The additional context here would be that easy money policies and cheap credit create the atmosphere for speculative bubbles. These are the products of financia

The additional context here would be that easy money policies and cheap credit create the atmosphere for speculative bubbles. These are the products of financial central planning and regulation. Consumers have negative real rates on their savings accounts. There's nowhere to go, thus they are forced into riskier scenarios to preserve their wealth, much less achieve a yield. Just as lumber has value as a construction material or baseball cards have value as a collectible, cryptocurrencies have utility for those of us willing to transact or create dapps. This may not be the majority of users, but there are some of us who perceive value here. While I don't personally value baseball cards, I don't malign those who do. Value is subjective. Even if baseball cards enter into a tulip bubble, nobody is forcing me to buy them. Similarly, if people want regulated financial products there are plenty of options available. There's no need to malign cryptocurrency or cryptocurrency users with wild generalizations. Different strokes for different folks. Live and let live. Not sure why this should be controversial in a liberal society. The demands for regulation are paternalistic and authoritarian. They are a few steps away from demanding that we, "Think of the children". See the posts elsewhere lamenting the average Joe, who can't be bothered to write a key phrase on a piece of paper. Just too technical for him. In that context, the ponzi accusations are better understood as scaremongering. Deliberate misrepresentations comparable to "Reefer Madness" hysteria.