There's a common assumption among crypto-apologists that critics just don't understand cryptocurrency. I don't think that's true. With Bitcoin for example, I co

There's a common assumption among crypto-apologists that critics just don't understand cryptocurrency. I don't think that's true. With Bitcoin for example, I could whiteboard out how it works and explain it with some technical depth. As a hobby project I once wrote a script to parse the blockchain blocks to get details about specific wallets I was interested in. There are certainly implementation level aspects I don't understand (or know about), but I bet I understand it as well or better than 90+ percent of pro-bitcoin people. My understanding of Bitcoin doesn't change the fact that it's pretty obviously a Ponzi Scheme. The only way to make money with Bitcoin is selling it to a greater fool. Bitcoin is largely not used for real transactions because it's slow and expensive to transact with. For the typical user, who is concerned with risks like losing their keys, being hacked, or being scammed, Bitcoin is vastly less secure than established banking solutions.