I think that headline is an outright lie. It's not as big as is stated in the article itself, and it has basically no impact on most people's lives, because it was expected by almost everybody.
They have hype in common, that's all.
They have hype in common, that's all.
Worse for those that have invested in crypto it means, not most people
Fair enough, now we actually have something to discuss. Do you consider the stock market and forex market also as pyramid schemes? If not, what's the difference?
The religious argument is kind of absurd though. I could dismiss every group or school of thought as being a bunch of crazy religious weirdos. Especially easy because in that case I don't have to provide any substantive arguments.
I see this as an issue of what's probably a reasonable valuation for the near future for a company or virtual currency and what is the current valuation. Bitcoin is valued many many times more than it's current actual value, most companies would have a massive selloff if they published such bad numbers in terms of current earnings with no clear value in the future.
Until Bitcoin gets at least some widespread adoption and most people investing in it are people that want to get rich quick, I see it on par with any other pump and dump scheme, pyramid scheme or cult.
People who gambled on crypto any time before October are still up.