Ben McKenzie

And also they're issued by individuals and companies and there's a lot of fraud and things that can go wrong there.

So really Bitcoin, even Sam actually, I asked Sam, like, can Bitcoin ever work as a payments method?

He's like, no.

So I think that argument that Bitcoin even is a money in any scalable global way is kind of falling away.

You don't see people arguing for that anymore.

But I just thought that's worth mentioning because it's really important to understand the tech sucks.

Like what percentage makes money?

So multi-level marketing scheme, pyramid scheme.

Imagine the top is the original investor, the original person who created it or whatever.

And then as you go down, it's the next adopter, next adopter, next adopter.

In an MLM,

99% of the people lose, 90 plus percent of the people lose because it's really just about getting something for free or very cheap and then selling it to someone for more.

Exactly.

And so one of the strongest psychological arguments that Bitcoiners have is you'll say like all these facts that we've been talking about and they go,

I bet you wish you had bought in early.

Yeah, they love that.

And it's really effective because it's like, yes, of course, but if I'm describing it as a Ponzi scheme and a multi-level marketing scheme and your retort is, well, if you bought in early.

If you were at the top of it.

It's like, dude, that's literally how Ponzi schemes and multi-level marketing schemes work.

That's not a refutation of my argument.