A MUST read if you're tempted to get involved in Bitcoin.
Don't be taken in by the hype and bogus posts about no brainer huge Bitcoin returns.
It is little more than a means of laundering money. A means that requires an endless stream of new money to work. Why else do you think so many dubious websites are promoting it?
HSBC was caught and found guilty of knowingly laundering over $400bio in crime proceeds in 2010. Bitcoin and its anonymity is essentially the perfect vehicle to replace HSBC's operation.
There has been over 1,000 arrests globally in the last year for Bitcoin related fraud offences.
Many were simply money laundering 'mules'. People that opened accounts and who's funds were involved in transactions to launder money.
FYI they won't be receiving any of their own money back.
Sure, some will have made fortunes from this, but like pyramid schemes and Ponzi schemes, only those first in make the big bucks.
Whereas if you 'invested' in December last year you would have lost 50% of your investment already.
Buffet is right. There is an almost certainty that Bitcoin will end badly.
