Bitcoin Ponzi schemes, magical thinking, and the S(H)AFT
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Quick Take
- New CFTC lawsuit claims that defendant operated Ponzi scheme using pooled bitcoin and promising 300 percent returns in 3 weeks
- In addition to (allegedly) being a Ponzi scheme, CFTC says defendants violated registration requirements of the Commodities Exchange Act
- While SAFT concept isn’t the same thing as a fraudulent Ponzi scheme, there’s arguably an element of magical thinking that bears some similarity to a belief that 300 percent returns in 3 weeks is completely legit
A dear friend once gave some good advice that I follow to this day. “Steve,” he said, “never get the pie at a place called Mom’s, pay extra for good shoes, and avoid people who promise you guaranteed returns of 300 percent in 3 weeks as result of trading off-exchange binary option contract on foreign […]
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