Last updated on March 12th, 2018 at 12:00 am
That’s not the currency of the future—that’s a giant multi-level marketing scheme.
Broadly defined, multi-level marketing schemes work by creating a structure where people are recruited and then incentivized to recruit new members…
Isn’t this exactly what is happening in the cryptocurrency world? Those who bought in early have an incredibly strong interest to recruit new “members”: The more people who buy crypto, the higher the prices become, and the thicker the owners’ digital wallets get. As the field goes mainstream, their current holdings will spike in value, especially given the fact that many cryptocurrencies trade with small volume. But eventually the hype will die down, and the latecomers will shoulder the brunt.
Eulogy made by David Ryan Polgar