Satoshi Nakamoto is the identity used by the unknown person, people or organization that authored the so called Bitcoin Whitepaper. In that paper, they claimed to have invented money, and a system based on cryptographic proof that uses that money and allows parties to transact directly with each other without the need for a trusted third party. Basically, they claimed to have invented a payment system with its own money. However, that was not true. They invented neither money nor payment system. Instead, they created a fraudulent investment scheme. The scheme was arranged as follows. First they developed protocols and software for attributing the scheme units to online addresses of scheme participants. But here’s the catch: the scheme units were not the units of economic resources, be it: products, capital, land, debt, licences, patents, copyrights, etc. Instead, they were just the units of a number created in Nakamoto’s imagination – 21 million. Nakamoto gave the units of their imaginary number the name “bitcoins” (lowercase “b”). Protocols and software were given the name “Bitcoin” (uppercase “B”). Then, whenever the so called “bitcoin miners” join the scheme by investing the electricity to make the system running, the software simply attributes a specific amount of Nakamoto’s imaginary units to their addresses. The amount is, of course, predetermined by the protocols. The record of attribution is stored on a distributed ledger called "blockchain". Finally, the units are accessible through the special software applications called “bitcoin wallets”. Miners use those to transfer the units to other participants that want to join the scheme. And that’s literally it. That’s Nakamoto scheme in a nutshell.
The fraud in this scheme is obviously contained in the scheme units (bitcoins). The Bitcoin Whitepaper falsely presented these units to the public as the units of money. Later, the scheme participants also started to call them: “a currency”, “a reward”, “tokens”, “an asset”, “digital gold”, etc. So, the false public presentation of scheme units as “money”, and later as “asset”, is the central point of the fraud. This is how people are lured to join the scheme. Namely, money and asset are the generic terms that people use when referring to economic resources. And it is economic resources what people are supposed to invest into the scheme. It is economic resources what all fraudsters want to get their hands on. This is the ultimate goal of all investments frauds. And that is, of course, because the economic resources are what provide utility to people. For example. Products, labor, or services, are resources that provide utility because they satisfy human needs. Land is a resource that provides utility because it supports all human activities. Shares in the companies are resources that provide utility because they grant access to profits or equity of the companies. Debt units represented with fiat currencies are resources that provide utility, because they grant access to products, labor, services or collaterals of the borrowers at debt repayment or settlement. So, other people’s economic resources are what the fraudsters are always up to. And given that money and asset are the generic terms for economic resources, calling the units of Nakamoto’s imaginary number “money”, and later “asset”, was a perfect way to deceive people and lure them into the scheme. People would simply think that they are just exchanging one type of money or asset for another. Hence, a nice trick.
But once people are in the scheme, they realize that the units they hold are not the units of economic resources. They realize that Nakamoto scheme is completely void of anything that can provide utility to anyone. So they must dump their worthless units to someone else. Only in that way they can get the resources back and have the utility. And for that reason, they are forced to spread the same disinformation that was used by Nakamoto in the Bitcoin Whitepaper. They must publicly present their scheme units as money. From that necessity, the whole propaganda and false advertising came about. And now the scheme units are not just “money”, but ‘revolutionary money’. ‘Scarce money’. ‘Money that saves people from inflation and poverty’. ‘Money that provides freedom from the governments’. And so on. Due to the fact that Nakamoto scheme is online, and thus global, and given there are a lot of gullible and naive people around the world, the propaganda was successful. It was successful so much, that on the one hand, it pumped up the price of scheme unit from zero, to a high of $70,000, with the current price around $20,000. And on the other hand, it made the whole industry to pop up. This industry is now known by the name “crypto industry”.
To conclude. Satoshi Nakamoto fooled the world by taking a traditional fraudulent investment scheme and disguise it by splitting it into units that were put online and presented to the public as the units of money. The disguise was successful and people fall for it. But given that, in its core, Nakamoto scheme is a good old investment fraud, it contains zero economic resources for the participants to access. Which is why the earlier participants can return their investment of resources only from resources brought by more recent participants. Consequently, if people stop participating (buying the scheme units), then there are no resources anymore. And those that are left holding the units, are literally left with nothing.
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https://btcfraud.wordpress.com/If that is the case then whole banking system is a fraud, as you do not own any thing inspite of some number in your credit card. You just talk about BTC, then what about other financial system commodities, cash, money, what is all this. Bitcoin is just bullied because it was invented by a normal person, no government involve no institution back up this currency that is why it has security concern and called as a pyramid fraud scheme. If that system given by some renowned organization then every would go and said it is the future. But to be honest life is full of miracles and BTC in one of them.