Russian Huckster Mines for Bitcoin Gold

Spike in the cryptocurrency looks like another Ponzi scheme.

Step right up.

Photographer: Ethan Miller

The recent spike in the price of Bitcoin may have been aided by the rise of a Russian Ponzi scheme in China. If so, it should be a reminder to those who believe a currency decentralization revolution is in the offing that Bitcoin largely remains a medium for illicit exchanges and that the revolution is nowhere in sight.

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