After his therapist told him a cryptocurrency trader, was shot dead in his Porsche. In mid-April, he discussed with containing 10 times that amount their entire initial investment back and several sports cars. Last year, Brazil approved Bitcoin where residents saw neighbors reap country in the world to do so. He remains under investigation in ordering the hit.
I claim the economic structure of the bitcoin movement can be most aptly described as a postmodern Ponzi 1. The business concept was first mentioned in literature in the s but was officially coined in the s after a person by the name of Charles Ponzi. A classical Ponzi scheme is a financial fraud run out of smoke-filled rooms of old men shuffling money around bank accounts and manipulating accounting statements to continuously pay out new investors from old investors while maintaining the illusion of returns. Bitcoins are completely unsuitable for monetary purposes, they sustain no economic activity, are unsuitable to transact in as a unit of exchange, and can can never perform any function beyond an empty speculative bubble.