[rufus_foreman]

>> That's the logic of a Ponzi scheme

No, that's not the logic of a Ponzi scheme. Crypto is not a Ponzi scheme.

Ponzi promised a 100% return on investment in 90 days. He got money from 15,000 investors. He needed 30,000 investors in 90 days to pay off the original 15,000. By the end of the year he would have needed 240,000 to keep the scheme going. By the end of 5 years he would have needed 16 billion investors. Crypto has been around what, 14 years now? In 14 years he would have needed 1080863910568919040000 investors.

Ponzi schemes don't collapse sooner or later, they collapse sooner. Ponzi started his scheme in January of 1920 and it collapsed in April of 1920.

Crypto is just a normal speculative investment. People buy it because they think someone else will pay more for it later. Same as speculating in gold, Amazon stock, or MTG cards over the last 14 years.

[robjan]

Amazon stock represents ownership of a company and gold has both utility and intric beauty. They are demonstrably valuable

[rufus_foreman]

>> Amazon stock represents ownership of a company

So? It doesn't pay a dividend. The only way people have made money off of that over the last 14 years is to sell the stock to someone willing to pay more for it than they did. Well I guess you could loan it to a short seller, but for the most part, it has just been a purely speculative asset, same as crypto.

>> gold has both utility and intric beauty

Crypto has utility as well, as the parent post pointed out. Many people suspect that for both gold and crypto, their utility value is tiny compared to their speculative value.