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Bitcoin vs Dollars: Which One is a Fraud? Which One is a Ponzi Scheme?

•, by Mish

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

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