state-of-the-art technologies. UMI is an ambitious step toward the future. And we're making it together right now!
Sincerely yours, UMI team
submitted by UMITop to u/UMITop [link] [comments]

Analysts predict that dollar will get weaker and Peter Schiff called bitcoin a financial pyramid

Analysts predict that dollar will get weaker and Peter Schiff called bitcoin a financial pyramid

https://preview.redd.it/86epk40798c51.jpg?width=2560&format=pjpg&auto=webp&s=757c400fe5801d5109f126540bf6c71f1a236c45

Peter Schiff: bitcoin is a financial pyramid

Euro Pacific Capital broker company president Peter Schiff goes on with his criticism against bitcoin.
This time the businessman called BTC a financial pyramid whose participants protect the idea of bitcoin because they are personally interested in its efficiency.
"The very nature of Bitcoin requires owners to encourage new buyers to enter the market. Without new buyers coming in, there is no way for existing HODLers to get out. As with any pyramid scheme, success is only possible for those who get in early if lots of others get in late", Schiff wrote in his Twitter account.
Earlier he had worded the idea that BTC price would drop down to zero.

Weak dollar will strengthen the position of bitcoin and gold

DTAP Capital investment fund co-founder Dan Tapiero thinks. The policy of the US Federal Reserve System will weaken dollar in the nearest future, which will supposedly affect bitcoin, gold and stocks.
The analyst's position is based on data from the FRS that they plan to weaken their struggle with inflation in order to support commercial activity. Tapiero points out that if the level of inflation exceeds 2%, the dominating role of dollar in the world economy will be undermined.
"Dollar consolidating for one month but now on verge of benign selloff that further supports equity, gold and Bitcoin", the analyst worded his opinion.

The Morgan Creek co-founder urged everyone to move out of dollar

Morgan Creek co-founder Anthony Pompliano thinks that currencies are prone to inflation so it is necessary to move funds to other assets.
Central banks regularly print new batches of cash, which will cause an instant spike in inflation at one moment. Pompliano notes that it is especially true for US dollar since the US Federal Reserve System has recently been issuing a large number of new banknotes.
"There is a devaluation of currency. The whole secret to building wealth is to get out of cash and get into assets that are denominated in dollars that will continue to go up in value over long periods of time — stocks, real estate, gold, Bitcoin, all this stuff", the expert advised.
submitted by bestchange_pr to bestchange [link] [comments]

Is Bitcoin (BCH) falling victim to the same de-adoption as Segwit Coin (BTC)?

I was curious how Bitcoin (BCH) adoption was going (presumably strong of course), so I took a look at the yearly number of transactions with a value of $0.10 or higher. I was SHOCKED by the results!
Why is the Bitcoin (BCH) adoption negative, just like that Segwit Coin (BTC) pyramid scheme? We should have millions of transactions per hour and rising by now, not hundreds per hour and declining!
submitted by Kepmur95 to btc [link] [comments]

I've reached the extent that I think I can tell this story. This is my experience with the cult

