A dinosaur with too technologically backward thinking or does he have a point?
http://www.zerohedge.com/news/2017-07-27/digital-currencies-are-nothing-unfounded-fad-howard-marks-calls-bitcoin-pyramid-sche
http://www.zerohedge.com/news/2017-07-27/digital-currencies-are-nothing-unfounded-fad-howard-marks-calls-bitcoin-pyramid-sche
'Pyramid scheme' here is a figure of speech. And he does have a valid point.
Until bitcoin becomes a currency used for transactions (for all intents and purposes it is not yet one) its value depends on the influx of new speculative money. Hence the reference to a pyramid scheme.
No to be taken literally.
Capitalism in general depends on new money, wether by expanding markets, or opening new markets. Industries that don't get new money, die.
True but here I'm talking about speculative money. Money that looks for speculative capital gains, not returns from productive activities.
If you read the threads in this forum nearly everyone is focused on the PRICE of bitcoin, past current and future, not it's actual value proposition. The speculative mindset is near 100% predominant with bitcoin.