Bitcoin: It’s Not A Pyramid — It’s A Cone

Joe Kelly
12 min readJul 25, 2019

Why do people say Bitcoin is a pyramid scheme?

Answer: Because people who own bitcoin (or PWOBs) are so often found trying to convince other people who don’t own bitcoin that they should.

And because it’s easy to see there’s a self-serving incentive in play which might explain why — PWOBs make money whenever more of the world decides it wants to buy bitcoin.