⸺ Obituary · December 14, 2017 ⸺
“Bitcoin: The World's First Decentralised Ponzi Scheme”
— Webb-Site, David M. Webb
“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.”
Price at death
$16,531
Today
$73,538
Resurrection
×4.4
On 2017-12-14, David M. Webb (Investor) declared Bitcoin dead via Webb-Site. Bitcoin was trading at ~$16,531 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on December 14, 2017, when one Bitcoin traded for approximately $16,531. Since then, Bitcoin has appreciated by 4.4× relative to the price on the day Webb-Site pronounced it finished.