Bitcoin Is an Energy-Wasting Ponzi Scheme

There Are Better Ways to Reap the Benefits of Digital Currencies—Without the Risk

Digital currencies, in their current form, should be prohibited by law. And not because they are a Ponzi scheme (which they are), and not because they can help facilitate criminal activity (which they do), but because they incur colossal social waste.

This waste is energy. The media organization Diginomics estimates that the energy consumption to fuel bitcoin is equivalent to the consumption of just under 2 million average U.S. households. Add in the energy for other digital currencies like Ethereum, then figure in the resulting environmental pollution, and it’s clear …