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The First Crypto Bros Millionaires

In: The Bitcoin Dilemma

Author

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  • Colin L. Read

    (SUNY Plattsburgh)

Abstract

Bitcoin has become a lure that fosters a pyramid investment scheme in which something becomes more valuable only because more people are induced to purchase it, rather than for the intrinsic enjoyment or value it can create. Bitcoin speculation is both enticing and dangerous for unsophisticated investors. Some people are easily swayed by promises of easy money, especially if there is an element of hip to it, as witnessed by the flocking of inexperienced investors to the Robin Hood investment platform aimed at young people, or the attempts to manipulate the price of Game Stop, a popular electronic games software retailer that was on the verge of bankruptcy.

Suggested Citation

  • Colin L. Read, 2022. "The First Crypto Bros Millionaires," Springer Books, in: The Bitcoin Dilemma, chapter 0, pages 163-173, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-09138-4_16
    DOI: 10.1007/978-3-031-09138-4_16
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