Nonsensical Idea of the Day: "Bitcoin is a Ponzi Scheme"

[BADecker]

Nonsensical Idea of the Day: "Bitcoin is a Ponzi Scheme"

In a video interview with Hedgeye CEO Keith McCullough, not only did Rickards state that he agreed with Jamie Dimon, he made this claim "I call it a Ponzi with no one in charge. There's no Madoff, but it's working that way."

Rickards points out that primary uses of Bitcoin are money laundering, capital flight, etc. But what does that have to do with being a Ponzi scheme?

"Bitcoin has not been combat tested in a business cycle. We have not had a recession or a financial crisis since 2009. I've seen all these other asset classes go through many business cycles. I know how they'll behave. Bitcoin has not been tested in that arena," says Rickards.

I agree. But what does that have to do with being a ponzi scheme?

Read more at https://www.themaven.net/mishtalk/economics/nonsensical-idea-of-the-day-bitcoin-is-a-ponzi-scheme-emIp5OIKVUOYbIsLC5lBIg.

[avikz]

I will call it an organized attack on bitcoin community and we will have to be prepared for more such attacks. They will try to bring us down but we need to keep out head high during tough times. But one thing I am surprised about that Hedgeye is not a bank or any financial institution. It is just one financial blog like many others in the market. So I believe it is a publicity stunt because they will receive a lots of new visitors from bitcoin community to the blog. Or else, the CEO might have received a good amount of bribe from the financial sector to publish such articles. But when JPM CEO could not do any damage, this article will remain as another laughable example of an attempt to attack bitcoin community. We better start ignoring such news going forward!