Ponzi schemes are named after Charles Ponzi. In the 1920s, Ponzi promised investors a 50% return within a few months for what he claimed was an investment in international mail coupons. ... Instead, they use money from new investors to pay earlier investors and may steal some of the money for themselves.
“Black Swan” author Nassim Nicholas Taleb on Friday criticized bitcoin as a “gimmick,” telling CNBC he believes it's too volatile to be an effective currency and it's not a safe hedge against inflation. ... He said bitcoin has characteristics of what he calls a Ponzi scheme that's right out in the open.23 Apr 2021
