[graeme]

What’s the distinction, and do you have a source formalizing that?

I had always understood a ponzi as being something paid out by later investors, and where you had a plausible reason to believe in increase in value.

Here the plausible reason is “bitcoin will take over the financial system and everyone will need it” or “bitcoin will be the new store of value and everyone will want it”. In either event payout necessarily comes from later investors.

[sendbitcoins]

Bitcoin makes no claim of being an income-producing asset. All non-income producing assets { gold, wine, art, baseball cards, air-jordans } are bought as a store-of-value with the hope of selling it at a higher price.

Ponzi appears to be an income-producing asset, but the income is paid out from the principal.