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This article incorporates public domain material from websites or documents of the United States Government. Purchasing a bitcoin is buying an entry in an accounting database, an extraordinarily expensive collection of bits. However many people are simply desperate, swept up in the craze, trend following or simply ignorant of the underlying economic structure. He also tells people they need to be patient if they want to get their money back, and urges them to sign up to a new platform, known as StableDao. The name comes from Charles Ponzi, an Italian con artist who swindled U.
