Why Bitcoin is a Scam

In a little more than 10 years, Bitcoin has become a ubiquitous part of everyday life, and the community around Bitcoin (and other cryptocurrencies) has grown exponentially. People have gotten rich off Bitcoin, you’re told; put money in it, and you’ll get rich too. But it’s all a lie. Doug Henwood, author of Wall Street, explains.

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Citations are provided in the video. But we highly recommend, as an additional source, Nicholas Nassim Taleb’s “Bitcoin Black Paper”: https://www.fooledbyrandomness.com/BTC-QF.pdf.

0:00 The Financier’s Story
1:09 The World of Bitcoin
3:07 Is Bitcoin an “Investment”?
5:04 What Bitcoin Represents
7:15 Credits

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About the Author: Lawrence King

20 Comments

  1. I didn’t waste my time watching this video, but I’m here to leave a comment. You’re extremely ignorant to not see how bitcoin would solve so many important issues on earth. Irony is that USD fiat is the biggest scam on earth; USD is literally printed from thin air and designed the make the rich bankers richer on the backs of average American citizens. Stop your nonsense

  2. Bitcoin is a ponzi for more then 15 years? Lol ok sure this is getting boring.

    Bitcoin is sound money outside the control of gov, banks, stats. It's that simple. Peer to peer cash.
    A brilliant and elegant solution to the double spend problem, utilizing math, cryptography, networking, game theory, open source software and proof of work.

  3. Haha I knew it I remember people saying you need to get on Bitcoin man lol 😂I'm like never lol 😂😭! I knew it was a scheme a long time ago when it first came out! You cant trust a soul when it comes to money! It's a lot of ponzi schemes in this new age! The world we live in is full of deception 💯💥🔥!

  4. Just letting this out here so others are aware and avail themselves this opportunity. I got refunded of my scammed funds after I filed a claim with Internet Crime Complaint Center against the fake investment platform and it was a success. feel free to send a pm for more info and steps to open a case with them to recover yours, plus I would have to share their lead investigators contact information too.

  5. Bitcoin is decentralized, unlike current currencies, which are controlled by governments, which are controlled by banks.

    In several countries several banks were bankrupted by managers who stole money from people who trusted them with their savings, and lost everything.

    In Bitcoin this is impossible to happen.
    Adoption will continue regardless of whether Musk, Mugger, Buffet or whoever says good or bad.

  6. Bitcoin investment is a very good investment to indulge in but you have to be smart and shown some basics by a professional. I started my first investment 2021 December,it was going smoothly until I was scammed by a broker of $12000. 
    It was a sad moment for me but I got my money back after a few months had past and I met a hacker called hacksting who got my money refunded within 48hours. The essence of me telling you this is that you shouldn't give up ,there is someone out there that can track the scammer's and have your money refunded.

  7. Yes I know bitcoin is only for speculation. It uses more electricity than the hole world. The usage of electricity is very bad by the way. We should ban it. Also it is only used by criminals to buy illegal things in the darknet. And it's a huge ponzi scheme because the system needs more people to get in to pay the rest. It's a big scam system. Also it is so volatil. The USD is very stable. Especially when you look at the stability of the USD in the last 30 years. Bitcoin is a worthless, wasteful, illegal, unstable, scammy, darknet, disastrous ponzi scheme. Or is it?

  8. Common Sense Skeptic (CSS) has a trilogy of videos delivering even far greater devastating blows to cryptoscam than this short Gravel video (but it's still a nice video, Gravel). CSS's videos go into FAR more detail.

  9. Guys I have a new cryptocurrency it's called the wahcoin ,it's probably a scam but give me money nonetheless

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