[telxos]

The difference is you buy a stock/security with the expectation of some future cash flow. The value of the stock is an attempt at pricing the future cash flow at a discount rate.

BTC has no future cash flow and no expectation of future cash flow, of course everyone knows this.

It is an open ponzi scheme that you even kind of understand but you just don't use the language quite right. "Nobody believes that there is some sort of economic activity that is sustaining the growth"

You really mean to say that everyone knows it is a security with no payoff.

It really has nothing to do with fear mongering. An open ponzi is the best description.