"Bit Con: The Naked Truth About Bitcoin": Leading author slams "pretend currency" but loves blockchain

Fortune reports that well-known author Jeffrey Robinson has set his sights on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term with his latest book, "Bit Con: The Naked Truth About Bitcoin".

Robinson has been reportedly described by the British Bankers' Association as "the world's leading financial crime author". He is famed for his works exposing the darker sides of finance and politics. His 1995 book, "The Laundrymen", is reportedly used as a textbook in universities and law schools.

Describing itself as "the book that the bitcoin world does not want you to read", it disparages the cryptocurrency as unable to "stand toe-to-toe with the non-convertible Cuban peso" and "just a casino chip for a loaded roulette wheel." Robinson spent a year trekking through "Planet Bitcoin" to help form his conclusions.

The altered Bitcoin logo on the front cover has engraved on it: "In thin air we trust".

Hence, it is sure to grab the attention- and provoke reaction- from the many passionate bitcoiners. Commenters have alleged that Robinson's view is biased, some arguing that the author writes about fraud for a living and will find it anywhere he looks.

Unlike the frauds he's previously written on, Robinson believes Bitcoin wasn't conceived as a malicious scam. Rather, it is becoming a tool for "hucksters" to milk millions out the innocent and ideological backers. He told Fortune:

"Little by little it will just atrophy, because nobody is really using it. The big kids will get out, and the little guy sitting on one, two, or, sadly, many more bitcoins will lose it all."

Interestingly, his assessment mirrors that of a report by the World Bank. The report categorized the perceived bubble in Bitcoin value with other Ponzi schemes, although it stipulated that the phenomenon is not necessarily deliberate.