back to article Business-intelligence-company-turned-Bitcoin-addict MicroStrategy grabs another $10m crypto-coin fix

Wikipedia says MicroStrategy is a company that provides business intelligence (BI), mobile software, and cloud-based services, but that wouldn't be the first outdated information on the crowdsourced knowledge repository. In a US Securities and Exchange Commission filing, the software company founded in 1989 said it would …

  1. Pascal Monett Silver badge

    It's not a bubble, it's a pyramid scheme

    Those that got in first have the most coins, and all the (rich) idiots that came in later are just there to position themselves to cash in on the craze.

    Not a single one of those billionnaires "believe" in funny money. What they believe in is the same thing as those scams hyping penny stocks : push many people to buy, the price goes up, you make out like a bandit.

    Bitcoin has reached dizzying heights of value because of all the billionnaires throwing money at it and thus validating it in the eyes of Joe Schmuck.

    Joe Schmuck needs to realize one thing : transfer fees are currently at $13.44.

    So, that Pizza Hut pepperoni pizza you buy for fifteen bucks ? You can almost double the cost when you pay with funny money - if Pizza Hut takes it.

    So, you tell me how great BitCoin is now.

    I pay with VISA. If the cost is fifteen bucks, I'm charged fifteen bucks.

    For that, I don't mind working with The Man.

    1. Disgusted Of Tunbridge Wells

      Re: It's not a bubble, it's a pyramid scheme

      Bitcoin is as you describe. A transaction takes about 20 minutes to clear too.

      Other cryptocurrencies are available.

      XRP (Ripple), for example, completes in five seconds and the fees are much more reasonable.

      1. ConsumedByFire

        Re: It's not a bubble, it's a pyramid scheme

        Nothing personal against non governmental currencies per se here. But at some point those currencies which burn energy through the 'proof of work' mechanic will get banned from major economies because of climate crisis.

        This will result in:

        - very sad people whose crypto coin investments are suddenly worth diddly squat

        - affordable graphics cards

        No inherent value. Big environmental cost. Ban them.

        1. ConsumedByFire

          Re: It's not a bubble, it's a pyramid scheme

          And taking this a level on.

          If you make it a criminal offence for a company (including its officials) to conduct transactions in an anonymous currency . . . does that kill the ransomware business?

          If a ransomware outfit needs a bank account its surely out of business or in prison?

        2. Disgusted Of Tunbridge Wells

          Re: It's not a bubble, it's a pyramid scheme

          You know that "climate crisis" is a political term, don't you?

  2. Disgusted Of Tunbridge Wells

    Bitcoin is currently trading at $36,375 . Ouch.

    1. Claptrap314 Silver badge

      Huh. I didn't feel a thing. Wonder why that is?

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Biting the hand that feeds IT © 1998–2021