Will Bitcoin die?
According to a response from Quora, Tyson Noted that Bitcoin is a pyramid scheme.
“Eventually, Bitfinex’s constant Tether printing will fail to keep the price of Bitcoin above $9,500 USD, at which point the panic selling will get ridiculous—and people will realize they can’t get actual USD because you can’t redeem tethers for USD, it can’t be done.
So they’ll try to buy altcoins with their tethers, which will briefly flare the values of those up, but there simply won’t be any USD floating around, as everyone realizes they’re holding USDT, not USD. A select number of whales will make out like bandits as they liquidate their supply of pretend internet money, and there will be a legion of bagholders.
Bitcoin will probably drop down to around 2–3 thousand, which is about 3–4 thousand higher than it would be in a good, righteous world.
Another exchange will open, and Bitcoin enthusiasts will point to their line that gosh golly Always Goes Up, as long as you treat all times it doesn’t as just opportunities to Buy the Dip.
And, like every Bitcoin exchange that has ever existed, they will be ‘mysteriously hacked’ sometime in 2019, take millions of dollars from its customers, and then Bitcoin adherents will continue to sell their worldly possessions in the next surge of the self-propelling ponzi scheme.
Let’s be clear: Bitcoin cannot make you money unless other people buy in after you.
When an investment can only make money by virtue of the investments of those after you, it’s a pyramid scheme.
But it will never die, because anarcho-capitalists are….a fascinating bunch”