The future of money really is cryptocurrencies, possibly led by bitcoin. I ve It looks like a Ponzi scheme or a pyramid scheme. If I buy bitcoin today, it will be Another sign that this is a bubble is the way that those who own bitcoins are trying to persuade everyone who doesn t own them to buy them..At its root, bitcoin is a Ponzi scheme it will stay afloat only as long as enough people buy the fiction that bitcoin represents real value. All other cyber currencies are Ponzi schemes, too, except, arguably, initial coin offerings ICOs funding actual business start ups. Ponzi schemes promise investors .As with Ponzi schemes, the greater fool theory is alive and well in the world of cyber currencies. The greater liquidity the ability to buy and sell large amounts of a cryptocoin without materially affecting its price of bitcoin and other coins with large amounts in circulation does not constitute real value .The other day my barber asked me whether he should put all his money in bitcoin. And the truth is that if he d bought bitcoin, say, a year ago he d be feeling pretty good right now. On the other hand, Dutch speculators who bought tulip bulbs in also felt pretty good for a while, until tulip prices collapsed .
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