As in a basic Ponzi scheme previous buyers cashing out solely achieve this on the expense of latest cash coming in.
Not like, say, funding in shares and bonds, bitcoin makes no contribution to the higher financial or public good.
Furthermore, whereas authorized processes have led to the restoration of $14billion, or 70 per cent of misplaced funds for early Madoff buyers, there isn’t any risk of the final bitcoin savers ever recovering their capital. Bitcoin is a rip-off that may solely finish in tears.
Eulogy made by Alex Brummer