{"id":6287,"date":"2022-01-29T08:22:59","date_gmt":"2022-01-29T08:22:59","guid":{"rendered":"http:\/\/egrowonline.com\/?p=6287"},"modified":"2022-01-29T08:22:59","modified_gmt":"2022-01-29T08:22:59","slug":"ethereum-eth-and-other-altcoins-are-a-pyramid-scheme-says-max-keiser","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=6287","title":{"rendered":"Ethereum ($ETH) and Other Altcoins Are a &#8216;Pyramid Scheme&#8217;, Says Max Keiser"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Popular cryptocurrency strategist and former Wall Street trader Max Keiser has revealed he believes that altcoins and Ethereum ($ETH), in particular, are \u201cjust outright scams\u201d that should eventually stop existing.<\/p>\n<p>Keiser, who speaking to <a target=\"_blank\" href=\"https:\/\/www.kitco.com\/news\/2022-01-26\/Ethereum-is-a-pyramid-scheme-once-scam-DeFi-space-blows-up-only-Bitcoin-will-be-left.html\" rel=\"noopener\">Kitco News\u2019<\/a> Michelle Makori said these altcoins are a \u201cpyramid scheme,\u201d is a well-known bitcoin bull. During his interview with Makori, he said any altcoin other than BTC isn\u2019t sustainable and doesn\u2019t have the characteristics of sound money as BTC does.<\/p>\n<p>Bitcoin, he said, has scarcity, decentralization, anti-fragility, and resistance to being \u201cpumped and dumped\u201d through a pre-mine.<\/p>\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"Keiser: Ethereum is \u2018pyramid scheme\u2019, scam DeFi will blow up, only Bitcoin will be left - Pt. (2\/2)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/DOg148zZYgo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/figure>\n<p>Keiser added that people are \u201cwaking up to the fact\u201d that these altcoins are \u201cjust outright scams\u201d and that there \u201chasn\u2019t been any useful development on any of these altcoins at all that hasn\u2019t been shown to be an utter scam.\u201d<\/p>\n<p>The former Wall Street trader said that decentralized finance projects \u201croutinely blow up\u201d as protocols within the DeFi space \u201care living in a grey area that\u2019s outside of all regulations.\u201d Bitcoin, Keiser added, is the best sound money solution for mankind.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>[Bitcoin] solves a problem that humans have had for hundreds of thousands of years and that is a need to exchange value for value over space and time<\/p>\n<\/blockquote>\n<p>            <!-- Inline ads (all screen sizes) --><br \/>\n            <!-- Primis --><\/p>\n<p>            <!-- Inline ads (xs-lg screens) --><br \/>\n            &lt;!&#8211;<\/p>\n<div class=\"d-xl-none\">\n<div class=\"g-pt-30 g-pb-30 text-center\">\n                    Not in use\n                <\/div><\/div>\n<p>            &#8211;&gt;<\/p>\n<p>            <!-- Inline ads (xl screens) --><br \/>\n            &lt;!&#8211;<\/p>\n<div class=\"d-none d-xl-block\">\n<div class=\"g-pt-30 g-pb-30 text-center\">\n                    Not in use\n                <\/div><\/div>\n<p>            &#8211;&gt;<\/p>\n<p>According to Keiser gold is good to exchange value over time but \u201cvery bad to do so over space\u201d as it\u2019s hard to move physical gold around to exchange value. Fiat currency, on the other hand, is easy to move around but loses its value over time.<\/p>\n<p>Keiser added that he sees Bitcoin\u2019s current state of adoption as similar to the type of adoption the internet had in its early days and believes eventually BTC\u2019s usage will be \u201cubiquitous.\u201d Per his words, \u201csoftware runs the world\u201d and software will transform the money industry in the near future, as it now is \u201cmired in 100-year old, 200-year old technology.\u201d<\/p>\n<p>Keiser used to hold gold but moved his holding to BTC. The former Wall Street trader has affirmed numerous times he <a target=\"_blank\" href=\"https:\/\/www.cryptoglobe.com\/latest\/2022\/01\/bitcoin-bull-max-keiser-changes-220000-price-prediction-to-this-year-based-on-hashrate-ath\/\" rel=\"noopener\">believes the price of bitcoin will hit $220,000<\/a> later this year as the network\u2019s hashrate has hit a new high.<\/p>\n<p><strong>DISCLAIMER<\/strong><br \/><em>The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.<\/em><\/p>\n<p><strong>IMAGE CREDIT<\/strong><br \/><em>Featured image via\u00a0<a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/unsplash.com\/photos\/pCWOez71S1E\">Pixabay<\/a><\/em><\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.cryptoglobe.com\/latest\/2022\/01\/ethereum-eth-and-other-altcoins-are-a-pyramid-scheme-says-max-keiser\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Popular cryptocurrency strategist and former Wall Street trader Max Keiser has revealed he believes that altcoins and Ethereum ($ETH), in particular, are \u201cjust outright scams\u201d that should eventually stop existing. Keiser, who speaking to Kitco News\u2019 Michelle Makori said these altcoins are a \u201cpyramid scheme,\u201d is a well-known bitcoin bull. During his interview with Makori, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[42],"tags":[200,181,158,4357,4356,3630,556],"class_list":["post-6287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-altcoins","tag-eth","tag-ethereum","tag-keiser","tag-max","tag-pyramid","tag-scheme"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/gold-and-red-bitcoin-on-table-768x576.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6287"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6287\/revisions"}],"predecessor-version":[{"id":6289,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6287\/revisions\/6289"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/6288"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6287"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}