Hello Investors
This is a rather long article (20 minutes) linked below but the bottom line is that I agree with the primary assertations that both blockchain and cryptocurrencies (Bitcoins et al) are worthless and meaningless because nothing material or concrete and real is ever physically created by these notions/products/scams.
Their primary purpose was to make real money for their creators in terms of sovereign currencies by attracting bigger fools to convert those currencies to the creators' phony digitized and hyped-up monopoly money known as cryptocurrency. A sucker is born every minute. How much would you pay for monopoly money? Sadly these negative-sum game hoaxes also use up our planet's scarce energy resources with no energy or physical materials return on energy invested. Plain Stupid.
These products are now beginning to fail as their prices are in a dramatic tailspin as projected due to their absence of concrete value, inflation, and higher interest rates. What was an inherent grave concern all along is that the value of these products/scams are not subject to any form of high-end annual independent verification or professional audit and consequently in nature they are similar to Bernie Madoff's criminal Ponzi scheme. The myth of easy money.
BERNIE'S NEW PENTHOUSE
To summarize, both of these notions/product groups are scams and not investments in any way, shape, or form because they do not have underlying verifiable concrete assets that have metrics that can be used to measure and determine their valuations, monetary economic state of affairs, and trajectories. They are mere fiction. Hot Air!
These fictions are thus essentially casino bets having their outcomes subject to the rules of random mathematics and not deterministic valuations based on principles of concrete physics and mathematics.
So, as the wise have long professed throughout the ages - 'caveat emptor' - Buyer Beware!
https://jacobinmag.com/2022/
Further Readings//References
Hanley, B. (2013/2018) The False Premises and Promises of Bitcoin.
[1] S. Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System," Bitcoin, 2009. http://bitcoin.org/bitcoin.pdf
[2] R. Grinberg, "Bitcoin: An Innovative Alternative Digital Currency," Hastings Science & Technology Law Journal, vol. 4, pp. 160-208, Nov 11 2011. http://papers.ssrn.com/sol3/
[3] N. Anderson and C. Farivar. (2013, How the feds took down the Dread Pirate Roberts. Ars Technica. Available: http://arstechnica.com/
[4] P. Bharara, G. Venizelos, B. Crowell, and T. Weirauch, "Manhattan U.S. Attorney Announces Seizure of Additional $28 Million Worth of Bitcoins Belonging to Ross William Ulbricht, Alleged Owner and Operator of “Silk Road” Website ", ed: Federal Bureau of Investigation, 2013. http://www.fbi.gov/newyork/
[5] "SECURITIES AND EXCHANGE COMMISSION V. TRENDON T. SHAVERS and BITCOIN SAVINGS AND TRUST ", ed: US District Court, Eastern District of Texas, Sherman Division, 2013, pp. Document 23, PageID #566. http://ia800904.us.archive.
[6] (2012) (Accessed: July 2012). D. Stuckey. Does the New Bitcoin Bank Defeat the Purpose of Bitcoin? Available: http://motherboard.vice.com/
[7] (2010) (Accessed: July 2011). Anonymous. Understanding Digital Currency. Available: https://docs.google.com/
