Bitcoin Magazine
Are Bitcoin Treasury Companies Ponzi Schemes?
The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.
Satoshi Nakamoto, 11 February, 2009.
Bitcoin treasury companies are all the rage, these days.
There’s a story, likely apocryphal, of Albert Einstein working at the Swiss Patent Office in the early 1900s and examining devices claiming to be perpetual motion machines. “We know they don’t work,” Einstein is supposed to have quipped. “The fun part is working out why they don’t work.”
Financial machines of perpetual motion don’t work either, but financial history, my specialty, is littered with people trying: Usually, th
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