Introduction
I am hesitant to begin writing about these memories, and for two reasons. The first is out of fear - fear of retaliation. You see, I was taken advantage of by a cult that I escaped a few years ago in the summer of 2018. I wasn’t involved for long - ten months - but that wasn’t the end of the cult’s influence on me, as they cleverly had a previously unaffiliated visitor contact me and try to bring me back during the period afterwards. I believe they are still keeping tabs on be covertly, but this may just be my paranoid nature.
For nearly the entire first year afterwards, I was always looking over my shoulder to see if I was being followed. They definitely have an interest in roping me back into the fold, as you will see how sociopathic these people are. I’m still traumatized, and although I have healed a great deal from these trials, there is still lingering conditioning that causes me panic attacks and anxiety, which exemplifies my schizoaffective disorder. I attribute much of the reason I’m houseless now to the combination of my mental health and trauma caused by this group.
The second reason I am hesitant to begin writing is also out of fear, but this is instead a fear of not being able to deliver on my promise to expose this cult. I know I have the ability to write about my account, but will it be good enough? Will I be throwing these words into the electronic ocean like so many others with little effect on the world? I feel that no matter how hard I try, I will be unable to capture the cult’s devious acts in such a way to convey what it was like for me, a vulnerable individual, to be slowly turned into an obedient slave.
Inadequacy. This is an important piece of my psychology. After watching my mother decay and die for the first nine years of my life, followed by being raised by an abusive, narcissistic father, I have a profound feeling of inadequacy ruling me. I never feel like I am good enough; that I have to self-sacrifice - to the point where I believed I had to be as good as Jesus Christ - in order to achieve a passable level of human adequacy. The cult took advantage of these feelings in spades and left me a shell of who I was previously.
Fortunately, the period of houselessness that has extended the last year or so of my life has been a radically transformative period where I feel able to step out from barriers that previously trapped me. I feel freer than I ever have been, and to be honest, I owe a lot to the cult for pushing me to my breaking point and learning where my boundaries are. In fact, I don’t believe I could have stepped away from the denial of having a feminine side if it weren’t for the ridiculousness of how far I was pushed.
Now, I stand strong, ready to accomplish this mission life has presented me. It is my basic civic duty to tell my story and warn the public about this group and others who prey on vulnerable individuals in an unstable socioeconomic period. They deliberately attract people who are vulnerable for personal or financial reasons. For instance, there was a flat-earther from Belgium who was here illegally that got roped into our group by being attracted to the messages of sovereignty and their abundance of kooky new age beliefs. They even tried to get me to recruit more members using the same strategies they hooked me with - which is standard cult behavior.
This leads right into how I got involved with the cult in the first place. Part of it is my fault, as I was young and naive. I still am, but now I have the wisdom to not throw myself out there for any group to start manipulating. There are many people who can be drawn into their preying behavior, and it is important that I elaborate on how easy it is to get duped, so others don’t follow in my footsteps.
As you will see, the group was bizarre in many ways. I want to start off by saying that I did not join an organization of pee-drinkers who practiced blood-magick on the side of Main Street. Instead, I started working for a nonprofit that promised to change the world, and appeared to have the ability to do that. The weirdness grew exponentially over time, gradually as they conditioned us to accept their way of life.
On my own end, I wanted to join an intentional community; one where everyone involved works towards a singular end as one unit. I longed for the camaraderie and an alternate way of life. I wanted something different than what - as the cult called the common culture - “The Matrix,” or “Babylon” offered. There are such communities, but because of devious groups like this, everyone needs to be cautious when attempting to find them. I still seek to find or create an alternative lifestyle for myself where I can live amongst my brothers and sisters away from the mass-produced consumer culture of the world.
It’s been a hell of a journey, but I am happy where I am now. If anything, the group taught me that self-love is our first love; if the gardener does not take care of themselves, then who takes care of the garden? With my efforts to find such a community as I wanted, it was inevitable that some group would have sunk their teeth into me. I am grateful that I was able to recognize the far-flung insanity that I was trapped in and escape. Now I just need to focus on recovering and helping others who may be searching for the same things I am.
Chapter 1
It all started early in 2017. I was working on reverse networking, like trying to place a letter on someone’s shoes to let them know I exist. I was hoping to find a project I could use my skills as a writer and juggler by broadcasting who I was on our small online community, The Shrug Life Syndicate, on Reddit. I was so desperate to find such a community that fit my ideals and goals that I didn’t even conceive that someone could be watching in order to learn about me.
They first posted a link to their site on our community’s board, when they were still going by the Awakening Sovereignty Collective. To best understand how I perceived them initially, you have to understand that I was lost in what we at the Shrug Life Syndicate call the synchronicity slip stream. An aspect of my schizoaffective disorder, I often get lost in various series of synchronicities that form a coherent narrative that compels me to behave differently than I otherwise would. It is an amazing feature of my mental health for creativity and finding alternative solutions to problems, but it can be debilitating when trying to fit in to the normal world. When the ASC posted, I believed applying on their website was the obvious thing I should do in order to accomplish my cosmic mission.
Well, nothing happened at first, and I forgot about them until several months later until I received an email stating I was hired. This came after a series of strange tasks from anonymous accounts that seemed to be tests to see if I was as capable of a writer as I portrayed myself as being. I remember one test was to see if I could write a sales pitch for “Unicorn Poop,” an edible snack with a humorous twist. I don’t have any proof that these two events are connected, but it definitely tripped my radar as odd that they happened one after another, and nothing ever came from the sales tasks.
Having passed their tests, I began working with them online. It was a slow process, as there wasn’t a lot of work right out the gate, but there was a lot to learn. Their websites were many in number and often confusing. I had difficulty navigating them and almost quit trying within days of getting started. I remember crumbling back into my addictive nature one night as the wailing cries of depression came roaring back with my initial perceived failure.
If I were not partially psychotic, believing the universe was guiding me to the salvation I sought, then that would have been the end of it. Many other people seemed to have given up while I was still new to working for them. If I were to guess, I would say that this was deliberate on their part in order to weed out only people like me, who were in some way desperate to be a part of the group. With only a small number of desperate people finding their way into the clutches of these people, it must be easier to control them as well.
The ASC promised a new way of life for anyone seeking it. They claimed to be a planetary alliance that was helping ecovillages, nonprofits, conscious businesses, and individual change agents. They were working on a cryptocurrency and software suite that would help communities better serve the world. This was at the peak of the bitcoin bubble, where many people unfamiliar with cryptocurrencies were trying to get in on the hype. They touted a number of figures and claims which ultimately turned out to be false or otherwise misrepresentative of the truth, but in the moment I believed everything they were shoveling.
