fmvab · HackerTrans

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My point is, it doesn't matter whether you or I consider it a "bad definition". To say that these things are not pyramid schemes "in any way" is unnecessarily pedantic and not useful considering the context (the implications of their terms of service).

fmvab

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It comes from the office of the NYS attorney general. https://ag.ny.gov/consumer-frauds/pyramid-schemes

Please send them an email elucidating the finer points of what scheme is what.

fmvab

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‘A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of "investors." The initial promoters recruit investors, who in turn recruit more investors, and so on. The scheme is called a "pyramid" because at each level, the number of investors increases. The small group of initial promotors at the top require a large base of later investors to support the scheme by providing profits to the earlier investors.’

Come on, many crypto projects don’t seem like this in any sense?

fmvab

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Okay, it may not be a pyramid scheme in the exact technical sense, but combined with the other items on the list, "get-rich-quick", etc., I think pump-and-dumping shitcoins counts, right?

fmvab

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Because there is money to be had, and people like money.

fmvab

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Wait, isn't that exactly a pyramid scheme?

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