I'm not a fan of the ponzi accusation against speculation. There are always other factors to subjective valuation which are perhaps deliberately ignored by detr

I'm not a fan of the ponzi accusation against speculation. There are always other factors to subjective valuation which are perhaps deliberately ignored by detractors. This is contentious here for whatever reason. Even the idea of subjective value, different strokes for different folks, live and let live and "if you don't like it, don't buy it" seems controversial at times. For the sake of discussion, even if we assume that cryptocurrency is purely a speculative endeavor with no other utility - cryptocurrency is still not a ponzi. A ponzi scheme has a specific definition. It is a form of fraud. The promoter deliberately misrepresents the source of income. Typically he will attribute the gains he pays to his marks to a market based investment scheme. If we take the alternate view, that anything where the asset must be sold to recoup a return, and thus that new entrants must pay the existing holders before they exit, which markets are not ponzis? Is the used car market now a ponzi according to this definition? You cannot sell your used car until someone else buys it! Collectibles like coins, stamps or 'trading' cards? Words matter. Defining our terms is important to understanding what we are talking about.