It was easy for them to sell the idea and project as they were all natural sales personalities. I attended a lot of meetings, particularly with the writer’s team, and started to get to know the people behind the project. In the moment, they appeared to be down-to-Earth and relatable, but highly conscious individuals who really cared about the world and were motivated to do the work necessary to make the changes needed for the planet. In hindsight, they really only cared about money, and were playing a part to catch people like me.
The leader was named Dakota, if that was his real name (I believe most of the main group had adopted a second name to hide who they really were). He was a young man claiming to have graduated high school at ten, and he founded a company known as STADA which was facilitating much if not all of the software needs of the ASC. He was brilliant, but I believe most of his brilliance was self-generated through his ability to sell himself as more than he really was. He always acted like a millionaire who was going to change the world, which made it easy for him to sell the project to people like me.
The co-leader was named Lila. She was a cheerful person who always had something positive to add to the conversation. While working with her, I found this to be a powerful part of her personality. It was hard to say no to her, as she had a motherly vibe and she strategically would ask you to do things that left you feeling compelled to help her, for the good of the project. She first won me over by claiming to run a retreat center for circus skills. I only heard of this in the beginning of my journey with the group, so I believe it may have been a bogus means to shift my opinion of them.
The leader of the writer’s team was named Teahna, who was beautiful and knew how to use her womanly charm to influence others. She seemed to be new to the project as well, having recently written her first book, and my time working with her online seemed to be a learning experience for both of us. I believe this was also planned, so that I would have some support learning what I was supposed to be doing on the various websites that seemed to pile up more and more as time went on.
The work was easy at first. There were no assignments or anything like that. It was all pile work - as in, just grab a shovel and get paid for what you move. As a writer, I naturally gravitated to the writers team’s tasks, but I also helped with the education team and the core tasks of the group. Mostly I wrote articles and website content for them, but I also wrote fake twitter bios, social media posts, and began working on their constitution/manifesto before arriving at their headquarters.
I was making good money, both in real dollars and their own cryptocurrency, Equality Keys. They claimed we could trade their currency for real money at any time, which turned out to be a lie. They often only let us exchange it at certain times at a reduced value. But, I was naive enough to believe that the numbers on my screen were real and meant I was doing good. It wasn’t long before I earned upwards of thousands of dollars worth of their currency, which was promised to rise in value as the project continued to grow and evolve.
After a few weeks working with them, they began toying with a name change to Earth Nation. I believe this is a key part of their method of staying under the radar. By changing names and projects frequently, they never gather enough clout to be exposed as the charlatans that they are. They would later create a new project known as Earth Cycle, and there was a tentacle organization we got hooked into after our stay with the main group called Lovecycle. In regards to the latter, I will never forget the name Lovecycle, as that is when the bulk of bizarre and traumatic events occured.
This is around the same time that my girlfriend at the time began helping out as well. We worked together as a writer and artist combo, and they were initially excited to have another person joining to help. There was some friction though, such as bluntly being told they had no need for an artist at this time after they welcomed her onboard, and there were moments where it seemed like they did not want her to be a part of the project. As they turned her and I against each other much later in our odyssey with them, I think this must have been deliberate to sow the seeds of conflict between us. Again, this is classic cult behavior. I regret bringing her into the whole thing, as she is no doubt as traumatized as I am.
What really allowed me to lose myself in the hope of the project was the possibility to do exactly as I dreamed: travel with a caravan, juggle at festivals, help sell whatever my girlfriend and others made, and write gonzo journalism about what Earth Nation was doing. One of the main draws of the group was that they advertised in the meetings about how they had a proposal system, where anyone could come with their plan and it could be voted on to be given resources. They were interested in my idea (how much of that was just gaslighting me to believe I’ve found the perfect gig, I don’t know), and wanted me to do some journalism about my experiences moving to their headquarters just outside Eugene, Oregon - on the other side of the country.
My girlfriend and I were ecstatic at the idea of starting a new life on the west coast. It was the dream we both shared, to abandon the broken world we knew and join something better. We began preparing for the move, sold all of our stuff, and eventually took off from the airport with only three bags to our name. It was a leap of faith, and we were never happier to embrace our dreams and begin to live a much more interesting life.
Chapter 2
We left on October 25th, about a couple months after I first began working for the ASC. It was an amazing trip that we thought would represent our rebirth. I remember arriving at the airport feeling as though I was leaving a part of my past behind. I felt a wave of solemn emptiness and fear over this, but I have since learned such feelings are common with change of this magnitude. Mostly, I felt joy that a new chapter of my life was unfolding before my eyes.
It was a time where it seemed like we had infinite potential right at our fingertips. Who knew what would actually go down over the coming months? We were grateful for the opportunity and happy about the change. My girlfriend even changed her name to Awen to start over fresh as a new person. I still stuck with my birth name, Gregory, but eventually I would start going by the name Rory after having been pressured to by the group.
I remember looking out the window while Awen took pictures of everything we flew over. It was a trip in itself to see the world from such an angle. I was amazed at the number of wind farms in the middle of the country. Likewise, the closer we got to our destination, the more mountainous the ground beneath us became. The change in scenery would pale in comparison with the change in the culture of the west coast - one of the main reasons I now consider Portland my new home.
Landing in Eugene’s airport, we were regaled with Ducks memorabilia. This was a pleasant surprise, as I had forgotten that this was where an old hero from my track days, Steve Prefontaine, used to run. This made me feel hopeful while waiting for Teahna and Prism, the leader of the educational team. I remember pacing the entrance hall of the airport with a giddy smile stretching from ear to ear. This was it, I told myself: I had finally found my new home.
After a long day of airline travel, we were eventually picked up in Prism’s van. We were met with hugs and smiles, which rejuvenated us after the natural stress of the trip. We chatted the entire way back to Triangle Lake, where their headquarters supposedly was. Both Awen and I were antsy while being shaken back and forth while sitting on Prism’s bed for the duration of the drive. I distinctly remember the beautiful colors of the autumn trees as we drove past. This last little bit of our trip took roughly forty-five minutes, but it felt like we were pulling up to the headquarters in an instant.
