Kirit Somaiya, an Indian pol of the Bharatiya Janata Party, late described Bitcoin every bit a Ponzi system together with claimed that self-regulation is non permitted. However, the Indian authorities seemed to disagree with Somaiya’s claims together with is looking to regulate Bitcoin.
The term “Ponzi scheme” is oft used yesteryear conventional “economists” together with politicians to depict Bitcoin. But, the utilization of the term to explain Bitcoin’s structure demonstrates a high score of incompetence together with a meaning lack of economical together with fiscal knowledge.
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