Is Bitcoin a fraud? Or are dollars, euros, yen, and yuan a collective set of frauds? Which, if any are Ponzi schemes?
Modern Finance is the Fraud
In an article that I wish I had written myself, Viktor Shvets, head of Macquarie's AsiaPac equity strategy, accurately explains "Modern Finance", Not Bitcoin, Is The Real Fraud.
Paragraphs rearranged for clarity.
"Bitcoin is a sort of tulip… it is an instrument of speculation but certainly not a currency and we don't see it as a threat to central bank policy."
Vitor Constancio, ECB Vice President, September 2017
"You can't have a business where people can invent a currency out of thin air… it is fraud and worse than tulips bulbs."
Jamie Dimon, CEO JP Morgan, September 2017