worse than that: it's a complete ruse.

Not just the current pump-and-dump "shitcoin" schemes, in which fraudsters hype a little-known cryptocurrency before dumping it all at once, or "rug pulls," in which the developers of a new cryptocurrency forsake the project and flee with investor funds. Market manipulation underpins all cryptocurrency and the business as a whole, without which it would be impossible to operate at scale.

Given that Bitcoin does not produce anything of tangible value, this massive waste of resources turns the entire operation into a zero-sum game. Investors can only pay out by selling their coins to other investors, but only after the house's rake has been taken by miners and other cryptocurrency service providers. In other words, because cryptocurrencies are inefficient by design, investors cannot cash out for even what they put in.

As a result, they are a poor and expensive form of currency, as well as a foolish long-term investment. If the rising price of Bitcoin and other cryptocurrencies were simply a function of demand, we could dismiss them as a doomed experiment in the "greater fool" theory of investing, in which investors attempt to profit on overvalued or even worthless assets by selling them on to the next "greater fool" — think of it as gambling on a high-stakes game of musical chairs.2c:T5b1,Bitcoin is a Scam.
Bitcoin isn't only a speculative bubble or a lousy investment. It's even worse than that: it's a complete ruse.

Not just the current pump-and-dump "shitcoin" schemes, in which fraudsters hype a little-known cryptocurrency before dumping it all at once, or "rug pulls," in which the developers of a new cryptocurrency forsake the project and flee with investor funds. Market manipulation underpins all cryptocurrency and the business as a whole, without which it would be impossible to operate at scale.

Given that Bitcoin does not produce anything of tangible value, this massive waste of resources turns the entire operation into a zero-sum

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