The bitcoin frauds 'should' not be possible with blockchain, which allegedly tracks all transactions with an unalterable trail of records. This is demonstrably incorrect as the losses from fraud continue. As bitcoin sits ostentatiously outside national legal systems, good luck seeking remedy at law for any losses. This extra-legal status also makes bitcoin doubly attractive to fraudsters, emboldened by the certain knowledge the police will never knock on their door.
I remind all of Buffet's investment rules:
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
It is like the 0 and even 00 on a roulette wheel. If there is a chance an investor could lose their entire bet on a particular number, the more times the wheel is spun, the more likely they are to be erased.
This piece by GS might help some see the risks more clearly. Check the charts. This is the mother of all bubbles - based on the value of what?
If there are fortunes in bitcoin, they have already been made and converted back into real assets like shares and land as 'Greater Fools' pile in. Avoid.
