> I think this applies to Bitcoin because it’s payouts are solely based on speculation and new cash coming in. Bitcoin does not pay out anything. There is no c

> I think this applies to Bitcoin because it’s payouts are solely based on speculation and new cash coming in. Bitcoin does not pay out anything. There is no cash flow. You can only sell it. It's true that price increases depend on later investors, but that is true of all investable assets; art, gold, comic books, etc. Bitcoin is likely a bubble. It may be a pump-and dump, but it is not a Ponzi scheme.