Since the aforementioned reasons mean Litecoin has no future potential, it effectively functions as a pyramid scheme, rewarding those who get in sooner at the expense of those who adopt it just before it finally fails (and are left with nothing). This is not the case for Bitcoin, since it has significant potential to become a long-term currency and continually be beneficial to adopters no matter when they begin using it.Seems like an inaccurate statement, but despite seeing multiple requests in the discussions section to remove this criticism, it's still there. Litecoin neither qualifies as a Pyramid Scheme nor as a Ponzi Scheme:
As its name indicates, the pyramid scheme is structured like a pyramid. It starts with one person - the initial recruiter - who is on top, at the apex of the pyramid. This person recruits a second person, who is required to "invest" $100 which is paid to the initial recruiter. In order to make his or her money back, the new recruit must recruit more people under him or her, each of whom will also have to invest $100. If the recruit gets 10 more people to invest, this person will make $900 with just a $100 investment.Litecoin doesn't promote itself as an investment opportunity, nor does it require people to recruit other people in order to secure "residual income." There is no recruiter and there is no kick-up to the top. Ultimately, even if Litecoin is a bad idea, it still does not qualify as a Pyramid Scheme.
Bitcoin describes itself as an experimental digital currency. Reuben Grinberg has noted that Bitcoin's supporters have argued that Bitcoin is neither a security or an investment because it fails to meet the criteria for either category. Although it is a virtual currency, some people see it as an investment or accuse it of being a form of investment fraud known as a Ponzi scheme. A report by the European Central Bank, using the U.S. Securities and Exchange Commission's definition of a Ponzi scheme, found that the use of bitcoins shares some characteristics with Ponzi schemes, but also has characteristics of its own which contradict several common aspects of Ponzi schemes.So let's be intellectually honest and not label Litecoin a Pyramid Scheme or a Ponzi Scheme simply because we find it inferior to Bitcoin. Please stand up for intellectual honesty and expect a higher standard of intellectual discourse from the Bitcoin community.
Reuben Grinberg in his article 17 highlights the key legal issues surrounding cryptocurrencies, such as the government’s monopoly, its hostility towards private currencies 18 and its control over money supply and regulation. 19 The author describes how certain laws pose risks to digital currency developers. 20 He also highlights cryptocurrency’s limited usage in commercial exchanges and ... Read Grinberg’s latest Bitcoin post on Davis Polk’s Capital and Prudential Standards Blog: “The Failure of Mt. Gox and Other Recent Bitcoin Catastrophes: Why Banks Should Care.” The Text of Grinberg’s talk: Of bitcoin. Walk us through. Qwest a long time ago, a group or people who were libertarian did not like control by the government. Bitcoin to USD exchange rate on the Mt. Gox exchange through October 22, 2011. … Figures - uploaded by Reuben Grinberg. Author content. All figure content in this area was uploaded by Reuben ... Mountain Lakes Living Magazine, August 2018 During the divorce process in New Jersey, all assets acquired during the marriage must be equitably split. For example, marital assets such as stocks, bonds, bank accounts, IRAs, 401(K)s, real property, and personal property are split between divorcing spouses. Now enters the era of cryptocurrency … bitcoin-reg.com Reuben Grinberg Associate New York Office 212 450 4967 tel 212 701 5967 fax [email protected] Mr. Grinberg is an associate in Davis Polk’s Financial Institutions Group. His practice focuses on bank regulatory advice, including Dodd-Frank Act regulatory implementation, the preparation of living wills,
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