Bitcoin Is Worse Than A Madoff-style Ponzi Scheme

In a crash, the holders of bitcoin will collectively have misplaced what they’ve paid the miners for his or her bitcoin. This sum is also not faraway from the sum initially invested with Madoff, after accounting for inflation. Nonetheless bitcoin holders may have no one to pursue to get nicely this sum: it ought to merely have gone up in smoke, a social loss. The holders of bitcoin would then solely need it had been a Ponzi scheme.

Eulogy made by Robert Mccauley

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