> Unlike chain letters cryptocurrencies provide a useful utility of a medium of exchange coupled with consensus based algorithmic scarcity. This is an attractiv

> Unlike chain letters cryptocurrencies provide a useful utility of a medium of exchange coupled with consensus based algorithmic scarcity. This is an attractive alternative to centrally planned fiat currencies that are persistently and intentionally debased over time Your argument is essentially circular, that crypto isn't a pyramid scheme because it's not a pyramid scheme. I'm not trying to claim a side here, but some would say that crypto is a pyramid scheme masquerading as a legitimate tool, and that the primary function is for speculative investment. Similarly, imagine a chain letter pyramid scheme that happens to also implement a social network, and claims to not be a pyramid scheme but a networking mailing list where the early contributors happen to receive windfalls. Whether you agree that crypto is as bad as chain mail is obviously dependent on your view if crypto implements a useful product, or if it primarily exists for speculative mania and the "product" is a masquerade to build legitimacy.