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asked in Cryptocurrency 73 points

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Howard Marks, a billionaire investor, recently stated that digital currencies are nothing but a pyramid scheme. He elaborated saying that the current success of digital currencies is based on nothing but willingness to ascribe value to something that has no value beyond what people will pay for it (coin telegraph). Those investing in a pyramid scheme get their returns from their own money or from subsequent investors’ money, instead of from profit made by the individuals running the business. When it comes to Bitcoin, however, the gains and its value come from a limited supply of coins. As more people acquire the coins, the supply gets rarer, thus making each coin more and more valuable. Bitcoin simply has nothing in common with a standard pyramid scheme. 

answered 81 points
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