As in a classic Ponzi scheme old investors cashing out only do so at the expense of new money coming in.
Unlike, say, investment in shares and bonds, bitcoin makes no contribution to the greater economic or public good.
Moreover, whereas legal processes have led to the recovery of $14billion, or 70 per cent of lost funds for early Madoff investors, there is no possibility of the last bitcoin savers ever recovering their capital. Bitcoin is a scam that will only end in tears.
Eulogy made by Alex Brummer
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