“Digital currencies, in their current form, should be prohibited by law. And not because they are a Ponzi scheme (which they are), and not because they can help facilitate criminal activity (which they do), but because they incur colossal social waste….”
Ivo Welch, Professor, UCLA · Bitcoin since: +1,256%
As published by UCLA
UCLA Faculty Voice: Bitcoin Is An Energy-Wasting Ponzi Scheme ↗
A little perspective.
Bitcoin on that day$5,519October 24, 2017
$100 at that price$1,356At our latest price check
Illustrative value using a Bitcoin price of $74,829, checked Nov 10, 2026, 8:17 AM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
Keep the receipt.
Bitcoin Is Dead. “UCLA Faculty Voice: Bitcoin Is An Energy-Wasting Ponzi Scheme” — Ivo Welch, UCLA, October 24, 2017. Bitcoin: $5,518.85. https://bitcoindeaths.com/posts/2017-10-24-ucla-faculty-voice-bitcoin-is-an-energy-wasting-ponzi-scheme