Bitcoin Ponzi scheme and pyramid scheme concerns
Various journalists,[1][2] economists,[3][4] and the central bank of Estonia[5] have voiced concerns that bitcoin is a Ponzi scheme. In 2013, Eric Posner, a law professor at the University of Chicago, stated that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."[6] A 2014 report by the World Bank concluded that bitcoin was not a deliberate Ponzi scheme.[7]:7 The Swiss Federal Council[8]:21 examined the concerns that bitcoin might be a pyramid scheme; it concluded that "Since in the case of bitcoin the typical promises of profits are lacking, it cannot be assumed that bitcoin is a pyramid scheme." In July 2017, billionaire Howard Marks referred to bitcoin as a pyramid scheme.[9]
On 12 September 2017, Jamie Dimon, CEO of JP Morgan Chase, called bitcoin a "fraud" and said he would fire anyone in his firm caught trading it. Zero Hedge claimed that the same day Dimon made his statement, JP Morgan also purchased a large amount of bitcoins for its clients.[10]
References[edit]
- ↑ O'Brien, Matt (13 June 2015). "The scam called Bitcoin". Daily Herald. Archived from the original on 16 June 2015. Retrieved 20 September 2016.
- ↑ Braue, David (11 March 2014). "Bitcoin confidence game is a Ponzi scheme for the 21st century". ZDNet. Archived from the original on 6 October 2016. Retrieved 5 October 2016.
- ↑ Clinch, Matt (10 March 2014). "Roubini launches stinging attack on bitcoin". CNBC. Archived from the original on 6 October 2014. Retrieved 2 July 2014.
- ↑ North, Gary (3 December 2013). "Bitcoins: The second biggest Ponzi scheme in history". The Daily Dot. Archived from the original on 17 June 2016. Retrieved 23 May 2016.
- ↑ Ott Ummelas & Milda Seputyte (31 January 2014). "Bitcoin 'Ponzi' Concern Sparks Warning From Estonia Bank". bloomberg.com. Bloomberg. Archived from the original on 29 March 2014. Retrieved 1 April 2014.
- ↑ Posner, Eric (11 April 2013). "Bitcoin is a Ponzi scheme—the Internet's favorite currency will collapse". Slate. Archived from the original on 26 March 2014. Retrieved 1 April 2014.
- ↑ Kaushik Basu (July 2014). "Ponzis: The Science and Mystique of a Class of Financial Frauds" (PDF). World Bank Group. Archived (PDF) from the original on 31 October 2014. Retrieved 30 October 2014.
- ↑ "Federal Council report on virtual currencies in response to the Schwaab (13.3687) and Weibel (13.4070) postulates" (PDF). Federal Council (Switzerland). Swiss Confederation. 25 June 2014. Archived (PDF) from the original on 5 December 2014. Retrieved 28 November 2014.
- ↑ "This Billionaire Just Called Bitcoin a 'Pyramid Scheme'". Archived from the original on 24 September 2017. Retrieved 23 September 2017.
- ↑ "JPMorgan Helps Clients Buy Bitcoin Despite CEO Calling Bitcoin 'a Fraud'". Archived from the original on 23 September 2017. Retrieved 23 September 2017.
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