I caught a glimpse of a sign as we pulled into the long driveway: Circle of Children. This would be where we stayed for the first two months. The area was gorgeous. Giant trees covered in green moss extended as far as the eye could see. With the abundance of fern-life, it reminded me of a Jurassic paradise. Out the cracked window of the van, I could hear tree frogs chirping in harmony. It was certainly something out of another world compared to the east coast.
We stopped in front of the main office - the only building with wifi. If I were to graph the amount of access to the internet we had across the ten months we were involved, it would have a steady, negative slope. Of course, while being conditioned by the group, it was barely noticed, as we grew less dependent on the internet as time went on. We were never barred from the outside world - in fact we interacted with it regularly - but the idea of leaving was made so impossibly far outside the bounds of possible choices through a long series of scripted events.
Which is why the entire beginning of our stay at the Triangle Lake Convention Center seemed like something out of a fantasy paradise. Everything, from the overarching narrative we were fed, to the day-to-day interactions, was designed to win us over, gaslight us, and manipulate us emotionally by using our traumas against us. In the aftermath of the whole escapade, I learned that this is the type of manipulation that cults use to prevent members from seeing reason while keeping them docile, obedient work horses for the greater project, whatever it may be.
It is clear to me now that Earth Nation and all tentacle organizations are a purely criminal enterprise - a money-making machine for those at the top of the hierarchical pyramid. Even though we were supposedly a DAO - a decentralized autonomous organization - there were clearly people who were centralized leaders profiting from everything the group did.
And everybody played their roles well upon our arrival. We were greeted with another barrage of hugs as we got out of the van. Everybody was excited to finally meet us in person, as were we to meet them. We chatted with Dakota and Lila for some time outside of the office. They were the exact same as their online personas. In the moment, this gave us a sense that these people were genuine, but in hindsight it serves as a reminder that anyone can create a convincing character and play them whenever they want - even if they choose to never take their deceptive masks off.
We were then shown where we would be staying. Up the hill and to the left we drove until we were in front of Carmen Hall. It was a quaint dorm-style lodging with a large common area and a small kitchenette. Many nights were spent in the common room with the others who were staying in the building. Because we were a couple, we were given the largest room with its own bathroom.
That’s another thing that changed in a downward slope: our living quarters. Over the course of the ten months we were with them, we were downgraded from having our own space, to sharing space, to living in a tent. And again, because of the conditioning, we were fine with the change.
Sometime during the early evening, we went back down to the dining hall and kitchen which was across the way from the main office. Here, we met a variety of characters, including Tuva, a humble appearing guy with a large social network he brought with him to the project, and Daniella, who would turn out to be mommy dearest as she was the sole woman controlling us for the majority of our adventure on the west coast. A Brazillian native, she was as good of a manipulator as she was a cook, and we all enjoyed a wonderful meal on our first night in Oregon.
Before the night was up, we went behind the kitchen to smoke with a man named Grizzly; a wild looking man who mostly kept quiet but had a mouth to use if he needed it. It was the first time we smoked in Oregon and it felt liberating to finally be in a legal state. But, as freeing and fun as being able to smoke whenever we wanted, I believe the abundance of weed we were constantly fed was a means to keep us docile. Daniella always made sure we had some weed, and would frequently smoke with us. I feel I would have been able to say something as things changed if I were not dependent on the constant stream of marijuana.
Afterwards, we went back to Carmen Hall with a couple of members who also stayed there, and Daniella performed a pendulum reading for me and my girlfriend. Holding a crystal on a chain, she “read” the direction it spun as she brought it up in alignment with our chakras. She was spot on and I wanted to say that she had excellent observation skills, but I kept my mouth shut. I didn’t want to offend anyone’s beliefs, especially my girlfriend who considered herself a mystic and bought into the act.
That night we cuddled in our room, smiling as wide as our mouths could. We had done it - we successfully started our new lives and were going to be a part of something we still had yet to fully comprehend. Everything was new and exciting, and while we were overjoyed, we were glad we had each other because things were still scary. If only we had known then how scary things would become.
Chapter 3
The next morning, we showered, dressed, and went down to the kitchen. There was a slight fog in the air, and we saw a family of deer in a clearing off the road. We would see this family of deer several times during out stay at Triangle Lake, which greatly enthused my girlfriend. She said they were a symbol of wisdom, and must be a good sign as we continued to be indoctrinated by the new age beliefs of the group.
We were early, as our daily meetings were at ten and that is when most people started to show up at the office. But Grizzly was there, as he stayed at the nurses station that sat next to the main office. He offered us some dabs, which just further enforced our belief that this was a great group to be a part of. He also offered me a metal six-shooter pipe, which proved to be the main piece I would smoke out of for the entirety of our adventure.
Breakfast consisted of whatever we could scrounge up. There was a huge walk-in freezer in the kitchen that hosted tons of food when we first got there. There were also a wide selection of dry foods such as figs and nuts. That whole selection would dwindle over time, as the group got everything as donations, usually by soliciting the local food pantries and the Eugene mission and much was close to their expiration dates. It was common to open the freezer and find something moldy.
This was the first time I really interacted with Doran. Doran looked a lot like me - complete with similar beard and glasses - but had shorter, curlier, and darker hair. It was joked that “I was another you.” He appeared to be a really kind-hearted person, and we frequently went to him with problems. This is likely planned as well, to have someone to vent the frustrations we were experiencing as the project transitioned to something different than what we signed up for. I opened up to him before I did with other members, even asking for relationship advice as they tried turning Awen and I against each other between, and received what I now consider a long-standing act of being a good ear with standard advice from the group. Still, he was funny and I enjoyed making strange mixtures of food with him.
As it neared ten, we shuffled to the office to have our meeting. The office had two rooms, and we were all huddled in a circle in one of them. This was nice during the coming months as it was also the only room with the heater. These meetings proved to be a main means to program us, as there were many exchanges that could have only been scripted. We would often talk about one thing, but there would be a subtopic that was teased that would change the meaning of the whole meeting in the context that I heard it. Often there would be some crosstalk in the kitchen beforehand, or something during the day that warped my understanding of what was said
We were required to work thirty hours a week in order to receive our basic income of two hundred dollars a month, as per our agreements before moving to the headquarters. However, it wasn’t long before they duped us by saying the basic income would be used to cover our time staying at Triangle Lake. We weren’t able to fight it, because our tongues were tied by the desire to fit in and be accepted by the group. The ways that they changed things were gradual and deliberate, so that you would never really feel like you were getting taken advantage of. It was just a change, which was alright, because there was a world to save and we were the group who was going to get it done.
