Is Bitcoin a Scam?


Is Bitcoin a Scam? Is Bitcoin a Ponzi Scheme?

Bitcoin is presented as a currency that bypasses banks and is said to liberate us all from the throes of centralized banking. Some refer to it as a cryptocurrency, but no government in the world recognizes it as a currency. Bitcoin is not currency. It’s not money. It has no intrinsic value. It serves no purpose and it is backed by nothing.

We might live in the Information Age, but that doesn’t mean the information is accurate. Most of what we see, hear and experience through the media is designed to achieve a purpose. That purpose is usually to transfer money from our pocket to the pocket of someone else.

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Is Bitcoin a Scam?

Bitcoin is the perfect vehicle to quickly and effortlessly turn your money into someone else’s money. If you buy into the bitcoin mania, you will lose. Many people have. Many people have lost their life savings.

Most of the hype surrounding bitcoin relates to getting rich quick. It’s doubtful you will get rich with bitcoin, quickly or otherwise. You’ll be lucky to break even.

What is Bitcoin?

Bitcoin is a snippet of code and nothing more.

 “To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”  (CoinDesk)

In this article, I’m discussing bitcoin the token, the virtual IOU, that snippet of code, as described by CoinDesk, not the protocol ledger, otherwise known as blockchain.

Bitcoin is Not a Currency.

Bitcoin is not a currency. No country in the world recognizes bitcoin as a currency. No major financial institution will accept bitcoin. Since it’s inception financial institutions have actively avoided it for reasons that will soon be made clear.

Bitcoin is a snippet of code.

In fact, contrary to popular belief, very few businesses accept bitcoin. The few businesses that appear to accept bitcoin are using a third party to exchange bitcoin for dollars or Euros. They do not accept bitcoin directly.

In other words, using bitcoin to buy stuff complicates a process that is normally very simple. It usually also adds expense to the process as well.

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Bitcoin Has No Intrinsic Value.

Intrinsic value is the underlying value of an asset. That value is determined by how well it solves an essential problem. In a grid down situation, food and water have high intrinsic value, because they solve the problem of survival.

Gold has intrinsic value because it is beautiful, has industrial uses and has been a store of wealth throughout recorded history. The US Dollar has intrinsic value because it is backed by the United States Government and it is the only thing you can use to pay taxes in the US.

In prison, cigarettes have intrinsic value, because they can be smoked or traded for other goods.

Bitcoin does not solve anything, and it has no intrinsic value. As mentioned earlier, it’s just a snippet of code. Its value is based on hype and nothing more. Because it’s value is determined by hype, it can only be sold to the greater fool.

Theory of the Greater Fool.

“The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price. In other words, one may pay a price that seems “foolishly” high because one may rationally have the expectation that the item can be resold to a “greater fool” later.”(Wikipedia)

In other words, if you hope to make money with bitcoin, you will have to find someone who is willing to pay a higher price than you paid for it. As I will show in a moment, this will be very difficult because you cannot influence the price.

In fact, if you get into the bitcoin market, YOU are probably being played as the greater fool.

Is Bitcoin a Ponzi Scheme?

“Bitcoin prices have shot up, not because of underlying value but because of misinformation, concentrated market power, hoarding, opaque and unregulated exchanges, insufficient trade reporting, elevated marketing hype and greater opportunities for market manipulation.  . . . Bitcoin is in a hyper-bubble and will implode.” Mark T. Williams, Former Federal Reserve Bank Examiner, as quoted in ‘Bitcon.’

Most bitcoins are owned by a small group of people. In his book “Bitcon,” Jeffrey Robinson refers to this elite group of bitcoin owners at the “aristocracy.”

The more buzz the bitcoin aristocracy can create about bitcoin, the higher the price goes, and the more investors will ScamAvenger Girl giving thumbs downclamor to buy. It’s a situation ripe for exploitation. Bitcoin is the perfect “Pump and Dump” Ponzi scheme.

The Bitcoin Pump and Dump.

To be clear, bitcoin is a high-tech variation of Charle’s Ponzi’s original scheme where he was central to the operation and paid original investors with money from the newest investors. Bitcoin is slicker.

It only takes one bitcoin aristocrat to initiate the pump and dump. The returns are staggering when they do.

Here’s how it works; the bitcoin aristocrat pumps up the price by creating a buzz in the media. This draws in new investors hoping to get rich quick. The aristocrat dumps his bitcoins on the new investors at the higher price.

