Craig Wright Compares Bitcoin to Bernie Madoff's Ponzi Scheme: "Eventually, People Go"

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Sun, 02/14/2021 - 11:32
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Alex Dovbnya
Self-proclaimed Satoshi Craig Wright insists that he's "insanely rich" while trashing Bitcoin
Craig Wright Compares Bitcoin to Bernie Madoff's Ponzi Scheme: "Eventually, People Go"
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In a recent interview with The Times, self-proclaimed Satoshi Craig Wright likens Bitcoin to Bernie Madoff’s $65 billion Ponzi scheme, asserting that people will eventually jump ship:

The price goes up because people are paying and the price goes up. But that doesn’t ever last for ever. Old Charles Ponzi did that one too. And Mr Madoff ... Eventually, people go.

The nChain boss believes that Bitcoin—whose proponents view it as the digital gold—has failed as a form of payment:

Digital gold is boring. The [paper’s] first section talks about micro payments, which were the holy grail.

Despite failing to provide any definitive proof, Wright claims that he was the one who created the world’s largest cryptocurrency with the help of some other people.

In fact, he claims that his family is now one of the richest in the world in spite of never gaining access to his mysterious "Tulip trusts."    

Earlier this 2021, Wright was in the news for asking Bitcoin.org and Bitcoincore.org to take down the Bitcoin whitepaper for alleged copyright violations. This triggered the Streisand effect, with prominent companies and even governments deciding to host the Bitcoin white paper.        

Self-Proclaimed Satoshi Craig Wright predicts that he will have more patents "than Tesla and Edison combined"

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Crypto Trader Behind "Coin Signals" Ponzi Scheme Gets Arrested

Why Bitcoin is not a Ponzi scheme   

Unlike infamous Ponzi schemes, Bitcoin never offers false promises of consistent or unusually high returns or dividends like stock. Its appreciation is dependent upon the network’s organic growth and decided by market participants.

Furthermore, the open-source project that is powered by the blockchain technology is the opposite of secrecy.  

While the largest cryptocurrency continues its march toward $50,000, its second-largest fork, Bitcoin SV, is ot the brink of leaving the CoinMarketCap top 20.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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