[hndamien]

A Ponzi scheme is based on a lie that there is an underlying asset delivering some yield, when in fact it is other investor money. So you can never sell the asset to derive the capital gain. Bitcoin on the other hand has an underlying asset (rights to the blockchain) and has no yield as a dividend. In many ways it is closer to a bank in that you hope everybody doesn't want to withdraw all at once. The main difference is that the money is backed by equity rather than debt.

[loceng]

Money in the bank doesn't increase in value because more people demand it. Bitcoin et al are much closer to a global and decentralized Ponzi scheme than a currency system. I do understand what you're saying, however the biggest difference that makes it a completely different beast is how wealth is redistributed unreasonably weighted towards the earlier adopters. I would likely be all for blockchain crypto-assets working as a currency so long as they were fixed price.

[hndamien]

Land wealth was also weighted to early adopters.... Gold wealth was weighted towards early adopters...