When the price falls, as it naturally will do because there is no intrinsic value in bitcoin, the aristocrat buys back his bitcoins at the deflated price and starts the process over again, pumping the price to new heights.

This same scheme is being played out will nearly all cryptocurrencies. It’s the reason they were created.

Why Bitcoin is Doomed.

A nation must control its economy. Years, if not centuries, of power, laws, agencies, and contracts have evolved to give government absolute control over all trade within its borders and between it and other nations.

Control over the economy is backed by an absolute monopoly of force carried out by police and the military. Bitcoin, a snippet of code, cannot compete. It lives because they let it live.

When no more new investors can be found to fuel the pump and dump scheme, bitcoin will die, because it has no intrinsic value, it serves no purpose and it is backed by nothing.

Work at Home in Your Pajamas.

Want to Make Money?

If you are searching for a way to make money online, I caution you to avoid cryptocurrencies. It’s a game of musical chairs you cannot win. Any offer that promises get rich quick is probably a scam, even if it is endorsed by a celebrity.

The more desperate and impatient you are to make money, the more vulnerable you will be to scams.

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The Greatest Opportunity of Our Time.

The greatest opportunity of our time is not bitcoin or any of the other cryptos that are popping up like weeds across the internet. The greatest opportunity is the internet itself.

The internet is your invitation to participate in the global marketplace. You won’t get rich quick, but you can get rich if you’re patient and commit to your success.

If you want to know how to succeed in the global marketplace with your own internet business, I recommend the the FREE Starter level of Online Entrepreneur Certification Course. No credit card needed. Also, when you signup for the FREE TRAINING through the link below, I’ll personally mentor you at no cost.

Learn more about the Online Entrepreneur Certification Course and how to start for free, Click Here.

If you found this article helpful, or have experience with bitcoin please leave a comment below. 

43 thoughts on “Is Bitcoin a Scam?

  1. I glad that I have read this article, cause I have invested in Bitcoin and never dig deeply into it. I invested because One thing has caught my eye recently is the Winklevoss twins. Do you remember them?

    They are the ones that sued Mark Zuckerberg for stealing their idea of a social media site which turned out to be Facebook. This was covered in the movie The Social Network

    The Winklevoss twins settled for $65 Million Dollar on a lawsuit. They turned around and invested most of that into Bitcoin. You can read more about that in N.Y. Times.

    And that is the reason I have invested and will be watching them closely now, because of this article. Thank you for the information.

    1. Hi, Bishop!

      Thanks for sharing your knowledge of the Winklevoss twins and bitcoin. I didn’t know they had invested heavily in bitcoin. I hope your investment pays off big time.

      All the best,

      Gary

  2. I am so happy I came across your article today as I was giving some thought about bitcoin. A lot of people are talking about it and said they are making a lot of money selling bitcoin at a higher rate than they bought it for.

    What held me back from starting is that I don’t have much money at the moment, just enough to buy food, I wouldn’t spend that on bitcoin. I was planning though to try it when I was in the position. Thanks to you though, I won’t be trying it at all. Thanks for saving me money!

    1. Hi, Sheree!

      I’m glad you found my article on bitcoin in time. Putting money into bitcoin or any of the cryptocurrencies is NOT investing. Yes, some people have gotten lucky and made a lot of money, but these are few and far between. The people who have lost their life savings from speculating in bitcoin don’t make the news. Although, a couple have posted videos to YouTube.

      If you want to invest, please learn what it means to invest. My article How to Invest explains the difference between investing, speculating and scams. 

      In a nutshell, when you invest, you can be confident BEFORE you go into the trade that you will make money. You can know this because the intrinsic value of your investment is known and measurable, and you have purchased the asset at a bargain price. Your profit is baked into the deal on the front end.

      Because bitcoin has no intrinsic value, you cannot know or measure its value. You can only throw money at it and hope for the best. Regardless of how much you pay for it, there is no way of knowing if you paid too much.

      I know two women who became multimillionaires from investing in real estate. One started out as a waitress. The other started out as a cashier in a grocery store. They both learned the value of real estate in their area and only purchases property well below the market price. The money they made was baked into the deal before they closed. 

      If you entered into an investment without knowing the value of the asset you are investing in, you can only hope and pray you make money. That’s speculating, aka gambling. Speculating is a lousy way to make money and an excellent way to lose it all.