That was one of the major ways they were able to get away with a lot of the back-pedaling of agreements - they would always have new, unexpected surprises waiting for us. It was gradual, but they introduced several new elements of communal living that required us to sacrifice more of our money and autonomy. They did this by having so-and-so nonchalantly bringing up these concerns in the meetings, then downplaying the resulting effects as something that should be expected, then agreeing with Dakota or Lila.
Keeping track of my hours was a joke. For everything I did, I was told I should have taken less time in order to do. The criticism I received came tongue-in-cheek and constructive at first, but steadily devolved into a series of harsh critiques that would leave me distraught and unable to think clearly. I was still unmedicated back then, and my emotional state was as turbulent as a hurricane. They did similar things to my girlfriend, as Lila took her under her wing, treating her as her child in order to take advantage of her own trauma she had with her mother.
If there was one thing these people really excelled at it is control. They figured us out quickly and efficiently and then used our traumas against us. Our second night there consisted of an informal group of the residents who stayed at Carmen Hall staring into each other’s eyes and then saying out loud what we felt at that moment. I remember staring at Daniella, who was a silhouette with the lamp directly behind her, and asking for healing. Something about the way she stared at me seemed to provoke a sense of trust and I felt that she would be able to help with a lot of the problems.
That’s one way they won over us and got us to do whatever they wanted. They are experts at gaining people’s trust and then they take advantage of that fact. Through these scripted and planned events they were able to warp our realities to the point where we were already robotic slaves right off the bat. We certainly were eager to earn their approval and work our way to a position where we were seen as valuable members of the project.
One of these planned events was Kukui’s birthday, which was just a few days after we got there. Kukui was a groundskeeper who had previously lived in Hawaii and was joked as being a ginger Jesus. He was an incredible person who really cared about the Earth. I have no idea if he was part of the manipulation or if he was there on similar beliefs that this was a group doing immense good in the world.
Early on during the night’s preparation, Dakota and Lila walked up to us and asked if we wanted to go out to eat with them. This struck us as odd that they would abandon Kukui on his birthday, but we didn’t see it as too weird at the time. We struck up a conversation, where it was revealed that Dakota had two EBT cards from different states.
One big hook they sunk into us was the idea that it was us versus the government. They managed to convince us that the institutions of the world were parasitic - which they usually are - but did it in such a way that made us feel like we were in a spiritual war against the bad boogie men of the world. And they managed this by gradually exposing us to more and more deliberate acts of defiance, in order to manifest our own sovereignty against the parasitic government.
It’s what led to us accepting some of their more diabolic schemes. For instance, there was talk about building a village in Ava, Missouri, moving all their people in, and then taking over the mayorship. They chose Missouri for this plan due to the different building codes of the state. In the moment, this seemed like a brilliant plan for expanding the influence of Earth Nation, but in hindsight appears to be a dystopian means to increase their power and continue taking advantage of people.
These were little seeds they planted that made us more comfortable with doing certain things that we otherwise wouldn’t. Awen was particularly uncomfortable with many of the things we did, but eventually they did get her to help out with their schemes. By keeping us under fear and gradually conditioning us, they were able to make us obedient as we were always looking out for our immediate survival.
Fear. That is an emotion I am now excessively familiar with as a result of this cult. While I have battled paranoia all my life, they took those primal emotions and twisted them to the point that I had no idea which way was up. Each day gradually became a battle while being on high alert, as I constantly scrambled to overcome whatever artificial set-backs were planted in my way and keep up with the workload that was presented to me.
My first exposure to this form of emotional manipulation came during Halloween. The night began jovially as Doran wore a plastic bag as a costume and invented a new dance that we all participated in. Daniella was preparing a large meal in the kitchen while we helped and played in rhythm to one another. The dinner we shared was only part of the night’s events that would change my life completely.
After dinner, Awen and I went back to our room and talked about what we wanted to do that night. The rest of the group was still down at the dining hall and preparing for a fun night of festivities. Awen was not opposed to me going, but she was and still is a pagan and wanted to celebrate her ancestors as per the tradition of Samhain. I debated spending the night with her, but the opportunity to spend time with these new people in our life made me curious as to what they would be doing. I will also admit that I was much more controlled by my addictive nature and was excited to drink with them.
So down I went. As I entered the dining hall, I saw that they were drinking tequila and generally having a great time. Naturally, I joined in and took a shot. Jovial times were had, and some time later I was offered another shot, but I did not see them pour this one. This turned out to be a crucial mistake on my part as I would find out that there was something else, something with psychedelic qualities, in the drink. It was not LSD, as I am familiar with the effects of that drug, so I am at a loss for what it could have been.
As the night went on I began to feel funny. It wasn’t until we were in a smoke circle that I began to notice something was wrong. I had trouble forming words and when Grizzly asked me a question all I could muster was a “hi!” This tripped me up and I went inside to go sit down.
This is where my memory starts to get fuzzy. I was mostly left alone as I sat cross-legged on a mat on the floor, but eventually there were three other people sitting around me, with a bottle placed in the center of us. I remember Prism and Josh, a carpenter who was doing some work on the buildings at Triangle Lake, were two of the people surrounding me, but I don’t remember any of the conversation they were having. I just remember getting really spooked at that time and tried to leave.
I don’t know how long it took me to get back to Awen, but I do remember the headlights of a vehicle coming down the hill as I was going up. It was late by the time I made it back in into Carmen Hall, which suggests that I have no memory of what happened after the apparent spin-the-bottle episode. My memory starts to get better as I remember lying there with Awen trying to articulate what was going on, but my words just spiraled into incomprehensible nonsense. She was worried for me, just as I was worried for myself.
The next morning continued on as if nothing ever happened, but I was emotionally jostled for the next few days. Nothing was ever said about what happened the night before, and a part of me was terrified that something happened Because my mother had AIDS, and that is a terror I still battle to this day, I obsessed over the idea that Prism, who was HIV positive, may have done something with me. I’ve since been tested and everything’s fine, but for a while I was terrified that I was raped.
Was that a rational or irrational fear? I’ll never know. What I do know is that they took advantage of my perturbed state by subtly twisting the knife in the following days with their synchronous set-ups, making me feel guilty that I did not choose to spend time with Awen that night, and thus making me work harder than ever before.
Chapter 4 in comments
submitted by Shrugbeternowthaneva to ShrugLifeSyndicate [link] [comments]

