Is it literally a ponzi scheme? Of course not. It's very abstracted but the concept is the same. I'm going to say no on this. It's nothing like a Ponzi scheme

Is it literally a ponzi scheme? Of course not. It's very abstracted but the concept is the same. I'm going to say no on this. It's nothing like a Ponzi scheme by definition, which is the point of the article. A Ponzi scheme is run by a person or a group of people to pay existing participants with the membership fees of new people. Since nobody runs bitcoin and nobody is paying anyone, it's not a Ponzi scheme. Buying a monetary asset where the price is based on market dynamics is how the free market works. I will absolutely change my position on all of this the day Bitcoin becomes used in a way that justifies… You don't understand bitcoin, so you likely won't change your position. Bitcoin maxis like to say people buy bitcoin at the price they deserve… many more people will buy bitcoin at $100,000 USD or $500,000 USD than at the current price of $56,000 because they didn't get it early on. Perhaps if you read "Bitcoin Obsoletes All Other Money" you might start to get it: https://unchained-capital.com/blog/bitcoin-obsoletes-all-other-money/ https://unchained-capital.com/blog/bitcoin-obsoletes-all-oth...