      Thanks for stopping by,

      Gary

  3. Thank you for this review. Definitely opened my eyes on this whole cryptocurrency scene. Its crazy to think that this can be a part of our future one day. Only bad thing is that the people at the top will be able to control anything and everything involving the crypto scene. One large purchase and the price of Bitcoin goes up like crazy. Leaving the smaller people helpless.

    I definitely don’t trust it as of now. I like being able to feel the crispness of good ol American bills. Lol

    1. Hi, Thomas Price!

      Like you, I wonder where the Bitcoin crypotcurrency will lead. It feels like a trial balloon of some sort to me. As a child, I remember when we had real silver dimes and quarters, and solid copper pennies. There were a few silver certificate dollars still floating around too. My father collected them.

      Then in the mid 60’s the mints began adding copper to the silver coins and zinc to the copper coins. It would be rare to find a silver certificate dollar today. Cryptocurrency may be the next move to reduce the expense of creating currency and at the same time have more control of its value. Imagine, what if the powers that be could take all of your money with just a click of a computer mouse. We live in interesting times.

      Thanks for stopping by,

      Gary

      1. Exactly, government currency is continually debased. Even worse, bank account balances can be frozen or confiscated. Imagine if there was a digital bearer asset that was immune to confiscation and also immune to debasement.
        There is – it’s called bitcoin.

        Bitcoin didn’t start when you first heard about it. It’s been a long time in the making. Go back and read what people were saying to each other about it in 2009 and 2010. It’s about empowering people and building something transformative.

  4. Only a few countries allow bitcoin can be used as a payment method. But, many countries do not allow it.
    Because you are right that bitcoin does not have an intrinsic value and does not have a backup, either. It is considered as a scam because of its promises to a get-rich-quick scheme. I agree that we should drop it.

    1. Hi, Gunawan!

      Investors have long known that the psychology of the masses drive the markets. With bitcoin, and all the other cryptocurrencies, we are learning that the media controls the psychology of the masses. 

      In affect, the media can catapult the price of bitcoin to the stratosphere or force it down to zero. There is no possible way to determine the value of such an asset. And, because there is no way to know the value, it is not an investment. You can only throw money at it and hope for the best. Gamblers have been doing the same with dice for centuries.

      Thanks for stopping by,

      Gary

  5. This article was a very interesting one about bitcoin, why if it is a Ponzi scheme is it not being shut down, I thought Ponzi schemes were illegal. At any rate good article, well written and laid out. Great Job! To think, I thought about investing in bitcoin at one point, not any longer though.

    1. Hi, Bill!

      The entire cryptocurrency craze is suspect. I’ve been shocked at the number of investment gurus who are promoting Bitcoin or other altcoins. Putting money into cryptos is NOT investing. At best, it’s speculation, but in most cases, it’s not even that. 

      Ponzi schemes are illegal, but it appears to me that bitcoin is permitted to live for a reason.

      Thanks for stopping by,

      Gary

  6. Hello. What a valuable post you have made. I have seen the bitcoin advertising popping up. I am not going to lie I thought about doing it. But something in my gut told me no.
    Thanks to your wonderful information I am now glad I haven’t bought into this horrible scam. Thank you for taking the time to enlighten us about bitcoin.

    1. Hi, Melissa!

      I’m glad you found my article on bitcoin helpful and dodged that crypto bullet. Nearly every day a financial guru who I thought had better sense sings the praises of cryptocurrencies. Until bitcoin has intrinsic value and there is a mathematical way to determine the market price for it, putting money into bitcoin will just be speculation. Speculation is not investing and it’s a good way to lose money.

      There is a reason bitcoin and cryptocurrencies are being pushed so hard and that reason is not about helping the small investor.

      Thanks for stopping by,

      Gary

  7. hi
    i couldn’t agree more with you about this crypto currencies personally i believe they are for the people who do not want to follow the law and since that is how the human brain is; resisting the law, that is why it has increased in price nut i believe the law will catch up and when it does many will suffer

    1. Hi, Dave!

      Thanks for your perspective on bitcoin and cryptocurrencies. I’m amazed at the number of so-called gurus who are pushing crypto. If you put money into crypto, you’re just guessing it will increase in value. That’s a lousy way to try to make money. It is certainly not investing.

