Bitcoin 2022 Miami: Mike Novogratz likens BTC holdings to pyramid scheme – CoinGeek

It was a presentation I was looking forward to.

A pyramid scheme is a “business model that recruits members via a promise of payments or services for enrolling others into the scheme,” where “New recruits make up the base of the pyramid and provide the funding, or so-called returns, in the form of new money outlays to the earlier investors/recruits structured above them in the scheme.

Because BTC is technologically restricted by its block size and transaction throughput, enterprises and governments can not use the BTC blockchain to build business solutions and consumer-facing applications.

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