It's true the price is fueled by speculation, not Bitcoin's underlying usefulness, but there's no reason to believe it's a pyramid or ponzi scheme. It's entire

It's true the price is fueled by speculation, not Bitcoin's underlying usefulness, but there's no reason to believe it's a pyramid or ponzi scheme. It's entirely possible that, at least some of, the price is being boosted by mechanisms that would be illegal in other, regulated, markets. But it's not clear, at least to me, how much of an issue that is either legally or practically.