I will tell you exactly what is going on here, this is critical information to understand if you are going to make money in this space. How prices work, and what moves them - and it's not money invested/withdrawn.

/edit: Hi /all. While I have your attention, I want to take 5 seconds of your time and bring some exposure to something that is threatening our existence as the human race. If you aren't interested, please skip down to the main article. I'm talking about finding a way to live sustainably on this planet, regenerative agriculture, where we get our food from, and how we can make sure that our kids and grandkids have something left once we leave.
Please consider reading up on Permaculture, sustainable living, Forest gardening, Backyard Chickens, etc. Consider following what I did and do it for yourself. This all used to be a useless lawn.
Bored for a night? Go watch "Sustainable" on Netflix.
Look into people like Geoff Lawton, Mark Shepard, Sepp Holzer, these people are going to save us.
Want to make a small change yourself? Grow a tomato plant on your balcony in a pot. Reduce transport of the tomatoes you eat, and make ~$50 per plant in saved money. Want to do something bigger? Plant a fruit tree in your backyard. Maybe two. Maybe a raspberry bush. You are now part of saving the human race.
If everyone reading this planted a fruit tree, or even some wild flowers, we could save the bees.
While you are at it, planting a fruit tree has been shown to be one of the best investments on the planet. There's pretty much no investment on the planet that is more financially lucrative (while still being nearly bullet-proof safe) than planting a fruit tree.
You can get a tree at an end of sale auction for literally 5-10 bucks, and that tree will produce THOUSANDS of dollars of fruit for you in it's lifetime. Go spend $200 bucks at an end of season sale, plant 10-20 trees (if you have room), and that $200 will be worth tens of thousands of dollars of saved money.
Do it right, set it up right and it's almost no work because you offload the work to nature - as it has done for the last few billion years. Go learn how, let me show you how. If you do it right, it's zero work after you have planted and wood-chipped, and all you do is pull dollars off a tree.
Original post starts below. I apologize for the shilling of Permaculture, but I think loss of topsoil will impact us all if we don't reverse it soon. We need soil, we need bees, we need food. We need to stop buying December Bananas in Canada. We need to start supporting local permaculture sustainable farms. We need to do this or we may not make it, and our grandkids stand no chance.
I also expended the "now what happens" section, to explain how these pullbacks are a good thing, make crypto more stable, and why we keep seeing larger ceilings after every pullback... this stuff is really important for you to make money on this thing, if that's your goal....
I've made a similar post in a few spots, and this is something that is absolutely critical for people to understand... what impacts price, and what is going on lately. Price has only a very minor correlation with money invested, and a major correlation with opinion.
... and Humans are an emotional bunch.
So what drives price of any commodity, crypto, gold, pizzas, whatever? The money invested in it, right? Kind of, but not really. What if I told you that you could theoretically raise bitcoin from $15k to $20k by spending $1, and lower it from $25k to $1k by spending the same $1? Crazy right?
AN EXAMPLE
This is going to start out slow, I want to make sure I get everyone on the same page before I pick things up and lift the curtain. Stick with me here....
This is an example to help illustrate why prices aren't driven by money invested, but rather consensus and opinion. Lets imagine the following exists (we will use bitcoin as an example, but this is how everything on the planet works)
Lets say Bitcoin is currently priced at $10k (the last sale). From $11k to $99k, every $1k there is someone with a sell order of 1 full bitcoin. From $9k to $1 dollar, every $1k on the way down there is someone with a buy order of 1 full bitcoin.
So, right now if you wanted to buy bitcoin you have several options... meet the lowest seller's price of $11k, or, put your own buy order up, above the highest buyer's bid order (overcut them). If you decide to just place an order, the price doesn't change. If you decide the buy the $11k bitcoin, now bitcoins value is $11k, with a new lowest sell offer of $12k, and a highest buy bid of $10k. Someone else comes in an overcuts the buy bid and puts 1 BTC for sale for $11k. No trades are made until someone matches a buy/sell.
Okay, that's kindergarten stuff, most people here understand that. So how much money drove the price up in this situation? $11k, and BTC price raised 11/10, 1.10, or 10% from the last sale. Now the entire marketcap of BTC raised 10% (last sale multiplied by circulating supply). So it takes $11k to drive a 10% increase, right? Not at all. Lets look at what happens when news is released.
News comes out that Warren Buffet thinks bitcoin is a scam, a bubble, and he wouldn't touch it with a 10 foot pole because he only invests in things he understands and he doesn't understand crypto. People panic everywhere, and believe "this guy is smart, I'm overvaluing this thing".
Suddenly people don't want to buy this scam anymore, and the buy orders for $11k, $10, and $9k are taken down.
At the same time, the people wanting to sell start to panic and just want out. The guy at $32k (who just had that offer up "just incase it moons") drops down to $11k sell order. The guy at $12k, who was the lowest, now undercuts him to $10k.
The other buyers see the sellers undercutting and think that if these people want out, why am I buying in. The $8k guy pulls his offer, and so do the $7k, $6k and $5k guys. The highest offer is now $4k.
The sellers panic further and the $14k guy undercuts the $10k guy and puts up a $9k sell. The $15k, 17k and 11k guys all see this flurry of panic and now a storm undercutting is triggered, to $8k, $7k, and $6k. The $8k order pulls his again and goes down to $5k.
The price on the buy and sell orders has moved around a ton, but no sales have actually happened yet. Technically, BTC is still "worth" $11k, and the market cap reflects that. All this horseshit has happened, and it only happened in 10 seconds, but the price hasn't moved yet.
The $27k guy wakes up and checks his phone. He had a $27k offer just incase the price moved also, and he also only has a tiny infinitesimal fraction of a BTC. Well, he decides "he's out" and fills $1 worth of the part of the $4k guys buy offer.
The latest price information is now updated, and BTC fell from $11k to $4k price per BTC with the movement of a single dollar.
This is exaggerated example, but this is what moves price. Not money in vs money out. The ONLY THING that moves price is perception.
OPINION FLOW AND NOT MONEY FLOW
Now the above example only happens if everyone simultaneously believe the same thing... this the asset they are holding is a steaming turd. What happens in reality is there's no black and white, it's shades of gray. It's flow in vs flow out. But again, not flow MONEY, but rather OPINIONS.
If 66% of the holders of something all of a sudden unanimously decide that their asset is overvalued, then they panic sell. Even if 33% of the people decide they are going to buy up as much as these panic sellers sell, if the panic is strong enough, and they are slitting eachother's throat to sell, then the buyers just happily sit and let them do that, and time their buys in. Very little money has to actually change hands in order for this price to crash, all that matters is the FLOW OF OPINION has to be swift and violent, and in majority. The sellers will leapfrog eachother on the way down, faster than the buyers scoop up their sales, and the net result is a crashed price.
Note, this happens both ways... fear, uncertainty and doubt (FUD) as well as overhyped FOMO (Fear of missing out).
So now what happens?
Time goes by and all holders opinions of their asset hasn't changed. They still think it's worth $11k and they got great deals scooping up what these sellers were selling. The weak hands have left the market and have been replaced with holders. Overall, now a higher percentage of holders believe in the product they are holding and are unwilling to sell for the panic prices of the last week. Panic sellers were also replaced by new money, people who have wanted in for a while and are now in on their perceived ground floor.
Also, people who bought BTC at $1 ten years ago and have been looking for an exit to cash profits have now been replaced by either long term holders, or by these new people who are thrilled to have finally entered, and they are looking to hold long.
So what happens on pullbacks? The number of people waiting to jump off the ship has decreased. The new ground floor is established. Are we done? Who knows, this could go on for another year, but what matters is that people who want off are getting off and people that want on are getting on.
People who have panic sold and never believed in this in the firstplace... people who have wanted out for 10 years... they have been replaced by people who are now getting in on THEIR GROUND FLOOR, and are going to be holding long. The market is suddenly increasingly more stable today than it was yesterday, even though prices are down.
This is a good thing. This is why crypto keeps bouncing back from pullbacks and reaches new higher ceilings and floors each time. Old money who wanted out, and new panic holders, they are gone. They are replaced with adopters, holders, believers in this technology. These people aren't selling anytime soon, because they believe that this thing is going to revolutionize the world. Every crash brings more of these people in, and removes more panic sellers out.
Moving forward
Now news releases start coming out about how stock ETFs are being created, NASDAQ index funds, bank support, government support. Companies are using this tech, and companies who use blockchain for transportation are putting non-blockchain companies out of business.
