I'll presume it fraudulent until it is proven not. Here:
Bitcoin is an old fashioned fraud clothed in the new age wonder of technology. Promoting bitcoin is not so much about a new asset class as its is a class of felony, yet civil authorities have so far been unwilling to shut it down. Bitcoin is perhaps the most impressive speculative bubble in modern history and one that will tolerate no contradiction since it gains credibility as the price soars ever higher.
I don't know if that is right or not. But I do know that greed, like lust, has a preternatural power to suborn a man's good sense.
Filed under: Money Matters