“UCLA faculty voice: Bitcoin is an energy-wasting ponzi scheme” – UCLA | $5,912.60

Last updated on October 29th, 2017 at 02:21 pm

Digital currencies, in their current form, should be prohibited by law. And not because they are a Ponzi scheme (which they are), and not because they can help facilitate criminal activity (which they do), but because they incur colossal social waste….

An important part of the deception is that mining is mathematically guaranteed to become ever more expensive, as it gets harder to mine new bitcoins. That difficulty creates the false impression that today’s value is a bargain compared to what it will be in the future. Bitcoins are the ultimate Ponzi scheme…

Eulogy made by Ivo Welch

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