Update README.md

README.md

@@ -407,6 +407,68 @@ in order to access the billions of dollars currently sloshing around in the Bitc
 Find more in [**`Preston_Byrne.yml` »**](Preston_Byrne.yml)
 
 
+### Jorge Stolfi, Computer Scientist
+
+If a transaction has two inputs of 3 BTC and 1 BTC, 
+and two outputs of 2 BTC and 2 BTC, you cannot tell which output came from which input.
+
+That is the basic principle of ~~money laundering~~ coin mixing services.
+
+  §
+
+Bitcoin is a Ponzi.
+Investing in bitcoin, like "investing" in lottery tickets, is a very negative-sum game. 
+Namely, at any time, the total amount that all investors have taken out is considerably 
+less than what they have put into the scheme; the difference being the amount that the operators have taken out. 
+Thus the investors, as a whole, are always in the red, and their collective loss only increases with time.
+
+  §
+
+Bitcoin is a Ponzi.
+As a minimum, the operators should warn investors of the negative-sum character and negative expected profit. 
+In the case of bitcoin (and all other cryptos), not only that does not happen, 
+but there are thousands of promoters and "investment experts" who predict impressive price increases 
+and/or claim that bitcoin will have massive uses in the future that would somehow make it valuable. 
+Apart from the mendacity of those claims, those promoters never point out that such massive uses 
+would not translate into revenue for the investors.
+
+  §
+
+Bitcoin is a Ponzi. 
+Objection! The operator must lie to investors about the source of profit in a Ponzi!
+
+Crypto promoters from Andreessen to Zhao actively spread many lies and misleading claims 
+about the scheme, through malice or ignorance. Investment "experts" like Tom Lee, Mike Novogratz
+and Dan Morehead often give extremely optimistic predictions 
+for the price on business or mainstream media. Those predictions have no rational basis whatsoever, 
+and, while qualified with "perhapses" an "maybes" and "not investment advice" disclaimers, 
+they are obviously intended to promote investment in the coins.
+
+  §
+
+Bitcoin is a Ponzi. 
+Objection! The operator must lie to investors about the source of profit in a Ponzi!
+
+Crypto promoters also make dozens of claims about the virtues of the currency and/or the payment system, 
+such as that it will "one day" replace credit cards, replace national currencies, 
+protect people's savings from inflation or confiscation by government, make banks obsolete, 
+starve governments to death by depriving them of taxes or "money printing", 
+enable support of dissidents in oppressive regimes, "bank the unbanked", 
+allow free internet trade of drugs and other illegal items, 
+end corruption, poverty, and inequality, etc. etc. etc.
+
+  §  
+
+Bitcoin is a Ponzi. 
+Objection! By that definition the U.S. Dollar (USD$) is a Ponzi! 
+
+No, national currencies fail to fit the definition, because people do not "invest" 
+in them with the expectation of gain. In fact, governments make their currencies 
+slightly inflationary precisely to discourage hoarding.
+
+Find more in [**`Jorge_Stolfi.yml` »**](Jorge_Stolfi.yml)
+
+
 
 ### Tyler Winklevoss, Bitcoin Billionaire