Home Scam/Fraud COLUMN: Bitcoin – the most successful ponzi scheme of all times?

COLUMN: Bitcoin – the most successful ponzi scheme of all times?

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An old chart showing 17th Century tulip prices in Amsterdam

Someone like me would make an ideal bitcoin enthusiast – libertarian by political persuasion, open source enthusiast, early adopter of all kinds of technologies, hater of big government and possessor of what my wife calls a ‘mildly paranoid personality’. 

Yet, try as I might, I just see bitcoin as anything other than the most successful ponzi scheme of recent times. The similarities between bitcoin and ponzi schemes are hard to miss — an evangelical network that enriches each batch of joinees with money from subsequent batches.

Of course, bitcoin enthusiasts may argue that this is not a fair comparison to make, as bitcoin is not as useless as a membership of a typical ponzi or pyramid scheme. 

They may say it is a full-blown currency and can be used to pay for goods and services. They’ll also argue that it is digital gold, and unless you call…

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