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Bitcoin 'Pyramid Scheme' is Collapsing

Written by Staff Writer

bitcoin 2007769 640The Bitcoin ‘pyramid scheme’ continues to collapse -Crudele/New York Post
"Bitcoin, while not officially a product of traditional Wall Street, is a pyramid scheme. A fraud. But it is best described as a 'confidence game.' I’ve been calling it a 'bitcon' for a long time. And now the pyramid seems to be collapsing because fewer and fewer people have confidence that the price of this inherently worthless 'cryptocurrency' is going to continue to rise.

...I predicted a number of times that bitcoin would eventually be worth $0...Over this past weekend, the price had fallen to just $3,600, which is still $3,600 too much. Since its peak, bitcoin has lost about $700 billion in value. Think of it this way: The early participants in this pyramid have made a lot of money, but other people have lost $700 billion of their money in less than a year....I discussed this subject with a colleague last week, and she and I agreed that bitcoins are hard to write about. Why? Because bitcoins are the epitome of 'thin air' investments. They represent nothing - not a piece of a company, or an ounce of precious metal or the faith in a country."