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Cryptocurrency News Articles
Bitcoin is worthless, just like all Ponzi schemes
Nov 13, 2024 at 11:07 pm
The ability to make money from something doesn't define its value. Bernie Madoff's $65bn (£51bn) scheme was worth plenty to him for decades
The value of something isn’t determined by its ability to generate income. Bernie Madoff’s $65 billion (£51 billion) scheme was worth a lot to him for decades, and anyone who got out before it blew up could make a good profit—whether or not they believed it was a fraud.
Just because you’ll likely make a quick 10-20 percent return on Bitcoin over the next couple of months doesn’t mean it has any value.
Both the Financial Conduct Authority and the Securities and Exchange Commission use the term “cryptoassets” generously, more out of a lack of a better word than a strong belief in its definition.
An asset is typically defined as “something valuable belonging to a person or organization that can be used for the payment of debts.”
Bitcoin is at best a temporary measure, and I imagine you’d rather have trouble paying off any but the most illicit debts with it.
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