“Bitcoin is the World’s first distributed, decentralised Ponzi scheme. No single operator is running it, and everyone has a chance to participate in it, but its value is determined purely by the weight of money coming into it and the willingness of holders to sell it. Like any Ponzi scheme, earlier participants came in at lower cost, and are now receiving much of the billions of dollars (yes, really) that newcomers are putting in.”
David M. Webb, Investor · Bitcoin since: +352%
As published by Webb-Site
A little perspective.
Bitcoin on that day$16,531December 14, 2017
$100 at that price$451.64At our latest price check
Illustrative value using a Bitcoin price of $74,661, checked Nov 9, 2026, 7:21 PM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
Keep the receipt.
Bitcoin Is Dead. “Bitcoin: The World's First Decentralised Ponzi Scheme” — David M. Webb, Webb-Site, December 14, 2017. Bitcoin: $16,531.08. https://bitcoindeaths.com/posts/2017-12-14-bitcoin-the-worlds-first-decentralised-ponzi-scheme