Crypto might not be as obvious as a pyramid scheme but there are some similarities. The people who bought into digital currencies have a keen interest in recruiting others to continue purchasing these currencies. The more people that get involved and buy into crypto, the higher prices will go. That means those at the top, the early buyers, will become even wealthier. In fact, 1,000 people own 40 percent of the entire Bitcoin market. That means relatively very few people are getting rich from Bitcoin.
The only real utility that crypto has is:
- tax avoidance
- low cost transfers for payment
Said utility is more than offset by the huge energy bill. So in summary, yes, it’s a pyramid scheme.
What is needed is a low energy cryptocurrency! Here we go:
https://spectrum.ieee.org/energywise/computing/software/bitcoin-alternative