The people on the outside looking-in feel they are missing out. They now start coming in and buying. They start overpricing eachother on their buy orders, and eventually it gets close enough to a sell order that someone decides they are just going to meet the sell price. The sale goes through.
Sellers (HODLERs) see this action, and they start pulling sell orders off the table almost as fast as they fill. Sure some trades go through, and incoming money is driving the price up as market orders are filled. But what's also happening is people are seeing this flurry of volume, and sellers are pulling sell orders and placing them higher.
Junk coins and pump and dump scam coins are dying by the millions. In their ashes, good solid technology projects whose coins have fundamental economic reasons for growth, these are rising. Corporate partnerships continue forming. The real world continues to create actual use cases. Companies start storing more and more corporate information on blockchain. Public companies use blockchain to store scientific research (See Canadian Research Council announcements), and blockchain acts as a Library of Alexandria. People can travel out of country without any monetary exchange, using their chosen cryptocurrency to buy the things they need abroad. The world is slowly actually USING this technology.
Money is coming in, but more importantly, OPINION IS CHANGING. Literally nothing could have happened in terms of fundamentals, partnerships, etc... this can all be driven entirely emotional, so long as it's wide-spread and strong. Infact, the market could THEORETICALLY rebound in this way from $4000/BTC to $1 MILLION PER BITCOIN by the sale of ONE PENNY. $4000 sound low? Does that number make you uncomfortable? We may go that low. We may not. If we do, I'm not panicking and selling, I'm buying more.
SO WHAT HAS HAPPENED IN THE LAST FEW MONTHS? and where are we going?
A lot of new money has come in from Nov-Jan, and they don't really know what they are investing in. Sure some of them have done great research and are smart investors but most people aren't and isntead they are buying Symbols and Names and trading on speculation. They are treating their favorite coins like a sports team, and will follow them irrationally off a cliff.
These new people came in and invested in cryptocurrency because their OPINION was heavily influenced in Nov, Dec, Jan, from media. They saw this money making machine called crypto. They were willing to pay huge, ride the wave up, keep buying, etc. They were "ground floor adopters" and were going to get rich.
They outnumber the old money by A LOT. Their OPINION MATTERS. It matters the most.
To keep this in perspective, they are also a VAST MINORITY of "new money" that will enter the game in the next decade. This cycle will continue over and over and over.
Their opinion rose nearly unbounded and price rose accordingly. Market cap rose from 10B to 750B, and it could have been VERY LITTLE actual money that did this. How much did it need to be though? Literally ONE PENNY, theoretically. All that matters in moving price is MOMENTUM OF OPINION. I believe it has been estimated that as low as 6B USD was responsible for the bull rush.
These people then started hearing "Bubble", "Scam", Fake news about governments banning. They don't understand how technology wins, always. Crypto is beyond government control. If they could have stopped Bitcoin they would have done it already.
WHO IS DRIVING ALL THIS?
Most investment opportunities go first to "accredited investors". You need to have multimillions in order to get in on the ground floor for most stock IPOs, and we're seeing that start to happen with coin ICOs. Bitcoin was a joke for the first few years, while lunatics picked it up. At this point, it was really too late to get in "early", and who would have wanted to anyways, it was all still a joke. So Wallstreet, banks, governments have generally watched on the sidelines as average Joes who were crazy enough to be early adopters and toss $100 on fake internet money slowly became millionaires.
Not only that, but the idea of blockchain started to become understood. The power and value in it became understood. Not only as a way to track "monetary value" but for many other applications as well. Platforms were created, business uses brainstormed, products started being made. This thing started taking off, and wasn't a joke anymore. But regardless, big money wasn't in on the ground floor. They have stakeholders opinions to think of, and what do they say to investors when they lose all their money on magic internet points?
But they have woken up now. This thing has "popped" many times now and keeps recovering. This thing won't die. could they have been wrong all along? If they want in, how do they get in? They are no dummies, they have been controlling the world their whole lives? Look at the media experiment that Trump is doing? He is testing just how we work... you can do literally anything and we remember it for like 30 seconds, until the next news story comes out. We change opinions very easily. We are swayed very easily. We are their puppets. Media controls the world. They know their way in.
They have ONE WEAPON against cryptocurrency.
YOUR OPINION OF IT.
And they know it.
Media.
That's why FUD is so powerful and needs to be respected. It's why we need to read more than titles on news articles. We need to question what we read, whether it's good news or bad news. We need to think about "what are the motives of the person saying this to me". Does the government have a conflict of interest when they state that crypto is gambling? Do they have skin in the game?
What about wall street? Does WEISS ratings possibly have incentive to come out with poor ratings? Do banks have incentive to lock accounts in order to "protect" customers from "unsafe investments" when their entire business model revolves around holding as much of your money as possible and making money off it? Do you think banks have any super secret hidden interest in preventing you from storing your money elsewhere? I'm not sure, maybe you can critically think about that.
Just understand that this goes both ways. When crypto is booming and Fox news is showing people how to buy $4 ripple on prime time, you may want to start putting in some stop loss orders. When the suicide hotline is stickied at the top of /cryptocurrency and everyone is panic selling, you may want to start picking up some firesale deals.
So, the question is this... Is crypto undervalued or overvalued at it's price today? Where is the price going long term? I'm not talking about it's use case, I'm talking about in the court of public opinion, where is THAT going? Because THAT is what is going to drive price in the future.
Without a crystal ball, this is of course impossible to know. Do your own research and form your own opinion. It could very well be that the technology having a use-case will in and of itself drive opinion, and thus price. But make sure you understand that it's not the technology itself, it's not the value of the business itself, it's not the use case itself that will drive price, it is the publics OPINION of that thing which drives price. They are intertwined, but they are NOT the same thing.
TLDR: VERY VERY little money has to move around in order to swing prices drastically, up or down. Money in and out doesn't drive price, OPINION does. How do you let the news you read impact your opinion?How are you being played (on both sides, shilling and FUD).
Something is only worth what people think it's worth. Often that's based on reality, value, business, money, but often it's entirely emotional.
Structure your portfolio in a balance, intelligent way, using risk methodology.. Invest money you are willing to lose. Support legitimate technology and teams who are actively driving their product to completion, coding, and marketing. Stop trying to make money overnight in pump and dump scams, or pyramid schemes.
Every day, take one coin, do a deep dive on it, learn it inside and out. Look into their team and their past. Do that every day for a year, and you just learned 365 coins inside and out. Ask yourself the following key questions:
Have those members consistently jumped ship on previous projects? Is that where you want to invest in? Is their team capable of executing on their vision? Are they trying to solve world hunger, and their team is a few 16 year olds in a garage? How active is their github? Are they adding chunks of code regularly, or is a ghost town? Are they marketing their product at all? Or is marketing the only thing they are doing?
What are the economics of their coin itself? Is it required to be used to gain access to their technology? Are there burns? How premined is it, and what portion do the founders hold?
What about their vision? Are they trying to solve a problem that needs to be solved? What are the economics of that problem and how much money does the solution potentially save clients?
These are all questions you should be asking when you give your money to someone else. We're a lot more stable than we were - a correction was bound to happen. Too much early money wanted to cash in profits. These people have been replaced by new money who is holding on their own ground floor. The whole industry in general is still in very early stages. Rest assured that anyone reading this is still very much an early adopter. Just make sure you are investing in actual technology, and supporting capable teams, and not buying air. Buy the Googles and Amazons of Crypto, not the pets.com or flooz.com of cryptos.
Happy investing everyone.
/EDIT: some have asked to donate some crypto. Do me a favour instead, sub to my YouTube channel (link at top) watch my videos how to get started properly, and plant your own trees and establish food sovereignty for your family and your community, and help save the bees, save our topsoil, and sequester carbon to reverse global warming. My goal is to get a gardener back into every home on the planet. THAT is how we heal this world.
submitted by Suuperdad to CryptoCurrency [link] [comments]

