I don’t buy the cryptocurrencies are like a Ponzi scheme argument. It’s made by banksters and governments (most recently, India) but it’s a weak and deceptive argument. A true Ponzi scheme requires that Pool of People A are getting a return on investment thanks to new funds coming in from Pool of People B who themselves will only get a return on their investment thanks to new funds coming in from a future Pool of People C.

So the vast majority of cryptos are a pure speculation play, without the characteristics of a true Ponzi scheme.

It’s more than a little bit ironic that governments play the Ponzi card. In the United States for instance, Social Security is basically a Ponzi scheme, as are Treasuries.