Cryptocurrency might be the greatest Ponzi scheme of all time

The seemingly limitless innovations that are springing out of information technology have created enormous opportunities for all kinds of predatory behavior uninhibited by social regulation. Cryptocurrencies are one of the leading contestants in this competition. Crypto is a Ponzi scheme. It’s the IT version of what Bernie Madoff did in a mutual fund fraud in New York City in the 1980s and ‘90s, which was the greatest Ponzi scheme of all time − until now.

Crypto coin platforms take in money when people buy the virtual “coins,” and if enough people keep buying them, the value of the coin goes up. In the simple crypto cases, the money just sits there, it’s not invested in any activities that generate income or profit, and people can sell their coins at a profit only if more and more people are still buying the coins.

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