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As long as BTC doesn't have any practical real-world use besides buying drugs and speculation I don't see how anybody couldn't see the sudden spike in the exchange rate as a huge red flag. You're effectively buying into a pyramid scheme: you bet that there'll be enough people who will enter after you for you to make some money.

It shows that all those revolutionary blockchain projects over the past few years have amounted to basically nothing, the killer app still isn't there and BTC is as wild as ever.

You are describing a bubble, not a pyramid scheme. A pyramid scheme uses N people to pay for 1, and collapses when the supply of people runs out. There's no imagination that something's value is constantly increasing. A bubble uses one person paying extra to pay one other person, and collapses when people stop believing that there is a richer sucker.

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