The Financial Times has the article Why bitcoin is worse than a Madoff-style Ponzi scheme

A Ponzi scheme is a zero-sum enterprise. But bitcoin is a negative-sum phenomenon that you can’t even pursue a claim against, argues Robert McCauley.

This is an even stronger opinion on Bitcoin than I have been saying myself.

The greater fool theory of “investing” certainly applies to Bitcoin. The idea is that when you want to cash out, there will always be a greater fool than you were who will buy your bitcoins at a price higher than what you paid.

It is amazing how some notable people cannot figure this out.Here is Glenn Greenwald as an example.