      Thanks for stopping by,

      Gary

  8. I remember when I first heard about bitcoin around 8 years ago. The whole concept was difficult to wrap my head around since I’d never heard of anything like it. I hadn’t really paid a lot of attention to it until I read a more recent article about how the Winklevoss Twins had amassed billions in it and it kind of made me wonder. After all, they kind of got it right with Facebook although they lost the Zuckerberg battle. I would never put real money into anything as dubious as bitcoin seems but I’m really curious why Uncle Sam is a major holder. Any thoughts on that?

    1. Hi, LynnSamuelson!

      My thoughts about why the US Government is a major holder of bitcoin is just speculation. Katherine Austin Fitts, a notable economist who served in the administration of the first president Bush, states that bitcoin is a psychological operation carried out by the United States intelligence community. Two facts give her theory credibility. 

      First, we don’t know who created bitcoin. It would take a brilliant mind trained in digital code and cryptography. I would expect to find such people in the CIA, DIA, and NSA. 

      Second, the value of bitcoin is determined by media hype. The CIA has a long history of manipulating the media, see Operation Mockingbird.

      If an intelligence agency created bitcoin and also controls the media, it has a perpetual source of untraceable revenue to fund whatever they want.

      Thanks for stopping by,

      Gary

  9. Hi there! Thanks for the great read 🙂 This topic casually just came up not too long ago with some friends. It sounded a little confusing and I was hoping for a clearer explanation of how bitcoin works… and I just got it! It seems like it doesn’t work at all 🙁 Definitely sounds like something I should stay away from. Thanks for the heads-up! Really informative.

    1. Hi, Baldo Fiorentino!

      I’m glad you found my article on bitcoin helpful. Bitcoin’s value is determined by mass psychology. Whoever is pulling the levers behind the bitcoin media campaign has reached new heights of turning BS into wealth. I speculate that there are only few agencies with both the technology to create bitcoin and the network to influence the media on such a massive scale. Such speculation goes beyond the scope of this website.

      Thanks for stopping by

      Gary

  10. I remember hearing about Bitcoin quite a while back. I looked into it a little, since it sounded intriguing. If I recall, I didn’t understand the concept of investing in ‘nothingness’, and had an immediate red flag pop up for me. Seems that it died down for quite a while, and has now reared its ugly head again. Thanx for confirming what I thought all along about this basically being a classic Ponzi sheme

    1. Hi, Shell!

      You nailed bitcoin when you said it was about investing in “nothingness.” Two things are essential when making sound investment decisions, one is to keep emotion out of it. The second is to determine the value of the asset using fundamentals and proven mathematics.

      Most people buy bitcoin for emotional reasons. It’s always a bad idea to throw money at something because everyone else is throwing money at it. Also, it is impossible to determine the value of bitcoin because it has no intrinsic value and there are no fundamentals. People buy bitcoin because they want to buy it and they pay whatever price they must to get it.

      Thanks for stopping by,
      Gary

  11. I am a currency analyst by trade, and work around the world. I know this field quite well, and have been inundated with requests to analyze Bitcoin, Ethereum, Litecoin, DASH, and everything else under the sun. I think this is one of those things we will look back at and laugh about, because it is so ridiculous.

    The first thing one of these people will say, “So….what’s the US dollar backed by?”

    The answer: The US military.

    There are going to be cryptocurrencies. But they will be issued by the Federal Reserve, ECB, Bank of England, etc.

    1. Hi, Christopher!

      Thanks for weighing on bitcoin. I think you are right. We will laugh because it is so ridiculous. Well, the people who lost money may not laugh.

      Recently, I’ve been appalled by celebrity investors promoting cryptocurrencies. I can only imagine they have an agenda. They stance of crypto has damaged their credibility in my eyes.

      Thanks for stopping by and adding your voice of experience to the discussion.

      Gary

  12. Hi, last year I had heard about bitcoin and cryptocurrancy, I was looking into how it works. The work that goes in to making the hardware to process the bitcion cost or can cost hundreds of dollars. Before you can make a bit you done lost a lot.

    As you say, someone else is making the money.

    1. Hi!

      The author of “Bitcon: The Naked Truth About Bitcoin,” Jeffrey Robinson, compares the bitcoin hysteria to the gold rush days of the mid 1800s in California. It wasn’t the miners who got rich. The people who got rich were the merchants who sold the miners the things they needed to mine for gold. Ironically, some of those merchants became railroad barons and the super rich of their day.

