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No, it’s never been particularly useful.

Do you believe a popular pyramid scheme has demonstrated utility? If a pyramid scheme made people a lot of money in the past does that suggest it has long term value?

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Replace "pyramid scheme" with "stock" and the argument still stands and is actually relevant to bitcoin. Can you please explain how bitcoin is a pyramid scheme? You can say Ponzi scheme or scam or just hate it because you haven't gained anything from it personally and wish you did when you first heard about it at $5, but pyramid scheme it is not. Thanks.

People similarly argue that stocks are a pyramid scheme but that doesn't stop them from existing.

You got a nice lil dvote from our HN friends because you spoke negatively about stonks (they like stonks a lot!) and neutral about bitcoin (they HATE bitcoin! Mostly out of jealousy). I don't think either is a pyramid scheme but both often trade at inflated valuations.

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