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Showing posts with label ponzi. Show all posts
Showing posts with label ponzi. Show all posts
Crypto: The World’s Greatest Scam
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99% of crypto is a scam
Economist Nouriel Roubini has ratcheted up his fiery commentary on the stricken cryptocurrency industry, particularly toward FTX and its now-disgraced founder, Sam Bankman-Fried, commonly known as SBF.
"FTX and SBF are not an exception — they're a rule," the NYU professor, who is known as "Dr. Doom" for his dire perspectives on global trends, said on Yahoo Finance Live at the World Economic Forum in Davos, Switzerland, on Wednesday.
"Literally 99% of crypto is a scam. A criminal activity. A total real-bubble Ponzi scheme that is going bust."
"FTX and SBF are not an exception — they're a rule," the NYU professor, who is known as "Dr. Doom" for his dire perspectives on global trends, said on Yahoo Finance Live at the World Economic Forum in Davos, Switzerland, on Wednesday.
"Literally 99% of crypto is a scam. A criminal activity. A total real-bubble Ponzi scheme that is going bust."
Get the full story and watch the interview HERE.
Charles Ponzi - The Documentary
In reality, Ponzi was paying earlier investors using the investments of later investors. While this type of fraudulent investment scheme was not originally invented by Ponzi, it became so identified with him that it now is referred to as a "Ponzi scheme".
His scheme ran for just under a year before it collapsed, costing his "investors" $20 million.
This history channel style documentary tells the full story of Charles Ponzi, from his childhood in Italy, through to the heights of his fame in Boston Massachusetts, through to his prison sentence, deportation, and his life after the scheme collapsed. In this film the Ponzi scheme is explained along with how it differs from a pyramid scheme.
The film is written and narrated by Patrick Boyle, a fund manager and finance professor at King's College London.
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