Cryptocurrency is a scheme?

[Akinwale Akinkunmi]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

[PX-Z]

Try to read and learn how crypto works and how people can make profit from it. By how you define crypto, you're good to say that its the same when trading for forex and stock as well, even on oil as well, which is on your term is a scheme.

[Mr. Magkaisa]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

         -     I think you need to know more about how bitcoin or cryptocurrency works in this field of business. You should specify well why you called it a scheme.

There are many ways to find out how cryptocurrency works in this industry. You should also know how the business industry works and how it makes a profit.
There is no business if there is no profit coming in.

[NotATether]

If you collect other people's money because you provide a service to them then there is nothing to worry about because it is lawful.

[robelneo]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

You have to define what a scheme first, according to Merriam-Webster

1. : a plan or program of action. especially : a crafty or secret one. 2. : a systematic or organized configuration : design.

I don't see cryptocurrency falling in this category, although there are a lot of schemers in cryptocurrency, but in general, that's not what cryptocurrency means.
You have to re-educate yourself on how cryptocurrency works because you have the wrong notion.

[MrSpasybo]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

I used to focus on learning about blockchain and expected its application in many sectors, but eventually, I realized that the blockchain era is still just an expectation, while the crypto era is happening very strongly.

I know that crypto has many values for the economy and governance, but for me, it is temporarily just a financial tool for investment and profit generation. I buy from those who do not need tokens and sell to those who crave tokens to profit from market growth. I prefer to call crypto a new asset class rather than a scheme ^^

[Stuart]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

How do you mean by we collect people's money... Ponzi schemes is what goes with such definition you just gave. If you collects people's money and call it gain, whom do you give your own money, so they can call it gain?

I sense from your post that you have encountered losses from ponzi scheme severally and decided to call all online paying jobs scheme (ponzi scheme or scam to be precise).

Have you heard of online jobs, remote jobs, work from home etc? If you do any of these, probably you can make request for your payment to be in any of the crypto currency of your choice. Cryptocurrency is a digital currency, that is used as a means of payment.

[bounceback]

In my opinion about bitcoin or cryptocurrency scheme or not depend on people viewed when taking much profit from cryptocurrency trading or investing most of them thanks full for crypto, but in other side when getting loss from trading in cryptocurrency most of them said crypto is scam way how to make your money loss.
During your investment at right coins or trade only in bitcoin not worry about possibility cryptocurrency will be scam because you can get back recovery in short term when bitcoin going down, but difficult or over get second chance if your investing in cryptocurrency only shit or meme coins huge possibility loss all your fund.

[JoyMarsha]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

What you stated, is actually a layman's understanding of what crypto is.

Crypto means digital currency, that can be served for the  purpose of payment and investment. You can store up assets in Bitcoin for future purposes and you can use it as payment method for goods and services.

Does it relate to, collect other people money to call it gain, whereas the market is controlled by demand and supply. However, get your knowledge of crypto straight.

[JISAN]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

Crypto is an asset that has a fixed supply and the more demand there is in the market, the more the price increases, and when the demand decreases and the volume of sales increases, the price decreases again, and it analyzes who can buy and sell at the right time only.  Only they can profit while others face loss. And that's why crypto is viewed differently by different people.  Crypto is a great thing for those who can profit and those who lose are fed up with it

[0t3p0t]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

It actually depends on how people define "scheme" because it's something like choosing right or wrong. If you are into trading then it's the battle of skills on how smart you are in a legal way against other traders but when you just buy and hold then it's nothing but just holding an asset. That is why we need to study technical analysis to have an edge on trading though it doesn't really that perfect but atleast can be profitable depending on our strategy. You might call it a double edge scheme but it is what is and yet we still love this great scheme of all time. 😁

[Faisal2202]

To me, cryptocurrency just looks like a scheme. At the end of the day, we collect other people's money and call it gain. IT IS WELL!

Nah, although you are right to some extent like if we talk about BTC, those who waited years and did not sell their BTC they are selling now because of the increase in price, and we are buying now and motivating others to buy laters when there is dump and they will add more to the liquidity and we sell they left behind.

It really looks like a pyramid scheme until it is not because the price is driven by demand and supply and other macroeconomics factors and microeconomics factors, too. Due to this, there can't be any scams, but yeah, if all of a sudden people lose their faith in BTC and they start selling, I mean all of them, then we will be left with satoshi only, and that has no value, that would be a nightmare for everyone.

[TomPluz]

OP must be referring to the classic Ponzi scheme where money paid to the old members are taken from the new members until the system collapsed because no enough new entrants are coming in. So can we say that cryptocurrency is doing the same thing? While there is no question that there had been many crypto-using programs that can indeed be classified as Ponzi (OneCoin is one big example of this), the same can never be said with legit and popular coins and tokens already in the market. Of course, there will be trading involved where money can come and go but that is just a natural way of doing business...just because there is a transfer of money does not make one a Ponzi scheme. One may associate shitcoins (like many useless memecoins we have around) to be Ponzi-like but generally speaking this is the case with the cryptocurrency industry.

[bayu7adi]

Even though each token has its own use case... like someone needs a certain token to make a certain contract, which may be worth more than the transaction in that token (we don't know for sure)... so it's still fair, as long as the transaction occurs based on the need and the supply is always there... it will remain balanced...

If the need for an item skyrockets... of course the price will also increase... the seller can adjust the price so that everyone can buy it too by increasing the price... so the profit taken from selling tokens is the same as buying and selling goods in general....

[Zed0X]

With how you describe a scheme, every type of trades must be a scheme. If what you mean is like most cryptocurrencies are only launched to grab some money without providing anything of real value, then I think everyone can agree to that. I bet billions have already been lost to pumps and dumps.