      Thanks for stopping by,

      Gary

  13. First I never ever give a flying hint of interest since the hype began.
    Secondly, anything I cannot see, control or study, I am not interested in, then it’s not for me.
    Thirdly, thank you for bringing this up and you know what? Am gonna share this right away to my social network because the hype is been hyped enough.

    Bitcom is a total scam full stop. It is a pyramid scheme. The first instant you offload your hard earned cash to buy into it, your money is gone.
    Thanks for sharing this.

    1. Hi, Richard!

      Thanks for sharing my article about bitcoin.

      I agree completely. I’m old school investor and will not invest in anything I cannot completely understand. Like you, I prefer investments I can see and touch.

      Thanks for stopping by,

      Gary

  14. Hi Gary

    Call me old fashioned but there is no way I would invest in something like Bitcoin, with it’s here today and gone tomorrow kind of profile.

    It just seems far too risky and frankly a little too ‘unreal’ to get my serious attention.

    And then there’s that whole thing of it being so complicated it’s difficult to understand too. I’ve read “Bitcon: The Naked Truth About Bitcoin.” and I agree with Robinson’s advice about not investing in anything an eight year old can’t understand.

    I’ll give it a miss, thanks.

    ~Mark

    1. Hi, Mark!

      I agree completely. I’m an old value based investor from way back. I like to invest in things I can see and touch or, as minimum, determine the intrinsic value with a simple formula. You know, things that actually contribute to the economy like real estate, precious metals and corporate stocks.

      It appears to me that at least part of the bitcoin/crypto media buzz is to convince us that a snippet of code is more valuable than gold, real estate and true assets. 

      Thanks for stopping by,

      Gary

  15. Hi Gary. I have always been a cautious person, so Bitcoin threw up red flags early in my education. Every time I hear news about Bitcoin I remember all my friends who lost everything in 2008. I only invest in things I can touch.

    Thank you for putting all of the in a perspective that people can understand. I am sending your page link to some of my friends. Thanks again…

    Clay

    1. Hi, Clay!

      Thanks for your kind words. I’m pleased you found my article on bitcoin helpful and are sharing it with friends. Much of the information in this article comes from Jeffrey Robinson’s Book “Bitcon: The Naked Truth About Bitcoin.” Robinson spent a year investigating bitcoin and spoke with many of the authorities of cryptocurrency. 

      I think Robinson shares your philosophy of investigating in only tangible assets. In the book he advises not to invest in anything an eight year can’t understand. Sounds like good advice to me.

      Thanks for stopping by,

      Gary

  16. I’m long Bitcoin, I’ve had it for a few months. I’m currently down a bit. Not a lot, I only put about $1,000 bucks into it, if it goes to zero, no big deal.
    I really have no intention on selling in the near future either. I’ve been an active stock option trader for about 15 years now, and I know that patience pays.
    It is ia bit suspicious that as soon as the futures market guys started trading Bitcoin, it dumps, and bounces off the 200 day moving average, that is a classic shakeout.
    I’m not recommending any position, there are far better things to get invested in,
    But, if you want to speculate, why not. You only live once.

    1. Hi, James!

      Thanks for sharing your experience with bitcoin. I think you have helped a lot of people to see the difference between investing and speculating. You also know you can lose all the money you have in bitcoin and are mentally prepared for that. This is essential.

      When people do not understand the difference between investing and speculating, they tend to bet the farm on an asset and are not prepared to accept the loss. Also, there are a ton of scams capitalizing on the cryptocurrency mania and many people who have lost their life savings to crypto scams have posted tearful warnings on YouTube.

      Thanks for stopping by,

      Gary

  17. Hey Gary,

    Excellent article. I find that I agree with you on most every point about Bitcoin. The sheer volatility of it makes me want nothing to do with it as an investor. The way I see it, if you got into bitcoin mining several years ago, then you’re golden – but to get into it now makes next to no sense.

    Also, excellent job explaining exactly what bitcoin is. I’ve had a very hard time explaining this to people when they ask me about it.

    1. Hi, Dev!

      Thank you for your kind words. It’s the volatility that makes bitcoin the most unsuitable as a currency. Can you imagine if the dollar was that unstable? A loaf of bread would cost $5 in the morning and $25 in the afternoon. It’s crazy. I think you’re right. If you got into bitcoin early, and held on, you won the lottery, but now it’s a circus. 