It's really that simple

1 year summary:
- ICO's selling huge amount of Eth for 1year+ to pay salaries and/or exit scam covertly.
- Pyramid schemes who thrived during the bull run have slowly been offloading Eth for 1year+
- Lots of scared and lucky hands, who have no idea what Ethereum or crypto really is have been panic selling for 1year+
- Lots of bag holders who got rich during the bull run have a much more expensive lifestyles now than before, they have been selling for 1year+ to keep up with that "lambo" insurances and whatnot.
- Most humans are apes in disguise and have attentions spans at par with a toddler. Hodling a good investment in a volatile market with lots of distractions and fud is difficult. Ask 99% of those who bought Bitcoin sub $1.
- Many new and hyped projects (who mostly suck ballz) have taken some attention away from Ethereum that last 1year+, simply due to them being a more speculative rewarding bet shorterm and something "special", "new" and "personal" in the eye of the average crypto kid.
The reality is:
- Ethereum is doing extremely well, far better than anyone could possibly have predicted this early. The developers and ecosystem is overwhelmingly within Ethereumland, creating value and huge incentives every day for all current and future dapps to join the club. The synergy is on fire.
- Regulatory it looks extremely good as well. "Making crypto illegal" is now an impossibility, both technically but also due the precedence that have been set all around the world. The acceptance we have seen within all sorts of industries, governments and large companies is amazing.
- What we have on the first irritation of Ethereum is basically all the components to create a fully decentralized future within a wide variety of businesses genres that will be utterly demolished by computers and math. It's beautiful.
submitted by Unifuture to ethtrader [link] [comments]

The Rise and Fall of a Bitcoin Mining Scheme That Was "Too Big to Fail"

This is the best tl;dr I could make, original reduced by 95%. (I'm a bot)
While the BCN promoters bragged that they had "The most transparent company in the history of the world," a venture that was "Too big to fail," prosecutors accuse them of operating an updated version of a classic Ponzi scheme - making exaggerated claims about mining capability they didn't have, doling out inflated earnings to early investors in order to rope in more suckers, and taking huge rake-offs for themselves, much of it in the form of commissions from a multi-level marketing setup that offered investors bonuses for recruiting new members.
Ever since the "Genesis" block of Bitcoin was first mined eleven years ago, there have been convoluted efforts to game the system, along with cryptocurrency empires that were too big to fail but did.
As speculation in cryptocurrencies has spread, more investors have also been drawn to the arcane process of Bitcoin mining - even though the chances of striking it rich in the mining business are uncertain at best, and next to none in the pyramid-scheme mining pool that BCN was offering.
Weeks claims to have brokered sales of more than $60 million in mining equipment to BCN, and he led tours of the data center in Iceland where much of the mining was taking place.
In one video, Medlin can be seen bragging that BCN would soon be mining at a rate of 1100 petahash per second, raking in $10 million to $20 million a month in Bitcoin.
The actual dollar value of its mining production is difficult to calculate, since the price of both cryptocurrencies fluctuated wildly in the course of BCN's operation, but a conservative estimate would be in the $300 million to $500 million range.
Summary Source | FAQ | Feedback | Top keywords: mine#1 week#2 BCN#3 Bitcoin#4 investor#5
Post found in /technology, /Longreads and /Buttcoin.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Bitcoin is a PYRAMID SCHEME Says Peter Schiff - Here’s Why He’s Wrong Bitcoin price WARNING Cryptocurrency is a Pyramid Scheme - Cryptocurrencies Crashing Money man says bitcoin could be a pyramid scheme - YouTube TradeShark - The Latest Bitcoin Pyramid Scheme - YouTube BREAKING: Roger Ver says Bitcoin is a Pyramid Scheme. Federal Reserve to Tokenize the US Dollar!?!

Is Bitcoin a pyramid scheme? A pyramid scheme is a business model that allows a certain company to stay afloat by recruiting more members who are fed with false promises of sky-high returns. However, only early participants are able to make money with such frauds. As reported by U.Today, Euro Pacific Capital CEO Peter Schiff called Bitcoin "a Ponzi" that was running out buyers. The prominent ... Bitcoin is NOT a pyramid scheme, as there is no reward and guaranteed returns for buying BTC coins. Be wary of the people who claim otherwise. However, there have been many platforms that used Bitcoin in their scams, but that tells nothing ... As adoption increases and as value rises, bitcoin becomes further decentralized. And as bitcoin decentralizes over time, it becomes harder to change, reinforcing the credibility of its foundation: its fixed supply. You are the Scammer. In a pyramid scheme, the people selling the scheme are the scammers. These scammers are selling the promise of future monetary gains through high-pressure sales ... If Bitcoin were a pyramid scheme, new Bitcoins would be created for every new member. But that’s not what happens. Bitcoin fundamentally differs from an ever-growing pyramid scheme. The price might be inflated or show signs of a bubble; but it will never collapse to zero as supply is limited. It looks like a Ponzi scheme or a pyramid scheme. If I buy bitcoin today, it will be more valuable tomorrow because others have bought it at a higher price. As an existing “investor,” I am benefitting from others getting in. Meanwhile, what I’m actually owning is a bitcoin. Don’t get me wrong, bitcoin is valuable, but it’s not worth $10,000 per coin, or even $1,000 per coin. It’s a ...

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Bitcoin is a PYRAMID SCHEME Says Peter Schiff - Here’s Why He’s Wrong

Bitcoin pyramid scheme, bitcoin peter schiff, bitcoin peter schiff opinion, bitcoin prediction in 2020, bitcoin prediction, bitcoin price in 2020, bitcoin price news, bitcoin news in 2020, btc ... Perhaps the largest Bitcoin pyramid scheme out there, BitConnect, has collapsed. In this video, we talk about why schemes like BitConnect are mathematically impossible and look at some of the ... Bitcoin price WARNING Cryptocurrency is a Pyramid Scheme - Cryptocurrencies Crashing ... Why BitConnect is a Scam and Ponzi Scheme - Stay AWAY!!! - Duration: 6:19. Truth Investor 29,763 views. 6 ... This website is not to be trusted, do NOT deposit any money/BTC into this website or any others which claim absurdly high returns. These are scams! Instagram Live

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