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This book is being sold exclusively on Amazon. Therefore, you may ignore reviews and ratings that are not by Amazon "Verified Purchasers". On Amazon, anyone can review a book even if they have not purchased it. Bitcoin enthusiasts do not like the truth about bitcoin being exposed and, therefore, review this book poorly despite never even having bought it.
"There is little doubt that members of the cryptocurrency community have all the hallmarks of cult followers. For cult members wishing to be deprogrammed, as well as those seeking sound information and analysis, this book is a most edifying and useful read."
- Prof. Steve H. Hanke, professor of applied economics at The Johns Hopkins University, and founder and co-director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise
"Once I started to read this book, I did not want to stop. It covers all the points that I could think of and more. It's a good read for the general public and is essential reading to understand the truth about bitcoin."
- Prof. George Athanassakos, Founder & Managing Director of the Ben Graham Centre for Value Investing at the Ivey Business School at Western University
"It is useful that people are taking a critical look at crypto and I think that Bob has certainly done that in his book. I may not agree with the regulatory assessment that he has made, but I think that it is important, with anything that a lot of people are paying attention to, that there are critical voices asking us to take a step back."
- SEC Commissioner Hester Peirce
Bitcoin is a confidence game with the excitement of gambling, the marketing incentivization of a pyramid scheme, and the fake profits of a Ponzi. At the same time, bitcoin has the legitimacy of trading but, with no regulatory oversight, it is manipulated.
Bitcoin trading has become very popular; stories abound about how much money can be made by trading in bitcoin. It is touted as an "asset". But is it?
This book tells you what you can buy with bitcoin, which is: not much. It's mostly used for illegal activities such as ransomware attacks, illicit purchases, tax evasion, and money laundering.
People tell you that its price will hold (like gold) even when the rest of the stock market falls. That too is false. When the market fails, bitcoin falls.
This book gives you all the inside information you need to know about bitcoin's price volatility.
Did you know that bitcoin wastes 0.6% of global electricity production?
Buying bitcoin is a form of gambling and is addictive. If you start and you're lucky enough to see a price rise and think you're now richer, think again. You can get hooked on the game and lose your assets, your friends, your job, and your reputation.
Bitcoin is effectively a Ponzi scheme, meaning that those who started buying at the beginning have been able to acquire large amounts bitcoin and sell them for profit. But those who join now are out of luck.
When it all comes crashing down, it will be hard to find anyone to blame because the "whales" (the big fish) are cloaked in secrecy, as is the mysterious founder of bitcoin - an enigma that makes bitcoin seem exciting.
Read the book and find out what the so-called excitement is all about.
The book is an expanded and updated version of "Bitcoin: Unlicensed Gambling" (2021).
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