      Thanks for stopping by,

      Gary

  18. Great article on bitcoin and I have to say its nice to find promoting caution around bitcoin trading and investing. This unregulated trading medium does present a number of very concerning risks with really only one upside- Extreme volatility.

    The flip side to that is that while yes massive volatility can create quick riches, more often it drastically reduces funds at an alarming rate. Human nature is against you while trading and bitcoin is a prime example of this.

    I’ve got 2 questions for you”

    1. You stated that it does not classify as a currency in your mind and i’m wondering what more it would take for you to change your evaluation of them. They can already be used to purchase daily items including coffee and groceries. Is it just the lack of a government backing that has you against that description?

    2. On a completely different tangent; what are your predictions for when the final crash will come?

    1. Hi, Atlas!

      I stated that bitcoin is not a currency because it is not recognized as a currency by any country in the world. The IRS describes it as property, not currency. If you take a close look at the process one must go through to purchase anything with bitcoin, you will see that it is not a currency. While it may appear that you can use bitcoin as a currency, you actually must first convert bitcoin into currency, such as dollars, before you make the purchase.

      It is highly unlikely that the United States government or any government will allow bitcoin to compete with the established currency. The bitcoin charade will continue for as long as it is profitable to the people or agencies behind it.

      Thanks for stopping by,

      Gary

  19. Good review! I have been hearing a lot of buzz around Bitcoin lately, and to be honest, I do not understand the hype at all!

    The way I see this is that those who are going crazy over this are probably the same type of people that buy lottery tickets, hoping to just get rich quick by luck.

    You especially make a good point in that very few sources accept Bitcoin, so even when you do make Bitcoin, you just try and resell it for a higher price?

    I also think that a lot of people are getting into this because they know others that are and they want to “fit in”, except they probably do not understand it well enough.

    My question is, do you see Bitcoin staying relevant for much longer? Like, do you think that in a year of so, people will still be going crazy over it?

    1. Hi, Arie!

      The way to make money with bitcoin is to buy low and sell high. It’s just a snippet of code and has no intrinsic value. In other words, it is worth nothing. However, because there is so much hype driving the price up, money can be made, but it’s a dangerous game.

      You asked if I though bitcoin would be relevant much longer. Yes, I think it will because it is an artificial asset that is controlled by immensely powerful people. It will remain relevant for as long as it is profitable to these powerful people.

      Please join me in a speculative thought experiment as I risk sounding like a member of the tin hat brigade. Ponder this. The creator of bitcoin is not known and may have been a group of people. Actors or agencies within the intelligence communities have the technical ability to create bitcoin. Intelligence agencies also control popular media in most western countries. With these two tools, members of the intelligence community can create the hype that drives up the price of bitcoin or any other crypto, thus generating massive wealth whenever they like.

      Thanks for stopping by,

      Gary

  20. Thank you for that in depth explanation of bitcoin!
    Recently I have heard a lot of people at work talking about bitcoin and getting all excited about how much it was for 1 bitcoin, around $16k at the time. After hearing this, I did a quick look up because I just couldn’t understand what it was.

    Is it like a stock, is it a currency?

    After reading about it, I decided to steer as far away as possible. Your pump and dump explanation explains it perfectly and definitely helped me to understand it even better.

    Thank you for the great advice!

    1. Hi, Jeff!

      To add to the confusion of bitcoin, when people speak of it, they are often referring to two separate things. There is bitcoin, the snippet of code said to be cryptocurrency, and there is the bitcoin platform which is also referred to as the block chain. Most of the praise for bitcoin is really for the block chain technology.

      Thanks for stopping by,

      Gary

  21. I’m so glad I read this and know the truth behind Bitcoin. With all the information in your article, people are well I formed about Bitcoin and if they still go and by into it then they are fools.

    I was almost a fool to, as it was meant to be I never had the money. By Joe I’m really grateful to you to be so informed and not being caught by Bitcoin.

    Thank you for this article

    1. Hi, Naomi!

      The media shapes the thoughts of most people in western cultures. It’s unfortunate but true. A central agency who can create a meaningless snippet of code and that also controls the media has the source of unlimited wealth. Anytime this agency wants to make money, they crank up the media to create a buying mania for the code snippet.

      Thanks for stopping by,
      Gary

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