Economist Jeffrey Tucker: Scams Are 'Bullish' for Bitcoin

Economist Jeffrey Tucker: Scams Are 'Bullish' for Bitcoin

Jeffrey Tucker, via Wikimedia Commons. It is no secret that the cryptocurrency industry is fraught with scams. Some of the more high-profile bitcoin scams-such as Mt. Gox-receive mainstream press coverage and reinforce the misguided stereotype that criminals are bitcoin's primary user group. Many in the Bitcoin community are understandably worried by this. However, Austrian economist Jeffrey Tucker sees a silver lining Tucker says the proliferation of bitcoin scams is actually a "bullish sign" for the bitcoin industry because scams tend to coalesce around budding industries with explosive....

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Get into Bitcoin or another digital currency if you want. I hope it makes you rich. But don't kid yourself this is anything more than speculation for a quick buck. The messianic stuff will go out the window once it collapses. There are lots of things in the real economy to invest in too. The big advantage of Bitcoin as ‘stateless money’ is that when it collapses, the government won't have to bail it out.

Dr. Stephen Kinsella, Senior lecturer in economics at the University Of Limerick's Kemmy Business Sc