Bitcoin is the largest Ponzi ever


I’ve written a lot about cryptocurrency (still a misnomer) and you can read from the list below. At one point, I really did like the idea of digital assets and in some cases it still makes sense, just not a the prices people are paying right now.

In 2015, I thought Bitcoin was huge buy at around $200 based on all the VC money getting into it. I still thought it was a fraud as money and even its original thesis was complete garbage.

Anonymous? Nah.
Better transaction? Not even close.
Limited Supply? So What, there are thousands of coins now.
Money? Be careful. Only a sovereign government can print money.

The reality is that it’s a huge ponzi scheme with no real value. Debate it all you want. Even if it becomes the money of the internet, it’ll still be a ponzi. The video below sums it up pretty well straight from the mouth of crypto’s largest exchange FTX. Also, check Berkshire Hathaway’s annual meeting for updates on Buffett and Munger’s thoughts.

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