> The small amount of cash in the Ponzi runs out and the Ponzi collapses. I think this is not actually what has been happening to bitcoin. Things like FTX book

> The small amount of cash in the Ponzi runs out and the Ponzi collapses. I think this is not actually what has been happening to bitcoin. Things like FTX books show that there's so much opportunity that surrounding ponzi schemes must emerge that don't actually buy in to bitcoin 1-1 despite the purchaser's belief, so bitcoin value is probably actually a lot lower than the demand at this stage, the resulting plunge has greatly accelerated its demise as a pyramid scheme. In theory, I think bitcoin could have been as valid as any fiat currency but of a country that moves a lot of money in banking and has no other industry of its own. That seems to be the manifesto's thesis and its not really wrong. Yet, as other mechanisms for transactions come online, designed to be more efficient to compete, they should take away a percentage of the finite number of transactions that are useful to the corresponding real economy, so any worldwide transaction networks value, like Visa and MasterCards value are nearer their highest possible value than their most likely future value.