I think the author misses one service that Bitcoin provides (that is referenced many times) which is to transact. The movement of transactions on the ledger is

I think the author misses one service that Bitcoin provides (that is referenced many times) which is to transact. The movement of transactions on the ledger is the value that Bitcoin (and others like it) provide. Now it is absolutely shit at that job. Cost per transaction, transaction throughput, time to assurance a transaction won't be rolled back, all make Visa/Mastercard look amazing except for certain business domains. As such people offer it up as an investment, and that is the reality the average person engages. Like the gold rush, the people making money are the ones selling shovels (as pointed out in the article). Does that make it a Ponzi scheme? I am not an economist, but I don't think so. A horrible investment? I refuse to deal with crypto, volatility and environmental concerns are my primary reasons.