Bitcoin by itself is definitelly not a ponzi, as there is no promise of returns. It's just a blockchain. But the only reason(or one of the main reasons) why people believe in Bitcoin is because the price is going up. Basically nobody knows how Bitcoin even works, it's status of development, status of decentralization, architecture, etc... Probably less than 1% of the participants have a good understanding of it. Because if you were able to understand any of that, you would have understood that it's a complete joke. The only reason why Bitcoin is where it's at is because the price is going up, consistently. And why is the price going up? Is it because the people keep buying? Probably not. We have stablecoin called Tether that i believe employs very few people(very similar to how Madoffx ponzi operated; it was the company with the highest capital managed per employee and Tether is very similar in that fashion). Tether is not regulated and can print Tethers at will without proof of backing. And there is proof they have done so in the past. And even if Tether was not a ponzi, they are participating in highly regulated activites(money transmitting and whatnot) without any kind of licenses. Even if Tether was backed by a dollar for every Tether, what they are doing is still highly illegal. Apparently it is VERY hard to take money out of Tether(as you can not redeem); instead you exchange tethers for USDC and redeem USDC through Circle. While Bitcoin is not a ponzi, Tether is VERY likely a ponzi and they are likely not backed by a dollar for every Tether. So Therefore Bitcoin is a "ponzi by proxy". Bitcoin is not a ponzi, tether is a ponzi and tethers are used(or were used in the past) to prop up the price of Bitcoin. That's it, that's the post. Bitcoin is most likely a "ponzi by proxy". Fake tether money has been injected into the market("fake it till you make it") until real people started buying. Upon FTX collapse the institutions bought into Bitcoin and are shilling on national television and unloading their bags at high prices on the retail; moms and pops.
OK I will bite. I understand very well technically exactly how the bitcoin block chain works, why do you say it is a complete joke?
It is still a criminal currency by first choice for them. So do not make them too rich. Thus going long all-in helps the criminals in first place.
Stop fixating on Tether. Educate yourself. In Lebanon, where the banking and financial systems have collapsed, bitcoin serves as a savings tool and a hedge against inflation. In Russia, it’s become a lifeline for dissidents whose bank accounts have been frozen. In Nigeria, it’s a remittance vehicle with the potential to put companies like Western Union out of business. Refugees fleeing Ukraine have used it to transport wealth on hardware wallets or in their heads. El Salvador has made it the centerpiece of a campaign to attract high tech entrepreneurs and tourism. The list goes on.
It doesn't scale, there is no development, LN is effectively useless, the users and holders are largely mentally retarded. Main Bitcoin developer breeds cats in cages and eats them. The most recent use case are inscriptions which is basically just a proof that it's all just a joke. It's only been going up so far, but all ponzis eventually collapse and the large majority is left holding a worthless bag. Bitcoin will continue to work, and work even better than it does now(cheaper fees), but it's value could and is likely to plummet significantly. In my mind the Bitcoin ETF will EVENTUALLY get approved and that's the highest achievement possible; it doesn't get better than this. Ofcourse until it's approved it can get delayed and manipulated at will.
Bitcoin is another medium of exchange, because people far powerful than us have deemed it so. It has similarities to the U.S. Dollar once it got off the gold standard and was backed by U.S. Treasuries. But what is U.S. Treasuries backed by? The U.S. Dollar. Does that not appear circular to anyone? There has to be something more tangible than the "good faith and credit of the United States" unless you deem bullets and military might as tangibles.