Crypto flim-flam
Date: 2019-05-13
Source: https://craigwright.net/blog/bitcoin-blockchain-tech/crypto-flim-flam
Unfortunately, every new technology opens up opportunities for the flim-flam man and night singer. It is no different with my technology and what people have done with it. In time, Bitcoin will change the nature of such opportunities, but it will take time. Right now, even what people are being sold as Bitcoin is a cheap copy. A night singer is nothing new. During the South Sea bubble in 1720, fraudsters would sell shares in stock. The form of pump-and-dump securities fraud involved inflating the price of an asset using false and misleading positive statements so that the perpetrator could push the price up and sell their cheap asset at a far higher price.
We see the same now occurring in what people call cryptocurrencies.