My views on bitcoin are fairly well-known by now. It’s a fraud because proponents misrepresent the benefits by blurring the difference between the coin itself and the technology on which a blockchain is based.
It’s a Ponzi because at least some of the unregulated exchanges that transact in bitcoin are pocketing investor dollars and crediting them with bitcoin that don’t actually exist in reliance on new buyers to provide liquidity to sellers. And it’s a bubble because there’s nothing to sustain the price except greater fools willing to pay more than the last fool, and because there are no bitcoin use cases other than criminal enterprise.
All of this will be exposed for what it is sooner than later. But the wheels are already starting to come off the bitcoin bandwagon.
Right now even the criminals are abandoning bitcoin. Because of the price explosion, regulators around the world are demanding records, closing exchanges and shutting down bitcoin mining operations.
Criminals and terrorists don’t like that kind of heat. So as this article describes, they’re selling bitcoin and moving to monero, another overhyped cryptocurrency, and using monero to conduct transactions on the dark web.
You know your bitcoin is in trouble when even the criminals won’t touch it!