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Alan Kohler

Alan Kohler: Bitcoin is not a Ponzi scheme, it’s an outcome of capitalism’s failure

Alan Kohler Bitcoin Satoshi Nakamoto

Like lottery tickets, Bitcoin is a magnet for the victims of modern capitalism, writes Alan Kohler. Photo: TND

Bitcoin may be many bad things – speculative bubble, consumer of energy, vehicle for scams – but it is not a Ponzi scheme.

Charles Ponzi’s particular scam involved financing the returns for his investment fund with new money rather than actual investments; all Ponzi schemes come unstuck when asset values fall and new money dries up.

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