by Gary North, Ph.D.
I hereby make a prediction: Bitcoins will go down in history as the most spectacular private Ponzi scheme in history. It will dwarf anything dreamed of by Bernard Madoff. (It will never rival Social Security, however.)
To explain my position, I must do two things. First, I will describe the economics of every Ponzi scheme. Second, I will explain the Austrian school of economics’ theory of the origin of money. My analysis is strictly economic. As far as I know, it is a legal scheme — and should be.
Read more at http://teapartyeconomist.com/2013/11/29/bitcoins-second-biggest-ponzi-scheme-history/#SlHI4Wy0ADFeRqs6.99
