{"id":29266,"date":"2021-12-25T09:07:33","date_gmt":"2021-12-25T14:07:33","guid":{"rendered":"https:\/\/ssgreenberg.name\/PoliticsBlog\/?p=29266"},"modified":"2021-12-25T09:22:27","modified_gmt":"2021-12-25T14:22:27","slug":"why-bitcoin-is-worse-than-a-madoff-style-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2021\/12\/25\/why-bitcoin-is-worse-than-a-madoff-style-ponzi-scheme\/","title":{"rendered":"Why bitcoin is worse than a Madoff-style Ponzi scheme"},"content":{"rendered":"<p>The<em> Financial Times <\/em>has the article <a href=\"https:\/\/www.ft.com\/content\/83a14261-598d-4601-87fc-5dde528b33d0\" rel=\"noopener\" target=\"_blank\">Why bitcoin is worse than a Madoff-style Ponzi scheme<\/a><\/p>\n<blockquote><p>\nA Ponzi scheme is a zero-sum enterprise. But bitcoin is a negative-sum phenomenon that you can\u2019t even pursue a claim against, argues Robert McCauley.\n<\/p><\/blockquote>\n<p>This is an even stronger opinion on Bitcoin than I have been saying myself. <\/p>\n<p>The greater fool theory of &#8220;investing&#8221; 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.<\/p>\n<p> It is amazing how some notable people cannot figure this out.Here is Glenn Greenwald as an example.<\/p>\n<div style=\"text-align:center\">\n         <iframe loading=\"lazy\" src=\"https:\/\/rumble.com\/embed\/vonbwn\/?pub=rsbr5\" height=\"480\" width=\"640\"><\/iframe>\n     <\/div>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019t even pursue a claim against, argues Robert McCauley. This is an even stronger opinion on Bitcoin than I have been saying myself. The greater [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-29266","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/29266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=29266"}],"version-history":[{"count":5,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/29266\/revisions"}],"predecessor-version":[{"id":29271,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/29266\/revisions\/29271"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=29266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=29266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=29266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}