Bitcoin is essentially a Ponzi scheme. The only way to make a profit is to sell an asset whose added value only exists if more people buy into it. Nowadays man

Bitcoin is essentially a Ponzi scheme. The only way to make a profit is to sell an asset whose added value only exists if more people buy into it. Nowadays many bitcoin supporters refer to it as "digital gold", but that's just not the case. Gold is a natural element with some unique phisical a chemical properties that make it both attractive (e.g. jewelry) and useful (e.g. industrial applications). So those buying gold to speculate do not necessarily have to resell to speculators to make a profit. There are countless buyers that are willing to pay the price of gold for reasons other than investing. On the contrary, those holding bitcoins can sell only to buyers that think that prices will go up. So they can only sell to other speculators (including of course the random buyer who saw an ad for bitcoins). So, because today there's no real exit strategy from a bitcoin investment other than reselling to other speculators, there's really no difference between bitcoin and a Ponzi scheme. A very common counter argument is that one day bitcoin will [insert _useful_usage_case]. However, once again, this is speculative, as it's based on the idea that the current value is determined by a future uncertain event. Also the fact that with bitcoins it is possible to buy some goods doesn't change much. The actual ability to use bitcoins to buy things or pay for services is so limited that it doesn't make any difference. And, more importantly, it is inherently less efficient than FIAT (official currencies). Having said all of that, I'd like to add that I am very very supportive of decentralized technologies, and bitcoin has certainly helped immensely to promote decentralization, so there's that. But my point is that bitcoin is only a speculative asset. Because I truly support decentralization, I would very much like to hear different opinions in the comments, so do let me know if there's a different perspective I could see things from. Please though don't just say that the price of bitcoin is going up and that it has been around for years. This is not proof that bitcoin isn't a ponzi scheme. Think of Enron and for how long it was around before collapsing.